Quick Breakdown
- Ledger is preparing a potential US IPO that could value the company at more than $4bn, working with Goldman Sachs, Jefferies, and Barclays.
- The French crypto security firm is benefiting from rising demand for self-custody tools amid increasing crypto hacks and scams.
- Strong US investor appetite for digital asset companies is driving listings, following recent IPOs from BitGo and other crypto firms.
French crypto security firm Ledger is preparing for a potential initial public offering in the United States that could value the company at more than $4 billion, according to people familiar with the matter, according to FT. The Paris-founded company has reportedly engaged major investment banks, including Goldman Sachs, Jefferies and Barclays, as it explores a New York listing that could take place as early as this year.
The company was last valued at around $1.5 billion in 2023, following a funding round led by True Global Ventures and 10T Holdings. A successful US listing would mark a significant step up in valuation and further cement Ledger’s position as a core infrastructure provider in the digital asset ecosystem.
Crypto IPO momentum builds in the US
Ledger’s IPO plans come amid renewed investor appetite for crypto-related companies, particularly those offering regulated or security-focused services. Since the return of a pro-crypto US administration, digital asset firms have increasingly turned to US public markets, citing deeper liquidity and stronger institutional demand compared with Europe.
The move follows a wave of crypto listings, including digital asset custodian BitGo, which is debuting on the New York Stock Exchange as the first crypto IPO of 2026. In 2025, stablecoin issuer Circle and exchanges such as Gemini and Bullish also went public in the US, highlighting a broader reopening of capital markets to crypto firms.
Security concerns drive Ledger’s growth
Ledger’s listing ambitions are underpinned by strong operating performance. The company has reported a record year, with revenues reaching the hundreds of millions of dollars, as rising cybercrime pushes investors toward self-custody solutions. According to Chainalysis, crypto-related scams and hacks resulted in tens of billions of dollars in losses last year, intensifying demand for secure storage products.
Ledger’s leadership has previously signalled that the US is the most attractive market for crypto capital today, a view increasingly reflected in where major digital asset companies are listing.
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