French hardware wallet manufacturer Ledger has discussed the possibility of an IPO in the USA and it is said that the valuation may exceed $ 4 billion. According to the Financial Times, based on its sources, the company is working with Goldman Sachs, Barclays and Jefferies for a possible offering in New York. Plans are not clear; The structure may change with the calendar. As the reason why the Paris-based company chose the USA, CEO Pascal Gauthier’s earlier statement that “capital for crypto is in New York” stands out.
Ledger’s IPO Agenda in the USA
According to the Financial Times, Ledger has entered into talks with investment banks to consider a US initial public offering; It is stated that the valuation target may be over 4 billion dollars. While the possibility of concluding the process in 2026 is on the table, sources emphasize that the final decision has not been taken. Ledger did not respond to The Block’s request for comment.
Ledger was founded in 2014 and reached a $1.5 billion valuation in the private market in 2023; Investors include Singapore-based True Global Ventures and 10T Holdings. An IPO valuation of over $4 billion represents an increase of approximately 167% compared to the 2023 level. Gauthier told the Financial Times in November that he was considering the option of public offering or funding in New York, and that the center of gravity of cryptocurrency capital was shifting to the USA rather than Europe.
Gauthier also stated that Ledger’s 2025 revenue reached the “three-digit million euros” band and attributed the increase in demand to cryptocurrency security concerns. According to data from Chainalysis, losses due to crypto scams and fraud reached $17 billion last year; The groundswell for interest in storage solutions such as hardware wallets appears to be strengthening.
IPO Traffic Intensifies in Cryptocurrency Companies
The Ledger agenda comes amid accelerating cryptocurrency IPOs in the US and Europe. Cryptocurrency custody company BitGo began trading on the New York Stock Exchange on Thursday; It raised $212.8 million at an IPO price of $18, placing the company’s valuation at over $2 billion. The stock rose 36% at the opening before falling to $18.49 by the end of the day; Changpeng Zhao-backed YZi Labs also took part in the offering as a strategic investor.
After BitGo, which was described as the first major cryptocurrency offering of 2026, examples in 2025 also attract attention: Stablecoin issuer Circle was listed on the NYSE in June, and cryptocurrency exchange Bullish raised $ 1.1 billion on the NYSE in August. Gemini, run by the Winklevoss twins, raised $425 million on Nasdaq; Class A shares were priced at $28 and rose above the expected $24–$26 band.
Preparations outside the USA also continue. In a news report based on Bloomberg, it is reported that Vienna-based cryptocurrency exchange Bitpanda is evaluating an initial public offering in Germany in the first half of 2026 and aims for a valuation between 4.6 and 5.8 billion dollars. Successive offerings in the market suggest that listing on regulated exchanges is positioned as a lever that expands institutional capital access.
