Ledger targets $4B NYSE crypto wallet IPO

TLDR

Ledger is preparing a potential New York Stock Exchange IPO that could value the crypto hardware wallet maker at more than 4 billion dollars, further pulling crypto infrastructure into mainstream markets.

1. Ledger is working with Goldman Sachs, Jefferies, and Barclays on a U.S. listing that could value it above 4 billion dollars, with timing likely around 2026 and still subject to change.
2. The deal would more than double Ledgers last 1.5 billion dollar valuation and reflects surging demand for secure self-custody as hacks and fraud hit record levels across crypto.
3. Outcomes will depend on market conditions, regulator review, and how other crypto IPOs like BitGo, Circle, and Gemini trade, so the next key signal is an official SEC filing and price range.

Deep Dive

1. What Ledger Is Actually Planning

Multiple reports say Ledger, the French maker of Nano hardware wallets, is preparing a U.S. initial public offering that could value the firm at more than 4 billion dollars, with a New York listing targeted, likely on the NYSE, and banks Goldman Sachs, Jefferies, and Barclays advising on the deal. Sources cited by the Financial Times and summarized in outlets like Decrypt describe this as a U.S. IPO plan at an over 4 billion dollar valuation, potentially as soon as this year, though the window broadly centers on 2026 and remains tentative.

Ledger was last valued around 1.5 billion dollars in a 2023 funding round and has since reported triple digit millions in annual revenue and more than 7 million devices sold worldwide, according to coverage from Crypto Briefing and CoinsKid community articles.

2. Why A $4B Wallet IPO Matters

Ledger sits at the core of the self-custody stack, selling USB-style devices that keep private keys offline and reportedly securing around 100 billion dollars in Bitcoin and other assets for users. Analysts point out that hacks and fraud in crypto have climbed into the tens of billions of dollars per year, with Chainalysis-backed figures around 17 billion dollars of losses in 2025, which has pushed both retail and institutions toward hardware wallets and other cold storage options.

A successful 4 billion dollar IPO would more than double Ledgers last private valuation and signal that public equity investors see crypto security infrastructure as a durable business rather than a speculative side bet.

3. What To Watch Next

So far, these plans are sourced to private discussions with banks and media reports; Ledger has not yet publicly filed an S-1 registration statement with the SEC. The next concrete milestone will be any official filing or announcement that confirms venue, ticker, updated financials, and a target price range.

The broader backdrop also matters. BitGos recent NYSE IPO at roughly a 2 billion dollar valuation and prior listings from Circle, Gemini, and Bullish show that investors will back crypto infrastructure, but performance of these stocks has been mixed, and macro tightening can quickly chill IPO demand. If crypto markets weaken or equity risk appetite fades, Ledger could delay, downsize, or restructure any offering.

Conclusion

Ledgers pursuit of a roughly 4 billion dollar NYSE listing reflects both its own growth in hardware wallet sales and a wider shift where crypto infrastructure companies seek deep, regulated capital markets in the United States. If the IPO proceeds and trades well, it would reinforce the narrative that secure custody and self-custody tooling are among the more durable parts of the crypto stack, but the timeline and valuation will ultimately depend on market conditions and regulatory progress over the coming year.