Crypto Hardware Wallet Firm Ledger Plans US IPO With Over $4B Valuation

French hardware wallet manufacturer Ledger is reportedly planning a US initial public offering (IPO) in collaboration with some of the top Wall Street banks.

Financial Times reported Friday that the crypto security firm is looking for a New York listing that could value the company over $4 billion.

Further, Ledger is partnering with Goldman Sachs, Jefferies, and Barclays to facilitate the deal, which is expected to be finalized this year. Sources familiar with the IPO moves told the publication that the plans are subject to change.

Money is in New York Today for Crypto: Ledger CEO

Pascal Gauthier, Ledger’s CEO, touted its IPO plans in November 2025, emphasizing New York’s importance for crypto financing.

“Me spending more time in New York is with the understanding that money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe.”

Per an FT report at the time, Gauthier said that the company has secured about $100 billion worth of Bitcoin for its customers. Besides, Ledger was last valued at $1.5 billion in 2023 during a funding round.

Exclusive: The French cryptocurrency group, which sells devices that allow investors to securely store tokens, is working with bankers at Goldman Sachs, Jefferies and Barclays on an initial public offering that could take place as soon as this year. https://t.co/SLDJma0xX1 pic.twitter.com/FdoOGh6B58

— Financial Times (@FT) January 23, 2026

The fundraising comes after revenues hit triple-digit millions in 2025 due to surging demand for secure custody solutions amid a sharp rise in crypto thefts.

Per Chainalysis report, around $17 billion was stolen in crypto scams and fraud in 2025, compared to $13 billion in 2024.