Crypto Wallet Maker Ledger Preps $4B US IPO – Can It Win Wall Street?
Ledger is making ready for a possible U.S. preliminary public providing that would worth the crypto pockets maker at greater than $4 billion, according to reports.
The Paris-based firm has enlisted main Wall Street banks, together with Goldman Sachs, Jefferies, and Barclays, to advise on the deal, with a possible itemizing later this 12 months.
The transfer comes as Ledger will increase its presence within the U.S., the place capital markets exercise and institutional curiosity in digital asset companies are particularly concentrated in New York.
@Ledger eyes U.S. IPO at a $4B+ valuation: @FT
Hardware #wallet maker #Ledger is making ready for a possible U.S. #IPO, reportedly working with Goldman Sachs, Jefferies, and Barclays on the deal, which may happen as early as this 12 months pic.twitter.com/hjJQcnXxfh
— Charged Ventures (@ChargedVentures) January 23, 2026
Wall Street Banks Line Up for Ledger’s IPO Push
Ledger’s IPO ambitions mirror a perception that it has reached ample scale to face up to public-market scrutiny from Wall Street.
In an earlier interview, CEO Pascal Gauthier said the corporate had grown to some extent the place a list was life like, including that the U.S. stood out because the pure venue.
Roughly 40% of Ledger’s enterprise now comes from North America, a determine that has formed each its itemizing technique and operational enlargement in New York.
Gauthier has additionally stated the agency is weighing a U.S. IPO alongside a possible personal funding spherical, conserving a number of capital-raising paths open.
“Money is in New York right now for crypto, it’s nowhere else on this planet, definitely not in Europe,” Gauthier informed the Financial Times.
He reiterated that view in November 2025 when the corporate first flagged the IPO plans, emphasizing that his elevated time in New York was pushed by the place crypto financing is now concentrated.
From Nano Wallets to Triple-Digit Millions in Revenue
Founded in 2014 by Éric Larchevêque, Joël Pobeda, and Thomas France, Ledger constructed its repute on {hardware} wallets designed to maintain personal keys offline.
Its early success got here from the Ledger Nano collection, which gained traction as hacks and trade failures highlighted the dangers of custodial storage.
The firm has since broadened its product lineup, launching the Ledger Stax, a touchscreen gadget aimed toward long-term holders and institutional customers.
It has additionally rolled out an iOS app for enterprise purchasers and lately accomplished a serious rebranding alongside the discharge of the Ledger Nano Gen5.
Ledger said its revenues reached triple-digit thousands and thousands in 2025, marking its strongest efficiency thus far, with additional development anticipated this 12 months.
Over the previous decade, the agency estimates it has offered greater than seven million gadgets globally and now safeguards round 20% of world crypto belongings, together with over $100 billion value of bitcoin.
The firm was final valued at $1.5 billion in 2023 after elevating a $108 million extension to its Series C spherical, bringing whole funding in that spherical near $500 million.
While Ledger has since stated its valuation has elevated, it has not disclosed an up to date determine forward of the reported IPO preparations.
Fees, Data Exposure, and the Self-Custody Debate
As Ledger expands past pure {hardware}, it has reframed its devices as “Ledger signers,” positioning them as instruments for securing digital belongings and on-line identities in an AI-driven surroundings.
That shift has not been with out controversy, notably round new monetization options.
Last October, Ledger revealed that its Multisig app would cost a flat $10 charge per transaction, excluding token transfers, which might as a substitute incur a 0.05% variable charge.
@Ledger’s new Multisig app sparked backlash for including a $10 flat charge per transaction and a 0.05% token switch charge, on high of gasoline prices.#Ledger #Cryptohttps://t.co/b72bb5ZwXw
— Cryptonews.com (@cryptonews) October 26, 2025
The expenses are utilized on high of normal blockchain gasoline charges, prompting backlash from customers who argue that self-custody shouldn’t include recurring platform prices.
Security issues have additionally resurfaced following a current information publicity incident involving a third-party supplier.
On January 5, 2026, blockchain researcher ZachXBT said private info of Ledger prospects was accessed in a hack on Global-e, a fee processor utilized by the corporate.
While no funds had been compromised, researchers warned that the publicity heightens the chance of phishing and social engineering assaults.
The publish Crypto Wallet Maker Ledger Preps $4B US IPO – Can It Win Wall Street? appeared first on Cryptonews.
