French crypto hardware wallet maker Ledger is reportedly advancing plans for a potential initial public offering (IPO) in the United States, aiming for a valuation of over $4 billion, according to a Financial Times report.
The company has engaged Goldman Sachs, Jefferies, and Barclays to explore a New York listing. While discussions are ongoing, no formal filing with US regulators has been made, and the timing of any IPO remains uncertain.
Ledger CEO Pascal Gauthier has previously stated that the US has become the global hub for crypto financing, making a US listing strategically attractive.
Growth Driven by Security Demand
Ledger capped off a strong 2025, reporting record revenue fueled by growing demand for hardware wallets. Founded in France eleven years ago, the company was valued at $1.5 billion in 2023 after raising capital from investors including Singapore’s True Global Ventures and 10T Holdings.
The IPO plans coincide with a broader resurgence in US crypto markets, following President Donald Trump’s return to office and his administration’s pro-crypto stance, which has coincided with multiple listings by digital asset firms such as BitGo, Circle, Gemini, and Bullish.
Heightened security concerns are also driving demand for Ledger’s products. According to Chainalysis, crypto-related theft and fraud reached $17 billion in 2025, up from $13 billion in 2024.
Why This Matters
Ledger’s potential IPO highlights its strong growth and the rising demand for secure crypto storage. A US listing could strengthen its position as a top global hardware wallet provider.
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