- Ledger plans a US IPO as early as 2026 with a valuation above $4 billion, according to Financial Times sources and company signals.
- The company says its wallets secure over 20% of global crypto and more than $100 billion in Bitcoin. In 2023 it added $108 million to its Series C, taking the round near $500 million.
- Reported crypto thefts reached $17 billion in 2025 compared with $13 billion in 2024. Peer activity includes BitGo listing on the NYSE with a valuation above $2 billion.
ledger, the French maker ofcrypto hardware wallets, is preparing for a potential initial public offering in the United States that could value the company at more than $4 billion. The plan, reported bythe Financial Timesciting sources, would mark a major step for the Paris-based firm and would come after a private valuation of $1.5 billion just a year earlier. The report says ledger is already working with leading investment banks and could move toward an IPO as early as 2026.
ledger’s business, funding, and scale
Founded in 2014, ledger builds physical wallets that store cryptographic keys, positioning the devices as an offline alternative to holding keys online. The company says its wallets secure more than 20% of global crypto assets. It has also reported securing over $100 billion in Bitcoin for customers, a figure that underscores how central the firm has become to crypto custody for many users.
The company’s recent financing and revenue trajectory are part of the background to the IPO preparation. In 2023, ledger raised $108 million in a Series C extension, bringing total Series C funding to nearly $500 million. CEO Pascal Gauthier said revenues rose into the triple-digit million euro range in 2025. Taken together, these details point to a company that has expanded beyond an early-stage security product provider into a large-scale business with meaningful revenue, which is a key factor for public-market readiness.
Gauthier has previously indicated that an IPO is a realistic option for the company. He said “money is in New York today for crypto,” and argued that ledger’s business is “compatible with an IPO.” While the Financial Times report frames the process as preparatory, it also suggests the company is organizing its work with banks to support a listing timetable that could begin in 2026.
Why a U.S. listing is central to the plan
A U.S. IPO is presented as a strategic choice tied to ledger’s customer base and market activity. According to Gauthier, roughly 40% of ledger’s activity comes from the United States. That concentration helps explain why the company would consider listing on a major U.S. exchange rather than pursuing another venue.
The company also views the current U.S. climate as supportive. The source material points to “recent political shifts” that suggest Washington is taking a more pro-crypto posture. While the details of those shifts are not specified, the implication is that ledger sees the regulatory and political backdrop as more conducive to a public offering than it may have been previously.
Security concerns and the wider IPO backdrop
ledger’s IPO planning comes ascrypto securityremains a major focus across the industry. The rise of decentralized finance has coincided with increasing cybercrime, and the source ties demand for custody and security tools to those risks. Chainalysis reported that $17 billion was stolen through crypto scams and fraud in 2025, up from $13 billion in 2024. The increase is presented as one factor pushing both retail and institutional participants to seek more secure ways to protect holdings, contributing to ledger’s customer growth and revenue expansion.
The potential listing is also described as part of a broader pattern of crypto-related companies entering public markets. BitGo, a crypto custodian, has recently listed on the New York Stock Exchange with a valuation above $2 billion. The source also says Circle, Bullish, and Gemini have gone public in the last year. In Europe, Bitpanda is reportedly weighing an IPO in Germany by mid-2026, with a target valuation between $4.6 billion and $5.8 billion.
Conclusion
If it proceeds, ledger’s U.S. IPO could arrive as early as 2026 and at a valuation exceeding $4 billion, according to sources cited by the Financial Times. The company’s reported revenue growth in 2025, substantial Series C funding history, and significant U.S. activity share are central elements of the case for a New York listing, alongside rising concerns about crypto thefts and an active market for crypto-related public offerings.
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