Lede
Ledger, the prominent crypto hardware wallet provider, is reportedly advancing plans for an initial public offering (IPO) in the United States. According to reports regarding the potential listing, the company is seeking a valuation that could exceed $4 billion. To facilitate this move onto the public markets, Ledger has entered into discussions with several major financial institutions, including investment bankers at Goldman Sachs, Jefferies, and Barclays. If confirmed, these IPO talks would highlight the rising demand for specialized crypto storage providers and underscore the increasing importance of hardware security within the broader financial ecosystem.
This strategic shift toward a US-based listing follows previous indications from company leadership regarding the limitations of the European capital market for high-growth cryptocurrency ventures. In November 2025, Ledger CEO Pascal Gauthier specifically noted that the firm was considering fundraising efforts or a direct listing in New York. Gauthier emphasized at the time that the necessary capital for the cryptocurrency industry was “certainly not in Europe,” signaling a deliberate pivot toward American financial hubs. While the company has not officially confirmed the specific details of the report, the move represents a significant milestone for the firm as it looks to capitalize on its established market position and growing institutional interest in digital asset security solutions.
Context
Ledger was originally founded in Paris in 2014 and has since grown into one of the largest makers of cryptocurrency hardware wallets. The company’s business model focuses on providing physical, USB-like devices that allow users to store private keys offline. These hardware solutions help protect digital holdings from online hacks and malware by keeping sensitive data disconnected from the internet, a necessity that has become increasingly prominent as digital asset adoption grows globally. Despite its European origins, the company’s financial trajectory has increasingly pointed toward international expansion and a heavier reliance on US-centric investment structures to support its long-term goals.
The firm’s recent financial performance underscores this growth, as Ledger reported a record-breaking year in 2025. During this period, the company’s revenue climbed significantly, reaching the “triple-digit millions” for the first time. This surge in revenue aligns with the broader demand for self-custody solutions as market participants seek more robust ways to protect their assets from external threats. The transition from a startup founded in Paris to a firm targeting a multi-billion dollar initial public offering in New York highlights the rapid maturation of the hardware security market over the last decade and the firm’s successful scaling of its global operations.
Impact
The potential initial public offering comes at a time when the security landscape for digital assets is facing unprecedented challenges. Data reveals that over $3.4 billion in cryptocurrency was stolen through various hacks throughout 2025. This environment of heightened risk has significantly boosted the relevance of hardware wallets. Statistics show that the funds stolen in the largest security breaches of 2025 were 1,000 times larger than those lost in typical crypto hacks. This scale of theft is particularly notable as it surpassed even the peak levels observed during the 2021 bull market, indicating a more aggressive and damaging threat landscape for crypto holders.
Ledger CEO Pascal Gauthier has expressed a sober view of the current security environment, stating in late 2025 that the frequency of hacking attempts is unlikely to diminish in the near future. He noted that the hacking of both traditional bank accounts and crypto assets “is not going to get better next year and the year after that.” This persistent threat level serves as a primary driver for Ledger’s business, as individuals and institutions alike look for more secure methods to shield their holdings from sophisticated cyberattacks. The surge in large-scale attacks has forced a shift in how investors view custody, making offline solutions a central component of modern digital asset management.
Outlook
The momentum for cryptocurrency-related public offerings appears to be growing, as evidenced by recent market activity on major exchanges. Just recently, BitGo, one of the world’s largest crypto custody providers, successfully went public on the New York Stock Exchange on Thursday. The performance of BitGo shares, trading under the ticker BTGO, has provided a real-time benchmark for other firms like Ledger. On its first day of trading, BitGo shares opened at $22.40, marking a 24% increase over the initial IPO price of $18. During that first session, the stock price reached as high as $24.50, demonstrating significant investor interest.
Further interest in these listings is coming from strategic investors and venture capital firms. For example, YZi Labs, a venture capital entity linked to former Binance CEO Changpeng Zhao, announced a strategic investment in BitGo’s IPO. The positive reception of BitGo’s public debut and the involvement of prominent industry players suggest a receptive environment for Ledger’s potential listing. As Ledger continues its talks with major investment banks like Goldman Sachs and Barclays, the performance of existing crypto stocks will likely serve as a key indicator of investor appetite for hardware security providers in the US market. These developments suggest that the intersection of crypto firms and traditional public markets will remain a key area of focus for the industry.
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