French cryptocurrency hardware wallet provider Ledger is reported to be planning an initial public offering (IPO) in the United States.
This move will see Ledger join a growing group of cryptocurrency-related companies aiming for a public listing in the U.S. as the regulatory environment improves.
Ledger considers U.S. listing
According to the Financial Times, Ledger is in discussions with investment banks Goldman Sachs, Jefferies, and Barclays. This could raise Ledger's corporate value to over $4 billion.
This represents a significant increase from the valuation of $1.5 billion during funding rounds by investors True Global Ventures and 10T Holdings in 2023. The Financial Times reported, citing knowledgeable sources, that an IPO could be conducted as early as this year.
However, the plans may change in the future. BeInCrypto also inquired with Ledger, but the company refrained from commenting.
Ledger has shown a willingness to enter the U.S. capital markets for some time. In November 2025, CEO Pascal Gossier hinted at plans for a public listing in New York and consideration of private rounds as future fundraising strategies.
The funding related to cryptocurrency is now concentrated in New York and is not found anywhere else, at least not in Europe.
Amid discussions about the possibility of going public, the company is also showing significant growth in its performance. CEO Gossier revealed that Ledger's revenue reached hundreds of billions of yen as of November 2025.
This is against the backdrop of a sharp increase in cryptocurrency hacking. In light of the expansion of cryptocurrency crime, more investors are transitioning to hardware wallets for asset protection.
According to estimates by Chainalysis, losses due to cryptocurrency fraud and misconduct could exceed $17 billion in 2025.
Nevertheless, this announcement has faced criticism from cryptocurrency researcher ZachXBT and others. He expressed concerns about Ledger's past security incidents and product defects.
The French security company Ledger has been breached multiple times in the past, leading to the leakage of customer personal information and targeted theft, resulting in damage amounting to hundreds of millions of yen. There are still significant issues with current products, including the battery of the Ledger Nano X. Recently, it was announced that fees would be charged for clear signing, and now they are trying to maximize exploitation through a U.S. IPO.
Earlier this month, BeInCrypto reported that Ledger suffered a breach of customer information via the third-party payment provider Global-e. The company also experienced another security incident in 2020, during which customer data was leaked.
Meanwhile, Ledger's plans became clear shortly after BitGo went public as the first major cryptocurrency IPO in 2026. Cryptocurrency custody firm BitGo publicly listed its shares on the New York Stock Exchange at $18 on January 22.
The initial price was $22.43, up 24.6%, giving BitGo a market capitalization of approximately $2.2 billion. This follows the public listings of Circle, Figure Technology, Gemini, and Bullish in 2025. Grayscale and Kraken have also applied for IPOs.
