The French hardware wallet manufacturer, Ledger, is contemplating a public offering in the United States, with its valuation potentially exceeding $4 billion. According to reports from the Financial Times, the company is collaborating with Goldman Sachs, Barclays, and Jefferies for this possible initial public offering (IPO) in New York. Although no definite plan has been settled, and the timeline may vary, the decision to choose the United States is influenced by CEO Pascal Gauthier’s belief that “capital for crypto is in New York.”
Ledger’s IPO Considerations in the US
Ledger has commenced discussions with investment banks to evaluate an IPO in the US, aiming for a valuation surpassing $4 billion. There is a possibility of the process concluding by 2026, yet the final decision remains pending. Ledger has opted not to comment on inquiries regarding this development. Founded in 2014, Ledger reached a $1.5 billion valuation in the private market in 2023, with investors including Singapore-based True Global Ventures and 10T Holdings.
An IPO valuation exceeding $4 billion denotes an approximate 167% increase compared to the 2023 valuation levels. In an interview with Financial Times in November, Gauthier expressed that Ledger was considering options for an IPO or fundraising in New York, citing a shift of capital center for crypto from Europe to the US. Furthermore, Gauthier projected that Ledger’s revenue for 2025 could reach the “triple-digit million euro” range, attributing increased demand to rising concerns over crypto security.
Surge in Crypto Company IPOs
This Ledger agenda aligns with a period of intensified IPO activity in the cryptocurrency sector across the US and Europe. Blockchain security firm BitGo commenced trading on the New York Stock Exchange, raising $212.8 million at an $18 listing price, valuing the company at over $2 billion. While BitGo’s stock saw an initial 36% rise, it settled at $18.49 by day’s end. Supported by Changpeng Zhao, YZi Labs also participated in the offering as a strategic investor.
BitGo marks the first notable crypto IPO of 2026, following noteworthy occurrences in 2025: Stablecoin issuer Circle listed on NYSE in June, and the crypto exchange Bullish raised $1.1 billion at the NYSE in August. Meanwhile, Gemini, led by the Winklevoss twins, secured $425 million on Nasdaq with Class A shares priced higher than forecasted.
Preparations are ongoing beyond the US as well. As reported by Bloomberg, Vienna-based cryptocurrency exchange Bitpanda is considering an IPO in Germany during the first half of 2026, with a valuation target between $4.6 billion and $5.8 billion. The successive IPOs underscore the leverage of trading on regulated exchanges in broadening access to institutional capital.
