Ledger Sets Sights on US IPO with Support From Goldman Sachs, Barclays, and Jefferies

Ledger, the Paris-headquartered titan of hardware security, is reportedly laying the groundwork for an initial public offering in New York, a move that could see its valuation skyrocket to over $4 billion.

This target represents a massive leap from the $1.5 billion private valuation the firm held just three years ago in 2023.

Why Is Ledger Moving Its Focus To New York

The shift in strategy is driven by the concentration of global capital.

Ledger CEO Pascal Gauthier has become a frequent fixture in Manhattan, signaling the company's intent to capture the attention of major American institutions.

Gauthier said,

"Money for crypto is in New York today; it’s nowhere else in the world, it’s certainly not in Europe.”

By choosing a U.S. listing, Ledger aims to join a growing wave of digital asset firms seeking the depth of American markets.

This follows the successful debut of the crypto custodian BitGo, which recently listed on the NYSE with a $2.1 billion valuation, its shares closing at $18.49 shortly after launch.

Other industry heavyweights like Grayscale and Kraken are also reportedly queuing up for their own public transitions.

How Did Security Threats Fuel Record Growth

Ledger’s move toward the public sector comes on the back of its most successful financial year to date.

In 2025, the company’s annual revenue climbed into the triple-digit millions, fueled by a global realization that digital assets are under constant siege.

The urgency for self-custody, where users hold their own private keys, has been intensified by a surge in high-profile thefts.

Chainalysis reports that approximately $17 billion was lost to hacks and fraud in 2025, a sharp rise from the $13 billion recorded in 2024.

Charles Guillemet, Ledger’s CTO, pointed to the $1.5 billion Bybit theft as a turning point for the industry.

"This wasn’t a simple hack, it was a ruthless supply chain assault outlining the risk of relying on blind trust."

Can Ledger Maintain Its Dominance In A Regulated Market

Since its inception in 2014, Ledger has sold more than 7 million hardware wallets, including its popular Nano and Stax lines.

Today, the company is responsible for securing roughly 20% of the world’s digital assets, including an estimated $100 billion in Bitcoin alone.

The timing of the IPO, expected later in 2026, aligns with a shifting regulatory landscape in the United States.

The introduction of the GENIUS Act has provided much-needed clarity for digital asset storage, making the environment more hospitable for infrastructure companies like Ledger.

To prepare for the transition, Ledger is collaborating with a heavy-hitting banking syndicate that includes Goldman Sachs, Jefferies, and Barclays.

While the company did experience a brief network breach early in the year via an external provider, Ledger confirmed that "wallets, devices, and recovery phrases remained secure and unaffected," reinforcing its reputation as a fortress for digital wealth.