Ledger targets $4B New York IPO

TLDR

Ledger is reportedly preparing a New York listing that could value the hardware wallet maker at more than 4 billion dollars.

1. Ledger is working with Goldman Sachs, Jefferies, and Barclays on a potential US IPO targeting a valuation above 4 billion dollars.
2. The move rides a surge in demand for self-custody, with Ledger posting triple digit million revenue as crypto hacks climbed into the tens of billions.
3. A successful listing would strengthen the case for crypto infrastructure equities, but timing and valuation still depend on market and regulatory conditions.

Deep Dive

1. What Ledger Is Planning

Multiple reports say Ledger, the Paris based hardware wallet firm, is preparing a US initial public offering that could value it at over 4 billion dollars, likely on the New York Stock Exchange, with Goldman Sachs, Jefferies, and Barclays advising on the deal. Coverage citing sources close to the process indicates the IPO could take place as early as 2025 or 2026, but plans remain preliminary and subject to change, with no public S 1 filing yet. Ledger was last valued around 1.5 billion dollars in a 2023 funding round, so the IPO would imply close to a tripling of its private valuation.

2. Why A 4 Billion Dollar Ledger IPO Matters

Ledger makes hardware wallets that store private keys offline, and it has sold more than 7 million devices globally while securing roughly 100 billion dollars in Bitcoin for customers, according to recent reporting. In 2025 it recorded triple digit millions in revenue, helped by a sharp rise in hacks and scams, with estimates of crypto theft reaching around 17 billion dollars that year, which pushed both retail and institutions toward self custody. A successful 4 billion dollar IPO would underline that security and custody providers are now core crypto infrastructure, not just niche hardware vendors, and would offer equity investors a way to bet on self custody growth rather than on any single token.

3. Ripple Effects For Crypto Markets

Ledgers plans sit inside a broader wave of crypto companies going public, alongside firms like BitGo, Circle, Gemini, Bullish, Kraken, and Consensys that are either listed or pursuing listings in 2025 to 2026. If Ledger prices and trades well, it could support higher valuations for other security and infrastructure names and deepen the pool of crypto related equities available to traditional funds. Key things to watch next are any official SEC filing, updated financials, the state of crypto markets and hacks when marketing starts, and how regulators continue to treat custody businesses.

Conclusion

Ledger aiming for a multibillion dollar New York IPO signals that crypto self custody has matured into a mainstream infrastructure business. If the deal proceeds and is well received, it could boost confidence and valuations across the crypto security and infrastructure segment, while giving traditional investors another regulated way to gain exposure to the ecosystems growth.