Ledger, a leading manufacturer of hardware wallets, is contemplating a potential initial public offering (IPO) in the United States that could push its valuation beyond $4 billion. This move comes as demand for secure cold storage solutions has intensified, driven by increasing incidents of theft within the cryptocurrency space.
According to a report from the Financial Times, Ledger is collaborating with Goldman Sachs, along with Jefferies and Barclays, to facilitate the public offering. While the precise timeline for the IPO remains uncertain, the company is actively preparing for this significant financial milestone.
Ledger specializes in producing USB-like devices that securely store digital assets offline, thereby safeguarding them against potential hacking attempts. Following a funding round in 2023 led by True Global Ventures and 10T Holdings, the company achieved a valuation of $1.5 billion. The surge in demand for secure cryptocurrency storage solutions is evident, particularly as data from blockchain analytics firm Chainalysis revealed that scams and fraud in the digital asset market amounted to approximately $17 billion in 2025, an increase from $13 billion in 2024.
The interest in U.S. listings for cryptocurrency-related companies has notably accelerated since Donald Trump returned to the presidency, with his administration expressing support for digital asset businesses and positioning cryptocurrency as a strategic priority. Pascal Gauthier, Ledger”s CEO, highlighted in 2024 that New York has solidified its status as a hub for cryptocurrency finance.
Currently, Ledger secures roughly $100 billion worth of Bitcoin on behalf of its clientele. The IPO landscape for cryptocurrency firms is becoming increasingly vibrant, with other companies like Austrian trading platform Bitpanda considering a Frankfurt listing in 2025, while BitGo is also preparing for a Wall Street listing, aiming for a valuation of $2 billion.
Previous public listings in 2024, including those of Circle, Gemini, and Bullish, reflect a broader trend. Industry analysts attribute the current wave of cryptocurrency IPOs to several factors, including improved U.S. policy signals towards digital assets, heightened institutional demand for regulated exposure, and a growing necessity for secure custody solutions following significant security breaches.
In 2025, Ledger reported sales in the hundreds of millions of dollars, driven by rising concerns over the security of software-based wallets. Furthermore, investor Grant Cardone has announced plans to launch a Bitcoin-backed real estate company in 2026, which would utilize rental income to acquire Bitcoin, reminiscent of the strategy employed by business intelligence firm MicroStrategy.
