Ledger, a French cryptocurrency company known for its secure storage solutions, is reportedly gearing up for an initial public offering (IPO) in the United States that could value the company at over $4 billion. The firm’s decision to pursue public listing reflects an increasing interest from investors in digital asset enterprises.
The Paris-based company is collaborating with investment bankers from Goldman Sachs, Jefferies, and Barclays to facilitate the IPO, which might occur as soon as this year. However, sources familiar with the developments have advised that these plans could be subject to change.
Founded in 2014, Ledger specializes in producing devices that allow cryptocurrency investors to securely store their digital tokens. The company received a valuation of $1.5 billion in 2023 after securing investments from notable backers, including True Global Ventures and 10T Holdings.
The demand for crypto-related companies has surged since the return of US President Donald Trump to the White House. His administration has positioned digital asset businesses as a national strategic priority, resulting in a wave of listings in the US. Notably, crypto custodian BitGo is set to go public on the New York Stock Exchange this week, aiming for a $2 billion valuation and marking itself as the first digital assets IPO of 2026. Previous year saw stablecoin issuer Circle, alongside Gemini and Bullish exchanges, successfully listing in the US.
Pascal Gauthier, Ledger’s chief executive, expressed in a November interview that a US listing was under consideration, highlighting that “money is in New York today for crypto; it’s nowhere else in the world, it’s certainly not in Europe.” Gauthier noted that Ledger experienced a record year, achieving revenues in the triple-digit millions as more investors turned to its devices for protection against hacks and fraud. According to research firm Chainalysis, approximately $17 billion was lost to crypto scams and fraud last year, a significant rise from the $13 billion reported in 2024.
