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French cryptocurrency hardware wallet maker Ledger is exploring a US initial public offering that could value the company at more than $4 billion, the Financial Times reported Friday, citing people familiar with the matter.
The Paris-based firm is in talks with Goldman Sachs, Jefferies, and Barclays about a potential New York listing, which would mark one of the largest crypto-related IPOs in recent years and comes amid surging demand for secure digital asset storage solutions.
Ledger CEO Pascal Gauthier previously said in November 2025 that the company was exploring fundraising or a listing in New York adding that capital for crypto ventures was “certainly not in Europe.”
The comments now take on new significance as Ledger US IPO plans gain traction.
The Ledger US IPO comes amid a surge in crypto theft with over $3.4 billion stolen globally in 2025 according to Chainalysis.
This backdrop has fueled demand for secure storage solutions including Ledger’s hardware wallets which store private keys offline to protect holdings from online hacks and malware.
Founded in Paris in 2014, Ledger has become one of the world’s largest makers of crypto hardware wallets. The company posted a record year in 2025, with revenue hitting “triple digit millions,” reflecting growing consumer interest in crypto security.
“Every day, we face increasing attacks whether on bank accounts or crypto holdings and the situation is unlikely to improve in the coming years.”
Ledger CEO Gauthier said, emphasizing the need for solutions like Ledger’s wallets ahead of a potential Ledger US IPO.Ledger declined to comment when contacted by Cointelegraph about the Ledger US IPO.
The FT report follows closely after BitGo, one of the largest crypto custody providers went public on the New York Stock Exchange.
BitGo’s shares (BTGO) surged on their first day, opening at $22.40—24% above the IPO price and reaching $24.50 at peak trading.
Strategic investments, such as YZi Labs’ involvement in BitGo’s IPO signals strong institutional interest in crypto custody solutions.
Analysts say the Ledger US IPO could similarly attract significant attention from investors seeking exposure to the booming crypto security market.
As the industry adapts to rising threats, Ledger’s potential Ledger US IPO highlights the growing need for robust crypto storage solutions and the appetite for companies addressing this critical market.
