Ledger, a French provider of crypto hardware wallets, is reportedly planning an IPO in the USA.
This would make Ledger part of a growing group of crypto companies that want to go public in the USA. One reason for this is a favorable environment from regulators.
Ledger plans possible IPO in the USA
According to the Financial Times, Ledger has hired investment banks Goldman Sachs, Jefferies, and Barclays to examine a possible stock listing. This could value Ledger at more than 4 billion USD.
This would be a significant leap, as in 2023 Ledger's valuation after a funding round with investors like True Global Ventures and 10T Holdings was still at 1.5 billion USD. The FT reports, citing sources familiar with the matter, that the IPO could take place this year.
However, these plans may still change. BeInCrypto has also contacted Ledger, but the company declined to comment.
Ledger has previously shown interest in entering the US capital markets. In November 2025, CEO Pascal Gauthier stated that the company is exploring various options, including an IPO in New York or a private funding round.
"The money for crypto is today in New York, nowhere else in the world, and certainly not in Europe," he said.
The planned IPO comes at a time when Ledger is experiencing strong revenue growth. Gauthier stated that Ledger's revenues were in the triple-digit millions by November 2025.
This development is likely due to the rise of crypto hacks. More and more crypto investors want to protect their assets with hardware wallets as crime in the crypto space becomes more frequent.
According to estimates from Chainalysis, crypto fraud and fraudulent activities could lead to losses of more than 17 billion USD in 2025.
The announcement is still met with criticism, for example from crypto investigator ZachXBT. He is concerned about Ledger's past security incidents and issues with products.
"Ledger, a French security company, has been hacked multiple times. This has led to the leakage of private customer data, enabling targeted thefts and losses in the millions. Current products have significant flaws, such as the battery of the Ledger Nano X. Now, following the announcement of a fee for clear signing, Ledger plans to raise even more money through a US IPO," he wrote.
Recently, BeInCrypto reported a data theft incident where customer information was disclosed via an external service provider (Global-e). There was also a security issue at Ledger in 2020 where customer data was stolen.
Meanwhile, Ledger's plans come shortly after BitGo's launch as the first major crypto IPO in 2026. The crypto custody firm started trading on the New York Stock Exchange on January 22, offering its shares at 18 USD.
The stock started 24.6 percent higher at 22.43 USD, valuing BitGo at around 2.2 billion USD. There had already been several crypto IPOs in 2025, including those from Circle, Figure Technology, Gemini, and Bullish. Grayscale and Kraken have also applied for IPOs.
