Paris-based cryptocurrency security firm Ledger is preparing for an initial public offering in the United States that could value the company at more than $4 billion, according to the FT.
The hardware wallet maker is working on partnerships with Goldman Sachs, Jefferies and Barclays, which could happen as early as this year.
“Today, crypto money is in New York. It’s nowhere else in the world and certainly not in Europe,” CEO Pascal Gauthier told the FT in November.
Gauthier said Ledger experienced record growth in 2025, generating triple-digit multi-million dollar revenue, driven by increased demand from safety-minded crypto investors. Ledger has sold over 7 million devices worldwide.
Founded in 2014, Ledger was valued at $1.5 billion after a funding round in 2023, with investors including Singapore’s True Global Ventures and 10T Holdings.
The potential listing follows a flurry of listings of crypto companies in the United States since President Donald Trump returned to the White House a year ago. The administration has championed digital asset businesses and made cryptocurrencies a national strategic priority.
Crypto asset management company BitGo began trading on the New York Stock Exchange this week, becoming the first digital asset IPO of 2026. Stablecoin issuer Circle and exchanges Gemini and Burish all went public in the US in 2025.
