Ledger is collaborating with major financial institutions such as Goldman Sachs, Jefferies, and Barclays to advance its initial public offering (IPO) plans. This deal, which could be completed as early as 2026, is expected to value Ledger at over $4 billion.
This wave of IPO activity comes as the Bitcoin price undergoes a critical consolidation phase. According to Gate market data, BTC/USDT is currently quoted at $87,003, down 2.57% over the past 24 hours, while ETH/USDT stands at $2,899.31, down 1.94% in the same period.
Industry Milestone
French hardware wallet manufacturer Ledger has taken a significant step forward with plans to go public in the United States. The announcement quickly garnered widespread attention across both the cryptocurrency and traditional finance sectors. Renowned for its security, Ledger is working with top Wall Street institutions—including Goldman Sachs, Jefferies, and Barclays—to move its IPO plans forward.
Ledger CEO Pascal Gauthier hinted at this possibility as early as November 2025, emphasizing New York’s pivotal role in crypto financing: "I spend more time in New York today because the capital for crypto is in New York, not elsewhere in the world, and certainly not in Europe."
The Numbers Behind the Strength
The projected valuation of over $4 billion is grounded in Ledger’s robust financial performance and market position. In a 2023 funding round, the company was valued at $1.5 billion. By 2025, surging demand for secure custody solutions—driven by a spike in crypto theft—propelled Ledger’s revenue into the hundreds of millions.
According to a Chainalysis report, approximately $17 billion is expected to be stolen through crypto scams and fraud in 2025, up from $13 billion in 2024. This challenging security landscape further underscores the necessity of Ledger’s products in the market. Ledger’s success highlights the ongoing demand for hardware wallets as essential security infrastructure, especially as institutional investors deepen their involvement in the crypto space.
Crypto Companies Poised to Go Public
Ledger isn’t alone—2026 is shaping up to be a landmark year for crypto company IPOs. Several industry leaders are actively preparing to go public, reflecting the sector’s broader shift toward mature financial infrastructure.
| Company Name | Business Area | IPO Plans & Progress | Market Significance & Valuation Reference |
|---|---|---|---|
| CertiK | Web3 Security Auditing | Announced IPO plans at Davos 2026, highlighting transparency standards | Sets valuation benchmarks in blockchain security |
| Kraken | Cryptocurrency Exchange | Targeting IPO in H1 2026, seen as a potential rival to Coinbase and Robinhood | Ongoing recognition of crypto trading platforms by traditional finance |
| Consensys | Crypto Infrastructure (MetaMask, Infura) | Reportedly in talks with JPMorgan and Goldman Sachs for a 2026 IPO | Boasts 30 million monthly active users, valued at ~$7 billion |
| Evernorth | XRP Asset Management | Plans to go public on Nasdaq via SPAC merger in Q1 2026 | Showcases the public market potential for professional crypto asset managers |
| Animoca Brands | Web3 Gaming & Metaverse Investment | Aims to go public on Nasdaq in 2026 via reverse merger with Currenc Group | Hong Kong-based, with one of the industry’s largest Web3 gaming portfolios |
| Bithumb | Crypto Exchange (South Korea) | Plans to list on a major Korean stock exchange in 2026 | With ~18 million crypto users, tests Asian demand for crypto equities |
Macro Backdrop and Industry Shift
This wave of crypto IPOs is unfolding against a backdrop of structural change within the industry. In 2025, digital asset companies validated market acceptance through public listings, laying the groundwork for an even stronger IPO pipeline in 2026.
Evolving regulatory frameworks are also fueling this trend. Clearer rules for stablecoins and market structure have unlocked institutional and corporate participation, shifting crypto investment strategies from pure speculation to compliant, yield-generating infrastructure investments.
Venture capital flows reflect this transition as well. In 2025, despite a decline in overall crypto trading volumes, the total amount of venture capital invested actually increased, with capital becoming more concentrated in fewer but higher-quality companies.
IPO Windows Amid Market Volatility
Crypto companies are pushing forward with IPO plans during a period of significant market consolidation. Take Bitcoin, for example: its price has experienced notable swings in recent weeks.
Gate platform data shows that after retreating from a mid-January high of around $98,000, Bitcoin is now consolidating in a range between $88,000 and $91,000. This market environment presents both challenges and opportunities for IPOs. On one hand, price volatility can impact investor sentiment; on the other, the gradual clarification of regulatory policies—such as supportive statements on crypto legislation in the US—has created a positive long-term outlook.
It’s also worth noting that current Bitcoin price trends are largely driven by spot ETF capital flows, highlighting the growing influence of traditional finance on the crypto market.
Conclusion and Outlook
The crypto industry is shifting from a fringe experiment to financial mainstream. The IPO plans of Ledger and its peers are not just individual milestones—they mark the sector’s growing maturity. As regulatory frameworks take shape, crypto companies are evolving from startups to regulated, publicly traded entities. This trend emerged in early 2025 and is expected to accelerate in 2026. Bitcoin’s role as digital gold continues to solidify, while Ethereum and other blockchain platforms drive further innovation in decentralized applications. Against this backdrop, secure and compliant infrastructure providers will attract increased attention and resources.
For Gate users, this industry transformation means a more mature market structure, greater investment diversity, and a more stable long-term environment. Whether you’re a holder seeking secure storage solutions or an observer tracking industry trends, this wave of IPOs signals the future direction of the crypto sector.
Looking ahead to 2026, the integration of crypto and traditional finance is advancing at an unprecedented pace. As Ledger’s hardware wallets become the go-to choice for millions of investors safeguarding digital assets, their success represents more than just a product triumph—it marks a new standard for industry security. Crypto IPOs are no longer isolated events; they’re part of a broader process of the financial markets re-embracing digital assets. As these companies ring the opening bell one after another, they’re paving the way for others and offering global investors new avenues to participate in this financial transformation.
