Ledger has appointed a new chief financial officer and opened a New York office as it explores a potential U.S. initial public offering. The dual move signals a sharpened focus on institutional markets and capital formation.
John Andrews, formerly head of capital markets and investor relations at Circle, joins with more than 25 years of financial experience. The company said his appointment will support engagement with banks, asset managers, custodians, and stablecoin issuers. The New York office will serve as a hub for Ledger Enterprise, with hiring planned across enterprise and marketing functions.
Is Ledger Positioning For A Public Market Debut?
The expansion reflects rising institutional demand for secure digital asset infrastructure. Ledger said it currently helps safeguard more than 30% of dollar-denominated stablecoins held by retail investors. The firm has sold over 8 million devices globally and claims to secure more than 20% of all crypto assets, placing it among the largest custody-focused providers.
The move also aligns with broader industry trends toward institutional-grade services. As security concerns intensify, infrastructure providers are capturing a larger share of value compared to earlier retail-focused cycles. Ledger reported triple-digit million-euro revenue in 2025, indicating sustained demand across both hardware and enterprise segments.
Chief executive Pascal Gauthier said Andrews brings “the institutional rigor and financial leadership necessary to scale Ledger's global vision.” Andrews described the company as “uniquely positioned” to support institutions entering digital assets. Does the addition of a capital markets-focused CFO indicate imminent IPO preparation?
Reports suggest Ledger is working with advisers including Goldman Sachs, Barclays, and Jefferies on a potential listing that could value the company above $4 billion. While plans remain tentative, the combination of executive hiring and U.S. expansion places timing and market conditions at the center of the next phase.
