Ledger eyes $4 billion valuation with planned US IPO
French crypto hardware wallet maker Ledger is reportedly preparing for a US initial public offering that could value the company at around $4 billion, according to people familiar with the matter. The company is said to be working with investment banks Goldman Sachs and Jefferies on plans for a potential New York listing as early as 2026.
The move would mark one of the most high-profile public offerings in the crypto infrastructure space and underline how demand for secure digital asset custody continues to attract mainstream capital markets interest, even after years of volatility in the broader cryptocurrency sector.
From French startup to global crypto security player
Founded in 2014, Ledger has grown into one of the world’s leading providers of hardware wallets – dedicated physical devices that allow individuals and institutions to store private keys for Bitcoin, Ethereum and other digital assets offline. This so-called cold storage approach is widely regarded as one of the most secure ways to protect funds from hacks, exchange failures and other online threats.
The company’s flagship products, including the Ledger Nano series and the more recent Ledger Stax, have become staples among retail crypto investors and professional traders who prioritise self-custody. By keeping keys on a dedicated device rather than on an internet-connected exchange or software wallet, users can significantly reduce their exposure to cybersecurity risks.
Over the past decade, Ledger has expanded beyond consumer devices into solutions for institutional custody, offering secure infrastructure for banks, fintechs and asset managers that want to integrate digital assets into their services while meeting stringent compliance and risk management requirements.
Working with Wall Street banks on a New York listing
According to the early reports, Ledger is collaborating with Goldman Sachs and Jefferies to structure a potential US IPO. A listing in New York would give the company access to the world’s deepest pool of institutional investors and place it alongside other major publicly traded crypto and fintech firms that have chosen US exchanges for their scale and liquidity.
While a final timetable has not been publicly confirmed, the target of 2026 suggests that Ledger is planning for a window in which market conditions for growth-oriented technology and crypto-related stocks may be more stable. The company and its banking partners are expected to monitor interest rate trends, equity market sentiment and the evolving regulatory landscape for digital assets in both the United States and Europe.
A potential $4 billion valuation in a volatile sector
The reported target valuation of around $4 billion would place Ledger among the most valuable dedicated crypto security providers globally. It would also reflect investor appetite for businesses that deliver essential infrastructure rather than purely speculative trading exposure.
Unlike crypto exchanges, whose revenues are closely tied to trading volumes and market cycles, hardware wallet providers benefit from ongoing demand for secure storage solutions. Each wave of new adoption – whether driven by rising token prices, the growth of decentralised finance (DeFi) or increasing institutional participation – tends to generate fresh demand for devices that safeguard private keys.
That said, any IPO in the sector will still be heavily influenced by the broader performance of crypto markets. A sustained downturn in digital asset prices or renewed regulatory pressure could weigh on investor sentiment and affect both pricing and timing.
Regulation, trust and the self-custody narrative
Recent years have seen a series of high-profile exchange collapses and platform failures that have underscored the risks of leaving assets on centralised services. Events such as major exchange bankruptcies have reinforced a core principle of the industry: users who do not control their own keys ultimately do not control their own assets.
This backdrop has strengthened the case for self-custody and put companies like Ledger at the centre of conversations about how to make crypto ownership both safer and more user-friendly. The firm has invested in improving user experience, integrating support for a broad range of blockchains and tokens, and building companion software platforms that simplify tasks such as portfolio monitoring, staking and transaction management.
As regulators in the US, EU and other major jurisdictions tighten rules around crypto service providers, companies that focus on security and compliance-ready infrastructure may be better positioned to attract long-term capital. A successful listing for Ledger could be seen as a signal that public markets are increasingly willing to back firms that enable safer participation in the digital asset economy.
What a public listing could mean for Ledger and the market
A US IPO would give Ledger new resources to expand its product roadmap, strengthen its research and development efforts and deepen partnerships with financial institutions, payment providers and Web3 platforms. Additional capital could support further innovation in areas such as secure chips, multi-signature solutions, enterprise custody and integration with emerging decentralised applications.
For the broader market, a high-profile listing of a European-founded crypto hardware company on a US exchange would highlight the increasingly global nature of the digital asset ecosystem. It would also provide public-market investors with another way to gain exposure to the growth of blockchain technology without directly holding volatile tokens.
While details of the transaction are still being developed, the reported plans underscore how far the sector has come: from niche hardware products for early adopters to a potential multi-billion-dollar listing on one of the world’s largest stock exchanges.