Can Ledger’s hardware wallet IPO unlock a $4b–$5b Wall St payoff?

Ledger is weighing a U.S. IPO that could value the hardware wallet maker above $4b as theft‑driven demand for cold storage, Trump’s pro‑crypto shift, and a rebounding IPO pipeline push more crypto firms toward Wall Street listings.

Summary

• Paris‑based Ledger is working with Goldman Sachs, Jefferies, and Barclays on a possible New York listing that could more than double its 2023 $1.5b valuation.
• The firm secures about $100b in Bitcoin and other crypto on USB‑style hardware, with 2025 sales in the hundreds of millions as hacks and $17b in annual fraud boost demand for self‑custody.​
• A growing crypto IPO wave now includes Bitpanda, BitGo, Circle, Gemini, and Bullish, backed by Trump‑era policy tailwinds and deeper U.S. capital pools for regulated infrastructure plays.

Hardware wallet manufacturer Ledger is preparing for a potential initial public offering in the United States, according to a Financial Times report, as investor interest in cryptocurrency-focused public listings increases.

The company could debut on Wall Street at a valuation exceeding $4 billion, the report stated. If completed, the listing would rank among the largest cryptocurrency-related IPOs in recent years.

Ledger goes with IPO at premium valuation

Ledger is working with Goldman Sachs on the potential public offering, with Jefferies and Barclays also involved in the process, according to sources familiar with the matter. The exact timing of the launch has not been finalized, and plans may still change, the sources said.

The Paris-based company produces USB-like hardware wallets designed to store digital assets offline and protect them from hacking attempts. Ledger achieved a valuation of $1.5 billion following a 2023 funding round led by True Global Ventures and 10T Holdings.

Demand for secure cryptocurrency storage has grown as theft and fraud in digital asset markets have increased. Data from blockchain analytics firm Chainalysis shows cryptocurrency scams and fraud totaled approximately $17 billion in 2025, up from $13 billion in 2024.

Interest in US listings has accelerated since Donald Trump returned to the White House. The administration has expressed support for digital asset businesses and designated cryptocurrency as a strategic priority.

Pascal Gauthier, Ledger’s chief executive, said in 2024 that New York has become the center of cryptocurrency finance. The company secures approximately $100 billion worth of Bitcoin on behalf of customers, according to Gauthier.

The IPO pipeline for cryptocurrency companies has become increasingly active. Austrian trading platform Bitpanda is considering a Frankfurt listing in 2025, according to a Bloomberg report. Cryptocurrency custodian BitGo is preparing to list on Wall Street with a target valuation of $2 billion.

Circle, Gemini, and Bullish completed public listings in 2024.

Industry analysts point to several factors driving the current wave of cryptocurrency IPOs, including more favorable US policy signals toward digital assets, rising institutional demand for regulated cryptocurrency exposure, growing need for secure custody following major security breaches, deeper capital pools available in New York markets, and clearer paths to liquidity for early investors.

Ledger reported sales of hundreds of millions of dollars in 2025, driven by security concerns over software-based wallets, according to company disclosures.

Investor Grant Cardone announced plans to list a Bitcoin-backed real estate company in 2026, which would use rental income to purchase Bitcoin in a model similar to business intelligence firm MicroStrategy’s approach.