Ledger Plans US IPO Valued at Over $4 Billion

Ledger, the Paris-based manufacturer of hardware wallets for cryptocurrency storage, is preparing for an initial public offering in the United States that could value the company at more than $4 billion, according to people familiar with the matter. The French firm has engaged investment banks Goldman Sachs, Jefferies, and Barclays to advise on the potential listing in New York, which may occur as early as this year, though plans remain preliminary and subject to market conditions.

Founded in 2014, Ledger produces physical devices that allow users to securely store private keys offline, protecting digital assets from online threats such as hacks and malware. The company has sold more than 7 million units worldwide and last raised funds in 2023 at a $1.5 billion valuation, backed by investors including Singapore's True Global Ventures and 10T Holdings. Ledger's growth has accelerated amid a surge in cryptocurrency thefts, with reports indicating over $3 billion stolen in hacks last year alone. This rising demand for secure self-custody solutions contributed to the company's record performance in 2025, when revenue reached triple-digit millions of dollars.