French crypto security firm Ledger is preparing for a potential initial public offering in the United States that could value the company at over $4 billion. Bankers from Goldman Sachs, Jefferies and Barclays are advising on the deal, which the company says could proceed later this year but remains subject to change. Ledger reported strong revenue growth in 2025, described in reports as reaching the hundreds of millions, and the company was last valued at $1.5 billion in 2023 after funding from investors including True Global Ventures and 10T Holdings.
Ledger's $4B IPO Plans
According to reports, the planned US listing could place Ledger’s valuation above $4 billion and is being arranged with advisory teams from Goldman Sachs, Jefferies and Barclays. The company has not confirmed final timing publicly, and plans may change as they proceed with preparations. If completed, the listing would mark a major step for Ledger as it aims to expand its presence in the U.S. market.
Background and Valuation
Ledger’s most recent known valuation was $1.5 billion in 2023 following investment rounds that included backers such as True Global Ventures and 10T Holdings. That prior valuation provides a reference point for the scale of the potential US listing and the capital markets narrative around the company. CEO Pascal Gauthier has highlighted the strategic importance of the U.S. financial market for crypto firms, noting that today “money is in New York” for crypto.
Market Context and Trends
The news about Ledger’s IPO comes as crypto listings in the United States have increased under the current administration, and after crypto custodian Bitgo debuted on the New York Stock Exchange in 2026. Other crypto-related companies that have gone public recently include Circle, Gemini and Bullish, contributing to renewed attention on public crypto firms. For context on U.S. listings and exchange activity, see reporting on how the NYSE has been expanding crypto company listings NYSE expands listing.
Ledger's Performance and Strategy
Reports indicate Ledger’s revenue surged in 2025 to the hundreds of millions, a period described as a “flight to safety” in the market. That performance is linked to increased investor interest in direct ownership of crypto and demand for cold storage and custody solutions. CEO Pascal Gauthier has emphasized that the U.S. market is central for crypto firms, a point reflected in the company’s IPO discussions and choice of advisers such as Goldman Sachs.
Implications and Future Outlook
If Ledger proceeds with a U.S. listing, it would underline the growing role of custody and hardware-wallet providers in the broader crypto ecosystem. The move also highlights how the United States has become a focal point for crypto finance, while Europe is portrayed as less central in recent commentary. Potential challenges and opportunities for Ledger would include meeting public-market disclosure expectations and capitalizing on heightened demand for secure custody solutions.
Why this matters (for a miner in Russia)
For an individual miner operating in Russia with anywhere from one to a thousand devices, Ledger’s IPO is a signal of stronger market interest in custody and security products. Increased visibility for custody firms may mean more options and clearer product roadmaps from vendors focused on cold storage, which miners use to secure private keys. At the same time, a larger public profile for custody companies can affect where service development and partnerships concentrate—often around markets where capital is most active.
What to do (practical steps)
Review how you store private keys and consider whether your current setup meets your risk tolerance; cold storage remains the core way to keep keys offline. Keep firmware and device software updated from official sources, and follow vendor guidance for backups and recovery phrases to avoid accidental loss. Monitor developments in custody solutions and U.S. listings for product changes or new services, but avoid making operational changes based solely on headlines; base decisions on your security needs and resources.
FAQ
What is Ledger? Ledger is a French crypto security firm known for hardware wallets and custody solutions.
What IPO is Ledger planning? The company is preparing a possible US listing that could value it above $4 billion and is being advised by Goldman Sachs, Jefferies and Barclays.
Why the United States? The company’s CEO has said the U.S. market is where crypto capital is concentrated, and the current U.S. administration has prioritized digital assets since 2025.
How is Ledger performing? Reports indicate Ledger’s revenue rose to the hundreds of millions in 2025, reflecting increased demand for secure custody and cold storage.
