Article Details

Ledger Moves Toward US IPO as FT Reports $4B+ Valuation Target

TL;DR

• Ledger is exploring a U.S. IPO with Goldman Sachs, Barclays, and Jefferies that could take place in 2026.
• The company reached a private valuation of $1.5B in 2023 and reported revenues in the hundreds of millions in 2025, driven by rising demand for self-custody solutions.
• Other crypto infrastructure companies such as BitGo, Circle, and Bullish have already gone public.

Ledger is evaluating a U.S. initial public offering that could value the company above $4B. According to the Financial Times, the French hardware wallet manufacturer is working with Goldman Sachs, Barclays, and Jefferies to assess a New York IPO that could materialize in 2026, although the process has not been finalized.

Founded in 2014 and headquartered in Paris, the company reached a private valuation of $1.5B in 2023 after raising capital from investors including True Global Ventures and 10T Holdings. An IPO above $4B would imply an increase of roughly 167% compared with that reference valuation. CEO Pascal Gauthier had already stated in November that he was considering a U.S. listing, arguing that capital for crypto companies is currently concentrated in New York.

Ledger Reports Multimillion-Dollar Revenues

The IPO assessment is supported by the company’s recent financial performance. Gauthier said that 2025 revenues landed in the hundreds of millions, driven by stronger demand for self-custody solutions. Over the same period, Chainalysis estimated that crypto-related scams, fraud, and theft reached nearly $17B, a figure that boosted the popularity and demand for physical security devices used to custody digital assets.

The Rise of Self-Custody

Ledger’s potential market debut fits into a broader wave of IPOs by crypto companies focused on infrastructure. In January, BitGo debuted on the New York Stock Exchange, raising $212.8M and achieving a valuation above $2B. In 2025, Circle and Bullish also listed in the United States, while Gemini raised $425M in its Nasdaq debut. In Europe, Bitpanda is evaluating an IPO in Germany during the first half of 2026 at an estimated valuation between $4.6B and $5.8B.

Unlike exchanges or trading platforms, Ledger focuses on self-custody and security. The company manufactures physical devices that store private keys offline and reduce exposure to incidents on centralized platforms. In 2026, the company reported an unauthorized access incident linked to a third-party payment provider, clarifying that wallets, private keys, and recovery phrases were not compromised