After years of hesitation, Wall Street is once again opening its doors to crypto-native companies - and this time, the spotlight is firmly on infrastructure rather than speculation.
Custody, payments, and security-focused firms are emerging as the next wave of IPO candidates as investors look for exposure to crypto growth without direct token risk.
Key Takeaways
Ledger is exploring a US IPO that could value the company above $4 billion.
The company is working with major banks as crypto firms move to public markets after BitGo’s IPO.
Rising hacks and scams are driving demand for hardware wallets and self-custody solutions.
Within this backdrop, one of the industry’s most recognizable hardware brands is quietly positioning itself for a US listing that would mark a major step-change in how crypto security companies are valued.
Ledger’s Valuation Reset
Ledger, the Paris-based maker of self-custody hardware wallets, is preparing for a potential initial public offering in the United States that could push its valuation beyond $4 billion, according to people familiar with the discussions. The company is said to be working with major investment banks, including Goldman Sachs, Jefferies, and Barclays, as it explores a listing as early as this year.
Such a valuation would represent a dramatic re-rating for Ledger. Just two years ago, the company raised private capital at a valuation near $1.5 billion, backed by investors including True Global Ventures and 10T Holding. The jump reflects not only Ledger’s revenue growth, but also a broader repricing of crypto infrastructure as public market sentiment improves.
A Friendly Window for Crypto Listings
Ledger’s timing is far from accidental. A more accommodating regulatory tone in Washington and clearer rules around digital assets have encouraged multiple crypto firms to accelerate their IPO plans. Asset managers, exchanges, and trading platforms such as Grayscale and Kraken are now lining up behind recent listings.
The momentum was reinforced this week when BitGo completed its own stock market debut, achieving a valuation of roughly $2.1 billion. The stock finished its early sessions in positive territory, a signal many in the industry interpret as renewed investor confidence in crypto-adjacent businesses.
Security Becomes the Core Investment Theme
Unlike exchanges or trading firms, Ledger’s growth story is tied directly to one of crypto’s most persistent problems: security. CEO Pascal Gauthier has previously said the company is experiencing one of its strongest years on record, with revenues reaching the hundreds of millions, as users increasingly move assets off centralized platforms and into self-custody.
That demand has been fueled by a steady rise in sophisticated attacks. Ledger executives have pointed to incidents such as the $1.5 billion Bybit exploit in 2025 as evidence that threats are evolving beyond simple hacks into complex supply-chain operations. CTO Charles Guillemet has warned that blind trust in centralized systems is becoming one of the biggest vulnerabilities in the market.
Ledger itself faced scrutiny earlier this year after disclosing unauthorized access involving a third-party payment service provider. The company emphasized that the incident did not compromise wallets, private keys, or recovery phrases, underscoring the distinction between operational systems and core custody security.
Crypto Crime Keeps Climbing
The broader data reinforces Ledger’s positioning. According to estimates from Chainalysis, crypto-related thefts, scams, and fraud surged to around $17 billion last year, up sharply from 2024. As losses mount, investors and users alike are increasingly treating secure self-custody as essential infrastructure rather than a niche product.
If Ledger follows through with a US IPO, it would not just be another crypto listing. It would be a public-market bet that security, not speculation, is becoming the backbone of the digital asset economy.
