Ledger, the French Crypto Wallet Unicorn, Eyes a $4B US IPO in 2026

Ledger, the Paris-based cryptocurrency hardware wallet manufacturer, is preparing for a potential initial public offering (IPO) in the United States. The company is targeting a valuation of over $4 billion, a sharp increase from its $1.5 billion valuation in 2023. Ledger's IPO plans reflect growing institutional demand for secure crypto custody solutions as security threats in the industry continue to escalate.

The firm is working with top investment banks including Goldman Sachs, Jefferies, and Barclays to facilitate the listing, which could occur as soon as 2026. Ledger CEO Pascal Gauthier emphasized New York's role as a financial hub for crypto-related ventures, noting that funding opportunities are concentrated in the US and not in Europe.

Ledger reported record revenue in 2025, fueled by rising concerns over crypto theft and hacking incidents. Chainalysis data shows that $17 billion was lost to crypto fraud in 2025, up from $13 billion in 2024. This trend is driving increased demand for offline storage solutions like Ledger's hardware wallets.

What's Driving Ledger's IPO Ambitions?

Ledger's IPO ambitions are being fueled by a combination of growing institutional interest in crypto security and a broader shift in the industry toward institutional-grade infrastructure. Ledger's devices are used by both retail investors and institutional clients, with over $100 billion in Bitcoin stored on its platform.

The firm is also capitalizing on a recent wave of crypto firms returning to public markets. BitGo, another major crypto custody provider, recently completed its NYSE IPO in late 2025. BitGo's shares opened at $22.40, 24% above the IPO price of $18, signaling strong investor appetite for the sector.

Ledger's valuation of over $4 billion would represent a significant jump from its last private valuation in 2023. Pre-IPO shares have already traded at around $4.50 per share on secondary platforms like Linqto and EquityZen, implying a $1.4 billion valuation as of early 2026.

How the Market Might React to Ledger's IPO?

A successful IPO could signal crypto's continued maturation and growing integration into traditional financial systems. Ledger's focus on security and self-custody solutions positions it as a key player in the evolving crypto landscape. Unlike speculative crypto projects, Ledger offers infrastructure services that are less tied to direct crypto price movements.

However, Ledger has faced criticism from on-chain analysts over past security issues and recent monetization changes. Critics argue that some core security features are now being charged as premium services, raising concerns about user trust.

Despite these challenges, Ledger has maintained a strong position in the market. Its hardware wallets have become a core tool for both retail and institutional investors seeking to store crypto assets securely. This demand has been reinforced by high-profile exchange failures, including the collapse of FTX, which spurred a shift toward self-custody solutions.

What Investors Should Watch for in 2026

Investors will be closely watching how Ledger's IPO is received in the broader market. A successful listing could encourage more crypto-native companies to explore public markets, particularly as regulatory clarity improves and institutional interest grows.

Ledger's valuation and performance will depend on several factors, including market conditions, investor sentiment toward crypto infrastructure, and the company's ability to maintain its reputation for security. A failed IPO or poor performance could raise questions about the sustainability of the crypto IPO wave.

At the same time, Ledger is not the only company exploring public markets. Kraken, ConsenSys, and other major players are also considering listings in 2026, adding to the sense that the sector is entering a new phase of normalization within global capital markets.

The broader trend of European crypto firms seeking US listings also highlights the appeal of New York's deep capital markets. Ledger's potential IPO would join a growing list of European crypto companies, including Bithumb, that are positioning themselves for global expansion.