French cryptocurrency hardware wallet manufacturer Ledger has hired investment banks for a US initial public offering that could value the company at more than $4 billion, highlighting sustained investor appetite for digital asset businesses despite recent market volatility.
The company is working with Goldman Sachs, Jefferies and Barclays on a potential listing that could occur as soon as this year, according to people familiar with the matter. However, they cautioned that plans remain subject to change. Ledger, Goldman Sachs, Jefferies and Barclays all declined to comment.
Hardware Wallets See Triple-Digit Revenue Growth
Ledger manufactures devices resembling USB drives that allow cryptocurrency investors to securely store their digital tokens offline, protecting them from online hacking attempts. The Paris-based company was founded in 2014 and was last valued at $1.5 billion in 2023 after raising capital from investors including Singapore’s True Global Ventures and 10T Holdings.
CEO Pascal Gauthier told the Financial Times in November that Ledger was experiencing a record year, with revenues reaching triple-digit millions as more crypto investors purchased its devices amid rising concerns about hacking and theft. “Money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe,” Gauthier said when discussing the potential US listing.
The revenue surge coincides with a sharp increase in cryptocurrency-related crime. Research firm Chainalysis reported that approximately $17 billion was stolen through crypto scams and fraud last year, up from $13 billion in 2024.
Trump Administration Fuels Crypto IPO Wave
Cryptocurrency companies have attracted significant investor interest since President Donald Trump returned to the White House a year ago. His administration has championed digital asset businesses and designated crypto as a national strategic priority, encouraging dozens of companies to pursue US listings.
Crypto custodian BitGo is listing on the New York Stock Exchange this week, seeking a $2 billion valuation and becoming the first digital assets IPO of 2026. Last year saw stablecoin issuer Circle and exchanges Gemini and Bullish all complete US listings, demonstrating sustained capital markets appetite for crypto businesses.
Does Security Hardware Justify a $4 Billion Valuation?
Ledger’s potential $4 billion valuation represents a significant premium over its 2023 funding round, suggesting investors believe the hardware wallet market has substantial growth potential. But is selling USB-style devices really worth that kind of money in an increasingly software-driven world?
The answer depends on whether self-custody becomes mainstream or remains a niche preference among crypto enthusiasts. If institutional adoption continues and regulatory frameworks push investors toward controlling their own private keys rather than relying on centralized exchanges, Ledger’s addressable market expands dramatically. The $17 billion in crypto theft last year makes a strong case that security solutions command premium valuations.
However, Ledger faces competition from software wallet solutions, multi-signature custody services, and potential future innovations that could make hardware wallets obsolete. The company’s revenue growth is impressive, but sustaining triple-digit growth rates as the market matures will be challenging.
The decision to list in the US rather than Europe reflects the reality that American capital markets remain far more receptive to crypto businesses, particularly under the current administration. European regulatory uncertainty and more conservative investor attitudes make US listings the logical choice for crypto companies seeking maximum valuations and liquidity.
For the broader crypto industry, Ledger’s IPO would provide another data point on public market appetite for digital asset infrastructure companies beyond exchanges and stablecoin issuers. If successful, it could validate the security hardware category and encourage other crypto infrastructure providers to pursue public listings.
