Ledger targets $4 billion valuation
French hardware wallet manufacturer Ledger has engaged Goldman Sachs, Jefferies, and Barclays to prepare for a US initial public offering. The potential listing could value the Paris-based company at over $4 billion according to Financial Times sources familiar with the matter. This represents a significant increase from Ledger’s $1.5 billion valuation in 2023 following a funding round backed by True Global Ventures and 10T Holdings. The IPO could take place as early as 2026, although plans may evolve depending on market conditions and regulatory developments.
CEO Pascal Gauthier previously stated that the company’s size is « compatible with an IPO » and confirmed the US as the destination of choice. Up to 40% of Ledger’s business activity comes from the United States, making a NYSE listing strategically logical for the company. Ledger posted record-breaking revenue in 2025 driven by investor demand for anti-hacking measures amid rising cyber threats targeting cryptocurrency holders. The company’s annual revenue has exceeded $100 million according to statements from Gauthier made in November last year.
Crypto custody infrastructure attracts institutional capital
Founded in 2014, Ledger manufactures physical devices resembling USB drives that store cryptographic keys allowing cryptocurrency owners to access digital assets securely. The company claims more than 20% of the world’s crypto assets are currently protected through Ledger wallets and storage solutions. This move follows BitGo’s recent debut on the New York Stock Exchange, which marked the first digital assets IPO of 2026. BitGo offered 111 million shares to raise $213 million, achieving a valuation close to $2 billion in its public market entrance.
Digital asset firms raised $3.4 billion through initial public offerings last year as the sector transitions toward traditional capital markets. The anticipated Ledger IPO aligns with a broader trend of cryptocurrency companies pursuing public listings, signaling market maturation and institutional acceptance. The favorable regulatory environment following Donald Trump’s election has created a pro-crypto stance from the US government accelerating these developments. Ledger is also weighing the option of a private funding round instead of an IPO, depending on broader market conditions throughout 2026.
