Crypto wallet firm Ledger targets $4B valuation in U.S. IPO

Ledger, a crypto wallet firm, is working with Goldman Sachs, Jefferies, and Barclays to complete the transaction this year.

The French hardware wallet maker Ledger is allegedly preparing for a US initial public offering (IPO) in partnership with several prominent Wall Street institutions.

The Financial Times reported on Friday that the cryptocurrency security firm is seeking a New York listing that may value the company at over $4 billion.

Additionally, Ledger is collaborating with Goldman Sachs, Jefferies, and Barclays to execute the transaction, anticipated to be completed this year. Sources familiar with the IPO developments informed the publication that the plans are subject to change.

Crypto wallet firm Ledger targets $4B valuation

Pascal Gauthier, CEO of Ledger, highlighted the company's IPO intentions for November 2025, underscoring New York's significance in cryptocurrency fundraising.

“My increased presence in New York is predicated on the recognition that financial resources for cryptocurrency are currently concentrated there, absent from any other global location, particularly Europe.”

The Financial Times reported that Gauthier confirmed the company's acquisition of approximately $100 billion in Bitcoin for its clients. A funding round in 2023 valued Ledger at $1.5 billion.

The fundraising follows revenues reaching triple-digit millions in 2025, driven by escalating demand for secure custody solutions in response to a significant increase in cryptocurrency thefts.

In 2025, cryptocurrency scams and fraud misappropriated approximately $17 billion, compared to $13 billion in 2024, according to Chainalysis research.