Ledger, the French maker of hardware wallets for cryptocurrency storage, is evaluating a U.S. initial public offering as demand for crypto securities grows. Discussions are ongoing, with investment banks including Goldman Sachs, Jefferies and Barclays engaged to assess a possible listing. The potential deal could value Ledger at more than $4 billion and could occur as early as this year, though plans remain fluid. Ledger’s last known valuation stood at about $1.5 billion in 2023 after a funding round led by True Global Ventures and 10T Holdings.
The company has benefited from revenue growth, with executives indicating revenues reached hundreds of millions of dollars by late 2025, a rise linked to heightened demand for hardware wallets as crypto-related crime and hacking incidents have intensified. Ledger has suggested that US capital markets have become increasingly central to crypto fundraising, potentially influencing its strategic options more than Europe. However, the plan has drawn some criticism within parts of the crypto community. An independent crypto investigator highlighted Ledger’s past security incidents, including data breaches that exposed customer information and led to targeted thefts.
Earlier this month, Ledger confirmed that customer data had been exposed through a breach involving third-party processor Global-e, following a separate incident in 2020 that also resulted in the disclosure of user information. Ledger, the Paris-based hardware wallet maker, is weighing a U.S. initial public offering as demand for crypto securities expands. The process is active, with Goldman Sachs, Jefferies and Barclays among banks assessing a potential listing. A deal could value Ledger at more than $4 billion and could occur as early as this year, though plans remain fluid.
Leave a Reply