Ledger, the Paris-based crypto security company, is preparing for an initial public offering in the US that could value the firm at more than $4 billion, according to FT.
The hardware wallet maker is working with Goldman Sachs, Jefferies, and Barclays on the deal, which could take place as soon as this year.
“Money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe,” CEO Pascal Gauthier told the FT in November.
Rising demand from security-conscious crypto investors drove Ledger to a record in 2025, generating triple-digit millions in revenue, according to Gauthier. Ledger has sold over 7 million devices worldwide.
Ledger, founded in 2014, reached a $1.5 billion valuation after its 2023 funding round, with investors including Singapore’s True Global Ventures and 10T Holdings.
The potential listing follows a wave of crypto companies going public in the US since President Donald Trump returned to the White House a year ago. His administration has championed digital asset businesses and made crypto a national strategic priority.
Crypto custodian BitGo started trading on the New York Stock Exchange this week, becoming the first digital asset IPO of 2026. Stablecoin issuer Circle and exchanges Gemini and Bullish all went public in the US in 2025.