Ledger, the prominent French manufacturer of cryptocurrency hardware wallets, is charting an ambitious course towards the U.S. stock market. The company is reportedly planning a potential initial public offering (IPO) in the United States, a move that could value the firm at over $4 billion and signal a significant milestone for crypto security solution providers amidst an evolving digital asset landscape.
Strategic Discussions for a U.S. Listing
Ledger's strategic pivot towards a U.S. public listing is deliberate. The company is currently engaged in discussions with major investment banks, including Goldman Sachs, Jefferies, and Barclays, to explore its potential IPO. This strategic direction aligns with earlier statements from Ledger CEO Pascal Gauthier, who in 2025 indicated the company's intent to raise funds or list in New York, citing that capital for crypto ventures was "certainly not in Europe." This move underscores Ledger's ambition to tap into more dynamic capital markets to fuel its future growth and expansion.
Record Growth Driven by Escalating Cyber Threats
The backdrop to Ledger's potential IPO is a cryptocurrency market grappling with heightened security challenges. With over $3.4 billion reportedly stolen in crypto hacks in 2025 alone, the demand for robust, secure storage solutions has surged. Ledger, founded in Paris in 2014, has cemented its position as a leading provider of hardware wallets – physical devices resembling USBs that store private keys offline, safeguarding users' assets from online hacks and malware. This environment propelled Ledger to a record-breaking year in 2025, with revenues reaching "three-digit millions," starkly illustrating the growing industry-wide concern for cybersecurity and the critical need for advanced tools to protect digital investments.
