Ledger Explores US IPO with Potential $4 Billion Valuation

French crypto scaleup Ledger is reportedly preparing for a potential initial public offering in the United States, which could value the company at over $4 billion. The Paris-based firm has engaged investment banks including Goldman Sachs, Jefferies, and Barclays to advise on the deal. While the IPO could happen as early as this year, sources say plans remain fluid and subject to change.

Ledger was last valued at $1.5 billion in 2023 following a $108 million extension to its Series C funding round, bringing total Series C financing to nearly $500 million. Since then, the company has indicated its valuation has increased but has not publicly disclosed updated figures.

Building Hardware Wallets for Global Crypto Security

Founded in 2014 by Éric Larchevêque, Joël Pobeda, and Thomas France, Ledger specializes in designing and manufacturing hardware wallets that store crypto assets offline. The company first gained traction with its Ledger Nano wallets, physical devices that safeguard private keys and protect against hacks and exchange failures.

Ledger recently expanded its product line with the Ledger Stax, a touchscreen device targeted at long-term holders and institutional investors. The company claims that its wallets now secure more than 20% of global crypto assets, including over $100 billion in bitcoin.

IPO Plans Reflect Scale and US Market Focus

Ledger’s leadership has publicly acknowledged the potential for an IPO. CEO Pascal Gauthier previously stated that the company had reached a scale making a public listing realistic, with the United States likely serving as the venue, given that roughly 40% of Ledger’s business comes from North America.

The timing coincides with a more supportive US policy environment for crypto companies following Donald Trump’s election and a resurgence in IPO activity, such as BitGo’s $2 billion listing on the New York Stock Exchange. Over the past decade, Ledger has sold over seven million devices worldwide, positioning itself as a leading provider of crypto security solutions with broad institutional and retail adoption.