Crypto hardware wallet giant Ledger is preparing for a potential U.S. initial public offering (IPO) that could value the company at more than $4 billion, according to reporting from the Financial Times and sources close to the matter.
The listing could happen as early as this year, marking a major milestone for one of the most recognizable security brands in the digital asset industry.
Ledger is reportedly working with top-tier financial advisors, including Goldman Sachs, Barclays, and Jefferies, as it explores the IPO process. If completed, the move would place Ledger among a growing list of crypto-native firms seeking validation and capital from traditional public markets as institutional interest in digital assets continues to expand.
The potential IPO comes at a time when crypto infrastructure companies are increasingly positioning themselves as critical financial plumbing rather than speculative tech startups. For Ledger, the listing would represent both a vote of confidence in its business model and a major test of investor appetite for crypto security firms amid lingering industry trust issues.
From Startup To Hardware Wallet Powerhouse
Founded in 2014, Ledger began as a French cybersecurity startup focused on protecting private keys for cryptocurrencies. Over the past decade, it has grown into one of the world’s largest manufacturers of hardware wallets, devices designed to store crypto assets offline and reduce exposure to online attacks.
Ledger’s rise mirrors the broader evolution of crypto itself. As digital assets gained mainstream traction, so did the need for secure self-custody solutions. Ledger capitalized on this demand with products such as the Ledger Nano S and Ledger Nano X, which became industry staples for retail users, funds, and long-term holders.
The company has attracted backing from prominent investors, including True Global Ventures of Singapore and 10T Holdings, and reached a $1.5 billion private market valuation in 2023. A public valuation north of $4 billion would represent roughly a 167% increase from that last known private price, underscoring how much the company’s growth story has accelerated in recent years.
Revenue Surge Driven By Security Fears
One of the strongest tailwinds behind Ledger’s IPO ambitions is its recent financial performance. The company reportedly generated record revenue in the triple-digit millions in 2025, fueled by rising demand for hardware wallets during a year marked by unprecedented crypto-related crime.
According to industry estimates, crypto theft reached $17 billion in 2025, as hacks, exploits, phishing campaigns, and wallet drains surged across both centralized and decentralized platforms. Against this backdrop, self-custody regained prominence as users sought alternatives to exchanges and hot wallets.
Ledger benefited directly from this shift. Hardware wallets are widely seen as one of the safest ways to store crypto, and spikes in security incidents often translate into increased sales. This dynamic has positioned Ledger as a countercyclical business within crypto, one that thrives during periods of heightened fear and risk awareness.
For public market investors, this revenue resilience could strengthen Ledger’s appeal as a security-first infrastructure company rather than a purely speculative crypto play.
IPO Ambitions Meet Growing Criticism
Despite its commercial success, Ledger’s IPO plans are not without controversy. On-chain investigator ZachXBT has publicly criticized the company, highlighting a history of data breaches and product issues that continue to shadow Ledger’s reputation.
Ledger has suffered multiple security incidents over the years, including breaches that exposed customer email addresses, physical addresses, and phone numbers. These leaks reportedly enabled targeted thefts and phishing attacks, leading to millions of dollars in losses for users. Critics argue that these incidents undermine Ledger’s branding as a gold standard in crypto security.
ZachXBT has also flagged hardware issues, particularly recurring battery problems with the Ledger Nano X, which some users report failing or degrading over time. While Ledger has addressed certain defects through replacements and updates, lingering complaints continue to circulate within the crypto community.
These criticisms resurface as Ledger seeks to position itself as a mature, trustworthy company for public investors, raising questions about whether past issues will factor into IPO disclosures and valuation debates.
Adding to the controversy, Ledger recently announced plans to charge fees related to Clear Signing, a feature designed to improve transaction transparency by allowing users to see exactly what they are signing on-chain. While the company frames this as a premium security enhancement, critics see it as an attempt to extract additional revenue from core safety features.
This move has reignited debates about Ledger’s business model and incentives. Some users argue that essential security protections should be standard, not monetized, especially for a company whose brand is built on trust and user protection.
The timing has also drawn scrutiny. Announcing new fees while preparing for a U.S. IPO feeds perceptions that Ledger is optimizing short-term revenue metrics ahead of a public listing. For skeptics, it reinforces concerns that public market pressures could push the company toward aggressive monetization at the expense of user trust.
What A Public Listing Means For Crypto Security
If Ledger proceeds with a U.S. IPO, it would become one of the most prominent crypto security firms to enter public markets. The listing would signal that self-custody and hardware security are no longer niche tools, but core components of the global financial system’s digital future.
At the same time, public scrutiny would intensify. As a listed company, Ledger would face higher expectations around transparency, governance, and accountability, particularly given its history of breaches and product controversies. Investors would likely demand clearer disclosures around security practices, data protection, and long-term product reliability.
For the broader crypto industry, Ledger’s IPO could set a precedent. A successful listing might encourage other infrastructure providers, from wallet developers to custody platforms, to explore public markets. Conversely, a rocky debut could reinforce skepticism about crypto-native companies transitioning into traditional finance.
As Ledger moves closer to a potential IPO, the stakes are clear. The company stands at the intersection of booming demand for crypto security and unresolved trust issues from its past. Whether public investors focus more on Ledger’s revenue growth or its controversies may ultimately determine how warmly Wall Street welcomes one of crypto’s most well-known hardware wallet brands.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/ledger-prepares-for-potential-u-s-ipo-valued-above-4-billion/
