French crypto hardware wallet maker Ledger is exploring a potential initial public offering in New York that could value the company at more than $4 billion, according to a report by the Financial Times. The move would place the Paris-based firm among a growing list of digital asset companies turning to U.S. public markets.
Ledger has reportedly engaged investment banks including Goldman Sachs, Barclays, and Jefferies to advise on the possible listing. Sources cited by the Financial Times said the IPO could happen as early as this year, though discussions are still at a preliminary stage and plans may change.
The idea of a U.S. listing is not new for Ledger. In November, CEO Pascal Gauthier told the Financial Times that the company was weighing a New York IPO or capital raise, pointing to stronger investor appetite for crypto-related businesses in the United States than in Europe. Ledger declined to comment on the latest report.
Founded in 2014, Ledger is best known for its hardware wallets, which allow users to store cryptocurrencies offline. The company has attracted backing from investors such as True Global Ventures and 10T Holdings. In 2023, Ledger reached a private valuation of about $1.5 billion. A public valuation above $4 billion would represent a sharp jump from that level.
Gauthier previously said Ledger’s 2025 revenue had climbed into the hundreds of millions of euros, driven in part by rising demand for security solutions. Concerns around crypto safety have grown following a series of high-profile hacks and scams. Blockchain analytics firm Chainalysis estimated that $17 billion was lost to crypto-related fraud last year, highlighting the risks facing digital asset holders.
Chainalysis Team
Ledger’s potential IPO comes as crypto listings gather pace, particularly in the United States. This week, crypto custodian BitGo made its debut on the New York Stock Exchange, raising $212.8 million and achieving a valuation of more than $2 billion. Its shares jumped sharply at the open before ending the day modestly higher. Several notable investors, including YZi Labs, backed by former Binance CEO Changpeng Zhao, took part in the offering.
The BitGo listing followed a series of crypto IPOs in 2025. Stablecoin issuer Circle and crypto exchange Bullish both went public on the NYSE, while Gemini, run by the Winklevoss twins, listed on Nasdaq and raised $425 million after pricing above its initial range.
Interest in public listings is not limited to the U.S. In Europe, Vienna-based crypto exchange Bitpanda is reportedly considering an IPO in Germany in the first half of 2026, with a valuation estimated between $4.6 billion and $5.8 billion.
For Ledger, a New York IPO would mark a significant milestone and underline the continued pull of U.S. capital markets for crypto companies. While no final decision has been made, the discussions reflect broader momentum in the sector as firms seek scale, visibility, and long-term funding through public markets.
