Ledger, a French crypto hardware wallet provider, is reportedly planning an initial public offering (IPO) in the United States.
The move would place Ledger among a growing group of digital asset companies pursuing public listings in the US amid a favorable regulatory environment.
According to the Financial Times, Ledger has engaged investment banks Goldman Sachs, Jefferies, and Barclays to explore a potential listing that could value the company at more than $4 billion.
This would represent a significant increase from Ledger’s $1.5 billion valuation in 2023, following a funding round backed by investors including True Global Ventures and 10T Holdings. The FT, citing sources familiar with the matter, said the IPO could take place as early as this year.
Still, the plans remain subject to change. BeInCrypto also reached out to Ledger, but they declined to comment on the matter.
Ledger has previously signaled its interest in tapping US capital markets. In November 2025, CEO Pascal Gauthier suggested the company was considering future fundraising options. This included a public listing in New York or a private funding round.
The potential listing comes as the company sees strong revenue growth. Gauthier revealed that Ledger’s revenues reached triple-digit millions as of November 2025.
This shift was likely driven by a major rise in crypto hacks. As crypto-related crime continues to increase, more investors have turned to hardware wallets to protect their assets.
According to estimates from Chainalysis, crypto scams and fraudulent activity may have resulted in more than $17 billion in losses in 2025.
Nonetheless, the announcement has drawn criticism from crypto investigator ZachXBT. He raised concerns over Ledger’s past security incidents and product issues.
"Ledger, a French security company has been breached multiple times which resulted in its customers private data being leaked has lead to targeted thefts and millions stolen. Current products have major issue like the battery for the Ledger Nano X. Now Ledger plans to max extract more via US IPO after recently announcing they will also charge a % for clear signing," he wrote.
Earlier this month, BeInCrypto reported that Ledger experienced a data breach in which customer information was exposed through a third-party processor, Global-e. The company had previously suffered a separate security incident in 2020 that also resulted in the exposure of customer data.