French hardware wallet manufacturer Ledger has engaged investment banks to explore a U.S. listing that could value the company above $4 billion. The potential valuation would more than double the company's 2023 funding round price of $1.5 billion.
Goldman Sachs, Barclays, and Jefferies are advising on the potential initial public offering, which could take place as early as this year. The plans remain preliminary and could still change, according to people familiar with the matter cited by the FT.
The Paris-based company declined to comment on the reported plans.
What Happened
Ledger founder Pascal Gauthier first disclosed plans to consider a New York listing in November. The chief executive told the Financial Times that cryptocurrency capital has concentrated in New York rather than Europe.
The company achieved triple-digit million revenue in 2025, Gauthier said in the November interview. Ledger was founded in 2014 and has raised funds from investors including Singapore's True Global Ventures and 10T Holdings.
A $4 billion-plus listing would represent a 167% increase from the company's $1.5 billion private market valuation in 2023.
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Why It Matters
Demand for hardware wallets has climbed as cryptocurrency theft reached record levels in 2025. Blockchain analytics firm Chainalysis estimated that scams and fraud claimed $17 billion last year, up from $14 billion in 2024.
Impersonation schemes grew more than 1,400% year-over-year, with artificial intelligence tools enabling more sophisticated attacks. The surge in losses has driven both retail and institutional investors toward self-custody solutions that store private keys offline.
Gauthier told the Financial Times in November that Ledger secures approximately $100 billion in Bitcoin for customers.
Crypto IPO Wave Continues
Ledger's potential listing follows several cryptocurrency company debuts in U.S. and European markets.
Cryptocurrency custodian BitGo completed its initial public offering Thursday on the New York Stock Exchange, raising $212.8 million at $18 per Class A share. The company's stock opened 24.6% higher before closing near $18.49 on its first trading day, valuing BitGo above $2 billion.
YZi Labs, the investment arm formerly known as Binance Labs and backed by former Binance CEO Changpeng Zhao, participated in BitGo's offering as a strategic investor.
Several cryptocurrency companies completed U.S. listings in 2025. Stablecoin issuer Circle (USDC) went public on the NYSE in June, while cryptocurrency exchange Bullish listed in August and raised $1.1 billion. Gemini, led by the Winklevoss twins, raised $425 million in its Nasdaq debut with Class A shares priced at $28.
Beyond the U.S., Vienna-based cryptocurrency exchange Bitpanda is reportedly eyeing an initial public offering in Germany during the first half of 2026 at a valuation between $4.6 billion and $5.8 billion, Bloomberg reported.
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