French hardware wallet manufacturer Ledger is reportedly preparing for a stock market listing in the United States. To guide the potential initial public offering (IPO), the company has appointed major investment banks Goldman Sachs, Jefferies, and Barclays.
According to sources close to the matter, Ledger could be valued at more than $4 billion, marking a significant milestone for one of the most prominent players in the crypto security industry.
If the IPO goes ahead, Ledger would become the next major crypto company to go public, following the recent listing of BitGo. The move highlights a renewed wave of interest in crypto-related stock market listings, supported by a more favorable regulatory environment in the United States under President Trump. For many crypto companies, this changing climate has created a unique window of opportunity to access public capital markets.
Why the United States?
Ledger’s CEO, Pascal Gauthier, has been spending increasing amounts of time in New York, where the company is actively expanding its team. According to Gauthier, the reason is simple: capital for crypto companies is currently concentrated in the US.
“Money for crypto is in New York today,” Gauthier said in a recent interview. “It’s very difficult to find elsewhere in the world, especially in Europe.”
Given this reality, it makes strategic sense for Ledger to pursue a US listing rather than a European one, despite its French roots.
The US also offers deeper capital markets, higher liquidity, and a large pool of institutional investors who are increasingly interested in regulated, infrastructure-focused crypto businesses. For Ledger, a US IPO could provide not only funding, but also greater global visibility and credibility.
From Consumer Gadgets to Critical Infrastructure
Ledger is best known as the maker of hardware wallets, small physical devices that allow users to store their cryptocurrencies securely offline. Millions of these devices have already been sold worldwide, mainly to retail investors who want to protect their Bitcoin and other digital assets from hacks and online threats.
Unlike software wallets or exchange accounts, hardware wallets store private keys offline, significantly reducing the risk of theft. This concept, often summarized as “not your keys, not your coins,” has become a core principle within the crypto community.
While Ledger initially built its reputation among individual investors, secure crypto custody is becoming increasingly important for institutional players as well. Asset managers, funds, and even corporations that hold crypto on their balance sheets need robust security solutions. This has transformed Ledger from a consumer electronics brand into a key part of the broader crypto infrastructure.
A Market Driven by Security Concerns
The timing of Ledger’s IPO ambitions is closely linked to ongoing security issues in the crypto world. Despite technological progress, the industry continues to face frequent hacks of poorly secured wallets and even centralized exchanges.
According to blockchain analytics firm Chainalysis, more than $17 billion worth of cryptocurrency was stolen in 2025 alone. These incidents regularly make headlines and remind investors of the risks involved in leaving assets on exchanges or in insecure wallets.
As a result, more investors are choosing self-custody, taking direct control of their crypto assets rather than relying on third parties. This trend strongly benefits hardware wallet manufacturers like Ledger, as demand for secure storage solutions continues to rise.
Gauthier has been vocal about this shift in mindset. “Smartphones and computers are designed for communication and entertainment, not for security,” he explained. “People are realizing that hackers are becoming more aggressive, and that they need stronger protection for their digital assets. That’s what’s driving the growing demand for our devices.”
Strong Revenue Growth and Rising Valuation
Ledger was founded in 2014 and has grown steadily over the past decade. During its most recent funding round in 2023, the company was valued at $1.5 billion. If current estimates of a $4 billion valuation prove accurate, this would represent a significant increase in a relatively short period of time.
The company’s financial performance helps explain this growth. Ledger’s CEO has previously stated that 2025 revenue reached “several hundred million dollars.” For comparison, Ledger reported revenues of nearly $71 million in 2024, up sharply from $36.7 million in 2023. This strong growth reflects both rising device sales and increasing adoption of Ledger’s broader ecosystem of services.
Such numbers suggest that Ledger is no longer a niche player, but a scaling business benefiting directly from the maturation of the crypto market.
A Broad Ledger Product Range
Ledger offers a diverse lineup of hardware wallets, targeting different types of users and budgets:
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Ledger Nano S Plus: priced at around €49, aimed at beginners and long-term holders
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Ledger Nano X: priced at €99, offering mobile connectivity and more features
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Ledger Flex: priced at €249, designed for advanced users and higher security needs
This wide product range allows Ledger to capture both entry-level users and more sophisticated investors, further strengthening its market position.
Part of a Broader IPO Wave
Ledger’s potential IPO fits into a broader trend of crypto companies seeking public listings. After years of uncertainty, bankruptcies, and regulatory pressure, the industry appears to be entering a more mature phase.
Recent and expected IPOs from companies like BitGo, and potential candidates such as Kraken, Grayscale, and others, suggest that crypto firms are increasingly willing to operate under public-market scrutiny. For investors, this offers new ways to gain exposure to the crypto sector without directly holding digital assets.
Infrastructure-focused companies like Ledger are often seen as especially attractive, as they benefit from overall market growth regardless of short-term price volatility in individual cryptocurrencies.
Conclusion
Ledger’s preparations for a US IPO highlight the growing importance of crypto security and infrastructure in a rapidly evolving digital asset ecosystem. As hacks, thefts, and regulatory scrutiny continue to shape investor behavior, demand for secure self-custody solutions is rising.
With strong revenue growth, a global brand, and a clear focus on security, Ledger appears well positioned to capitalize on these trends. A successful IPO would not only provide fresh capital, but also mark another step in the integration of crypto companies into traditional financial markets.
As the crypto industry matures, companies like Ledger may prove that sometimes the safest way to invest in crypto isn’t through the coins themselves, but through the infrastructure that keeps them secure.
