Ledger Eyes $4bn New York Listing After Record Year

Ledger, the Paris-based crypto hardware wallet maker, is preparing a US initial public offering targeting a valuation around $4 billion, according to Financial Times reporting confirmed across multiple outlets. Goldman SachsDealroom has a profile for this one. Try Dealroom →, JefferiesDealroom has a profile for this one. Try Dealroom →, and BarclaysDealroom has a profile for this one. Try Dealroom → have been mandated as bookrunners for a potential 2026 listing on the New York Stock Exchange.

The move follows what CEO Pascal Gauthier described as Ledger's strongest year ever, with revenue in the triple-digit millions and roughly $100 billion in crypto assets secured by its devices. Surging demand for hardware wallets—driven by record levels of crypto theft estimated at $17–21 billion in 2025—has positioned Ledger for a meaningful IPO step-up from its $1.4 billion private valuation in 2023.

Gauthier has consistently argued that New York is the natural venue, stating "money is in New York today for crypto...it's certainly not in Europe.". The planned listing would follow BitGo's successful $2bn January 2026 NYSE debut and join a wave of crypto infrastructure IPOs including KrakenDealroom has a profile for this one. Try Dealroom → and Animoca Brands.

While discussions are advanced, plans could still change, and no SEC filing has been published yet.

Sources: Financial Times
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