Hardware wallet giant Ledger is making big moves to list in the United States with a massive valuation target. Reports indicate the French company seeks a market debut valuing it at over $4 billion. This ambitious plan follows a recent wave of successful crypto listings and rising global demand for secure digital asset storage.
Banking Giants Back The Move
Ledger is reportedly working with some of the biggest names in finance to manage this potential listing. The company has engaged Goldman Sachs, Jefferies, and Barclays as underwriters for the initial public offering. These partnerships signal strong institutional confidence in the hardware wallet manufacturer’s business model.
The proposed valuation represents a significant leap for the Paris-based firm. Ledger was valued at roughly $1.5 billion in 2023. That valuation came after it successfully raised capital from investors like True Global Ventures and 10T Holding.
Investors are looking at Ledger’s revenue growth as a key indicator of success. CEO Pascal Gauthier recently confirmed that the company is experiencing a record year. He noted that revenues have hit triple-digit millions amid a surge in crypto adoption.
This financial momentum suggests the market is ready for infrastructure plays. Investors are moving beyond just buying tokens. They now want equity in the companies that secure the ecosystem.
Ledger hardware wallet crypto security ipo finance concept
A New Era For Crypto Listings
The timing of this IPO aligns with a broader trend of crypto companies entering public markets. The political climate in the United States has shifted significantly. A more crypto-friendly administration under Donald Trump is encouraging firms to list on US exchanges.
BitGo recently demonstrated the market’s appetite for crypto infrastructure by listing on the NYSE.
The crypto custodian saw its stock close higher during its debut week. This success raised its valuation to $2.1 billion and paved the way for others.
Several other industry heavyweights are reportedly waiting in the wings. Growing regulatory clarity has made the US a prime destination for these digital asset firms.
- Circle: The issuer of the USDC stablecoin is eyeing a public debut.
- Galaxy Digital: This financial services firm is looking to uplist to a major US exchange.
- Bullish: The exchange platform is also exploring public listing options.
This rush to go public indicates the industry is maturing. Companies are moving from niche startups to regulated public entities.
Rising Hacks Drive Sales
The primary driver behind Ledger’s growth is the unfortunate rise in crypto crime. High-profile hacks have reminded investors of the dangers of leaving funds on exchanges. Self-custody has become a necessity rather than just an option for serious investors.
Charles Guillemet, the Chief Technology Officer at Ledger, pointed to recent events as a wake-up call. He highlighted the massive $1.5 billion theft at Bybit in early 2025.
Guillemet stated that this was not a simple hack. He described it as a “ruthless supply chain assault.”
His comments underline the risks of relying on blind trust in centralized platforms. When exchanges get hacked, users often lose everything. Hardware wallets offer a solution by keeping private keys offline.
According to Chainalysis, the crypto market saw about $17 billion stolen in 2025.
This figure is a sharp increase from the $13 billion recorded in 2024. As thieves get smarter, the demand for “cold storage” devices like those Ledger makes continues to grow.
Balancing Security And Growth
Ledger has faced its own security challenges while expanding. The company confirmed a network breach earlier in January. This incident involved unauthorized access to systems operated by an external payment provider.
It was a scary moment for customers. However, the company moved quickly to clarify the situation.
Ledger stressed that wallets, devices, and recovery phrases remained 100% secure and unaffected.
The breach only exposed limited customer order details. No funds were at risk during this incident. This distinction is vital for the company’s reputation.
The core promise of a hardware wallet is that the private keys never leave the device. As long as that remains true, the product does its job. The market seems to accept this distinction, as sales numbers remain strong.
Investors in the IPO will likely weigh these operational risks against the massive growth potential. The company must prove it can scale its customer service and data protection alongside its hardware sales.
Summary
Ledger is positioning itself for a major financial milestone with a planned US IPO at a $4 billion valuation. Backed by top investment banks, the move capitalizes on a friendly regulatory environment and the successful listing of peers like BitGo. While the company faces the challenge of maintaining data privacy, the skyrocketing rates of crypto theft have made its core product essential for investors. This listing could mark a turning point where crypto security firms become mainstream financial assets.
What are your thoughts on buying stock in a crypto hardware company? Do you think self-custody is the future? Let us know in the comments below! If you are tracking this on social media, use the hashtag #LedgerIPO to join the conversation.
