Ledger Explores U.S. IPO With Goldman Sachs, Barclays, Jefferies

Ledger, based in Paris, makes cryptocurrency hardware wallets. The company is preparing for a possible U.S. IPO. Growing demand for secure digital asset storage drives its move.

The company is in touch with Goldman Sachs, Jefferies, and Barclays to explore listing in New York. The deal could value the firm at more than $4 billion, signaling rising institutional interest in crypto infrastructure.

Ledger Prepares for U.S. Market Entry With Wall Street Support

Ledger has engaged Goldman Sachs, Jefferies, and Barclays as it considers a U.S. IPO. The move highlights growing interest in crypto custody solutions. The listing is expected to take place later in 2026, although timing and valuation are subject to change.

Ledger is exploring a U.S. IPO with Goldman Sachs, Barclays, and Jefferies. Rising demand for crypto custody, following record digital asset thefts, drives the move.

Ledger has not confirmed the deal. However, the CEO, Pascal Gauthier, had previously suggested that the U.S. had become the financial center for crypto companies.

In late 2025, he said, funding options had moved away from Europe, which made New York a logical venue for listing.

Ledger was last valued in 2023 at $1.5 billion during a funding round. Reports indicated the IPO could more than double that valuation, given the growing interest in companies offering crypto asset security.

Record Crypto Theft Fuels Demand for Cold Storage

Ledger’s IPO plans come after a frenzy in demand for its offline hardware wallets. These devices store private keys without internet access, protecting against online hacks, malware, and exchange failures.

Crypto-related crime rises alongside sales. According to Chainalysis, more than $17 billion was lost to crypto fraud and theft in 2025. That’s a 5% increase from $13 billion the year before. In this context, demand for secure, self-custody solutions has grown stronger.

Founded in 2014, Ledger is now one of the leading crypto security companies in the world. Its 2025 revenue was in the triple-digit millions, its strongest year to date. Users are now increasingly turning to hardware wallets to secure large amounts of digital assets.

BitGo’s NYSE IPO Marks Investor Interest in Custody Sector

Ledger’s IPO exploration follows the recent public listing of BitGo, one of the largest institutional crypto custodians. BitGo started trading on the New York Stock Exchange with ticker BTGO last Thursday. Shares opened at $22.40, a 24% increase from the IPO price of $18.

BitGo made its market debut and attracted strong investor interest. YZi Labs, linked to former Binance CEO Changpeng Zhao, announced a strategic investment.

The investment came shortly after trading began. The investment reflects growing institutional appetite for regulated custody infrastructure.

Ledger focuses on retail self‑custody, while BitGo serves institutional custody. Both companies gain from the rising awareness of asset protection. The success of BitGo’s listing may contribute to investor expectations before Ledger’s possible market debut.

U.S. Listings Attract European Crypto Firms

Ledger’s move highlights a wider trend of European crypto companies looking to raise capital in the U.S. The European Union has implemented MiCA regulations. Many firms remain cautious. The regulatory environment is still patchwork. EU member states differ in their approaches.

The U.S., by contrast, provides access to deeper capital markets and a more concentrated group of investors for crypto infrastructure. Several firms, including Ledger, have shifted focus to U.S. listings. They aim to avoid competing with fragmented local alternatives.

If completed, Ledger’s IPO would become one of the most notable crypto public offerings out of Europe.