Crypto Wallet Firm Ledger Eyes US IPO at $4B Valuation

Crypto hardware wallet firm Ledger is preparing for a potential IPO in the United States at a valuation above $4 billion, according to sources familiar with the matter. Crypto firms are going public at a record pace, with Grayscale and Kraken going public after this week’s successful BitGo IPO.

Ledger Prepares for US IPO This Year

Crypto hardware wallet maker Ledger is working with underwriters including Goldman Sachs, Jefferies, and Barclays on a potential US IPO this year, Financial Times reported on January 23. It could value the company at over $4 billion.

The Paris, France-based crypto company was valued at $1.5 billion in 2023 after raising money from investors such as Singapore’s True Global Ventures and 10T Holding.

Crypto companies continue to announce IPO plans amid a crypto-friendly Trump administration. Growing regulatory clarity and making crypto a national strategic priority prompted Circle, Galaxy, Bullish, and other crypto firms to list in the US.

Crypto custodian BitGo listed on NYSE after a successful IPO this week, raising its valuation to $2.1 billion. BTGO stock closed 2.72% higher at $18.49 on Thursday.

Rising Security Threats Boost Secure Wallet Demand

Ledger CEO Pascal Gauthier confirmed IPO plans in New York last year. He said the company is having a record year with triple-digit million-dollar revenues as rising hacking and scam risks boost demand for secure self-custody devices.

Charles Guillemet, CTO at Ledger, highlighted that crypto crime hit new heights in 2025, with the $1.5 billion Bybit theft. He said, “This wasn’t a simple hack, it was a ruthless supply chain assault outlining the risk of relying on blind trust.”

In early January, Ledger confirmed a network breach after unauthorized access to systems operated by an external payment provider, exposing limited customer order details. Ledger stressed that wallets, devices, and recovery phrases remained secure and unaffected.

According to research firm Chainalysis, the crypto market recorded about $17 billion stolen in hacks, rug pulls, and other security threats in crypto scams and fraud last year as compared to $13 billion in 2024.