FT: Ledger Plans U.S. IPO at Valuation Above $4 Billion

• French company Ledger has begun preparations for an initial public offering in the US.
• The potential valuation of the business could exceed $4 billion.
• Growing interest in crypto security is supporting demand for shares in the industry.

French company Ledger, which specializes in crypto security and hardware wallet manufacturing, has begun preparations for an initial public offering (IPO) in the US. The company’s potential valuation could exceed $4 billion and become one of the largest IPOs in the digital asset infrastructure segment, according to the FT.

According to sources familiar with the situation, Ledger has engaged bankers from Goldman Sachs, Jefferies, and Barclays to work on the offering. The offering could take place in 2026, but sources emphasize that the terms of the deal and timing are not yet final.

The company itself and the underwriting banks did not comment at the time of writing.

Ledger was founded in Paris in 2014 and has become known as one of the largest manufacturers of hardware crypto wallets. The company’s devices allow users to store private keys offline, reducing the risk of hacking and loss of funds.

In 2023, Ledger was valued at $1.5 billion after attracting investments from several funds, including True Global Ventures and 10T Holdings.

The IPO preparations are taking place amid heightened investor interest in companies operating in the digital asset space. Following Donald Trump’s return to the White House, the US administration has stepped up its support for the industry, identifying it as a strategically important area.

This has encouraged numerous crypto companies to enter the US capital market.

On January 22, 2026, custodian BitGo went public on the New York Stock Exchange with an estimated valuation of $2 billion. This was the first major IPO in the digital asset sector this year.

Earlier, stablecoin issuer Circle, as well as crypto exchanges Gemini and Bullish, also listed in the US.

Ledger CEO Pascal Gauthier previously noted that the company considers the US to be the priority venue for listing. According to him, the main interest of investors in cryptocurrency companies today is concentrated in New York, while European capital markets are inferior in terms of depth and liquidity.