Ledger Plans $4 Billion IPO in the U.S. – Can It Succeed on Wall Street?

Ledger is gearing up for a potential initial public offering (IPO) in the United States, expected to value the cryptocurrency wallet manufacturer at over $4 billion, as reported recently.

Key Takeaways

IPO Plans: Ledger is preparing for a U.S. IPO that may be valued at over $4 billion.
Wall Street Involvement: The company is collaborating with major banks for advice on the IPO.
Business Growth: Approximately 40% of Ledger’s business originates from North America, influencing its strategy.
Revenue Surge: The firm reported revenues in the triple-digit millions for 2025, anticipating further growth.
Controversies: Recent transactions in its new app and concerns over data security have sparked user backlash.

Crypto Wallet Maker Ledger Preps $4B US IPO

The Paris-based company has engaged top Wall Street investment banks, such as Goldman Sachs, Jefferies, and Barclays, to guide them through the IPO process, which could take place later this year.

This move aligns with Ledger's strategy to enhance its presence in the U.S. market, where capital markets activities and institutional interest in digital asset companies are particularly strong, especially in New York.

Rollout of Ledger's IPO Aspirations

Ledger’s plans for an IPO showcase its confidence in its viability for public scrutiny from Wall Street. In a previous interview, CEO Pascal Gauthier stated that the company has reached a stage where a listing is feasible, with the U.S. being the optimal location.

Currently, around 40% of Ledger’s revenue is generated from North America, a significant factor in shaping its listing decisions and expanding its operations in New York.

Ledger US IPO - Regional Insights 2025 map

Gauthier noted that the firm is considering a U.S. IPO alongside a possible round of private funding, keeping various options for capital raising open. He remarked on the importance of New York in the current crypto landscape, stating, “The money is in New York today for crypto; it’s nowhere else in the world, certainly not in Europe.” He reiterated this sentiment in November 2025 when first discussing the IPO, highlighting his increased time spent in New York due to its concentration of crypto financing.

From Wallet Innovation to Surging Revenue

Established in 2014 by Éric Larchevêque, Joël Pobeda, and Thomas France, Ledger gained attention for its hardware wallets, which were designed to securely store private keys offline. The company initially garnered success with the Ledger Nano series, which became popular as security concerns related to custodial storage emerged.

Ledger has since diversified its offerings, introducing the Ledger Stax, a touchscreen device tailored for long-term holders and institutional clients. It has also launched an iOS app for enterprise users and revamped its branding alongside the release of the Ledger Nano Gen5.

The company reported revenues in the triple-digit millions for 2025, reflecting its strongest performance to date, with expectations for continued growth in the coming years. Over the last decade, Ledger estimates that it has sold over seven million devices globally and now protects around 20% of the world’s crypto assets, including more than $100 billion in Bitcoin.

In 2023, Ledger achieved a valuation of $1.5 billion following a $108 million extension of its Series C funding, bringing the total for that round to nearly $500 million. Although Ledger has indicated that its valuation has risen since, updated figures have not been disclosed in light of its IPO plans.

Navigating Monetization and Security Issues

As Ledger expands its business beyond just hardware, it has begun to promote its devices as “Ledger signers,” emphasizing their role in securing digital assets and identities within an increasingly AI-driven world.

However, this change hasn’t been free of controversy, especially concerning new monetization features that Ledger has introduced. Last October, Ledger announced a flat $10 fee per transaction for its Multisig app (excluding token transfers), which will incur a variable fee of 0.05%. These fees would be in addition to standard blockchain gas fees, prompting criticism from users who believe that self-custody should not involve ongoing costs.

Security has also become a major concern following a recent data breach involving a third-party vendor. On January 5, 2026, blockchain researcher ZachXBT reported that personal data from Ledger customers was accessed in a hack on Global-e, a payment processor utilized by the company. Although no funds were compromised, experts warn that this data exposure raises the risk of phishing scams and social engineering attacks.