French hardware wallet Ledger plans to go public in New York, USA, with a valuation of over $4 billion

France’s leading cryptocurrency hardware wallet company Ledger has hired investment banks such as Goldman Sachs, Jefferies, and Barclays to prepare for an initial public offering (IPO) in the United States, with a valuation potentially exceeding $4 billion.

Sources familiar with the matter reveal that Ledger is currently working with bankers from Goldman Sachs, Jefferies, and Barclays to advance this transaction, with the earliest possible listing expected to be completed within this year. However, insiders also caution that plans may still change. Ledger, Goldman Sachs, Jefferies, and Barclays have all declined to comment on this matter.

Valuation nearly tripled in three years

Ledger’s sales are similar to a USB flash drive-sized hardware device, allowing cryptocurrency investors to securely store their tokens. The company was founded in Paris in 2014 and, after securing funding from investors such as Singapore’s True Global Ventures and 10T Holdings in 2023, reached a valuation of $1.5 billion.

If this IPO proceeds smoothly, Ledger’s valuation could jump from $1.5 billion to over $4 billion within just a few years, representing an increase of more than 166%.

Trump policy boosts crypto IPO boom

Since President Trump returned to the White House a year ago, cryptocurrency companies have been highly sought after by the market. The Trump administration has strongly supported the digital asset industry and designated cryptocurrencies as a national strategic priority, prompting dozens of companies to choose to go public in the U.S.

Crypto custodian BitGo listed on the New York Stock Exchange this week, with a target valuation of $2 billion, becoming the first digital asset IPO in 2026. Last year, stablecoin issuer Circle, along with exchanges Gemini and Bullish, all completed listings in the U.S.

CEO: Money is all in New York, not in Europe

Ledger CEO Pascal Gauthier admitted to the Financial Times last November that he is considering going public in the U.S.:

“Now, all the crypto funding is in New York; there’s nothing elsewhere in the world, especially not in Europe.”

Gauthier stated that Ledger is experiencing a record-breaking year, with revenues reaching the “hundreds of millions of dollars” level, driven by an increasing number of crypto investors concerned about hacking attacks purchasing the company’s hardware devices.

Cryptocurrency scam losses increase by 31% annually, hardware wallet demand surges

According to blockchain analytics firm Chainalysis, last year’s losses from cryptocurrency scams and frauds amounted to approximately $17 billion, a significant increase of about 31% from $13 billion in 2024. This also explains why demand for hardware wallets remains strong—self-custody solutions have become the top choice for investors amid escalating security threats.

Ledger is currently one of the world’s largest hardware wallet manufacturers, alongside Czech competitor Trezor, making it a market leader. Its product lineup includes the entry-level Nano S Plus, the advanced Nano X, and the high-end Ledger Stax designed by Tony Fadell, known as the “father of the iPod.” If the IPO succeeds, it will mark an important milestone for the hardware wallet industry.