Ledger plans to go public with an IPO in 2026, aiming for a valuation of billions of dollars, which is three times higher than in 2023.

French crypto hardware wallet manufacturer, Ledger, is preparing for an initial public offering (IPO) on the New York Stock Exchange this year with a valuation predicted to exceed $4 billion. This ambitious plan marks significant growth from the company’s valuation of $1.5 billion received in 2023, representing a threefold increase. A report from Financial Times, citing sources close to the matter, revealed that Ledger is building momentum to capitalize on the rising wave of investor interest in crypto infrastructure.

IPO Strategy: Accelerating the Path to the Exchange with Support from Leading Financial Institutions

In an effort to realize its stock listing plan, Ledger has partnered with three top-tier investment banks: Goldman Sachs, Jefferies, and Barclays. Collaborating with these prominent financial houses demonstrates Ledger’s commitment to conducting the IPO with the highest professional standards in the industry. Ledger CEO, Pascal Gauthier, hinted at the IPO plans when speaking with Financial Times in late 2025, stating that the company’s revenue continues to grow into the hundreds of millions of dollars, driven by a sharp increase in cybersecurity incidents that have led users to seek secure digital asset storage solutions.

Before Ledger’s founding in 2014, the company had grown through several funding rounds involving prominent institutional investors such as True Global Ventures and 10T Holdings. The continuously rising valuation reflects growing demand for hardware wallets amid the global expansion of the crypto ecosystem.

Industry Momentum: BitGo Opens the Door for Crypto Infrastructure Companies

Ledger’s IPO announcement comes in a favorable context for the crypto sector. Digital asset custodian BitGo recently went public on the NYSE, setting an initial share price of $18 and closing with an almost 2.7% increase, reaching a valuation of over $2 billion. BitGo’s listing marks a recovery momentum in investor confidence in crypto infrastructure companies after a period of volatility and regulatory uncertainty in the industry.

BitGo’s success on the exchange demonstrates that investors now recognize the importance of infrastructure layers within a more mature crypto ecosystem. Ledger, with its focus on secure and trusted asset storage, positions itself as a key player in this segment. Several crypto companies that went public in 2025 have shown varied performance, but the overall trend indicates a selective increase in businesses with strong fundamentals.

Security Challenges: Old Wounds and Tests of Investor Trust

Although Ledger’s IPO prospects look bright from a valuation perspective in the billions of dollars, the journey to the exchange has not been entirely smooth. Just two weeks before announcing its IPO plans, Ledger faced a security incident involving a third party—payment processor Global-e—that exposed personal data of some Ledger customers from the cloud system. This breach was not the first; in 2020, Ledger experienced a data breach exposing information of 270,000 customers. Then, in 2023, the company lost nearly $500,000 due to hacking that impacted several decentralized finance (DeFi) applications.

These series of security incidents will be a focus for potential investors during due diligence before the IPO. Trust is the most valuable asset for a company focused on digital asset storage, so its security track record will play a crucial role in determining the final valuation and the attractiveness of the IPO in the capital markets.

With Bitcoin’s price now around $78.32K, market volatility remains a key factor influencing investor sentiment toward the crypto company’s IPO. Ledger’s achievement of reaching a billion-dollar valuation fundamentally reflects industry growth, although regulatory and security challenges still lie ahead.