Ledger Targets $4B Valuation in Planned US IPO With Goldman Sachs

TLDR:

• Ledger seeks over $4 billion valuation in planned US IPO, nearly triple its 2023 funding round assessment.
• Goldman Sachs, Jefferies, and Barclays will underwrite the New York listing expected later this year.
• Company revenue hit triple digits in 2025 as crypto thefts surged from $13 billion to $17 billion annually.
• Ledger secures approximately $100 billion in Bitcoin for customers through its hardware wallet devices.

French crypto hardware wallet manufacturer Ledger is preparing for a US initial public offering that could value the company above $4 billion. 

The Paris-based firm has engaged Goldman Sachs, Jefferies, and Barclays as underwriters for the listing. The transaction could materialize later this year, according to sources familiar with the matter. 

The move represents a significant milestone for the crypto security sector as institutional interest continues growing.

Wall Street Banks Drive Ledger’s Public Market Entry

Ledger has selected three prominent Wall Street institutions to manage its upcoming New York listing. Goldman Sachs will serve alongside Jefferies and Barclays in coordinating the offering process. 

The Financial Times reported the development, citing people close to the situation who noted plans remain fluid.

The proposed valuation exceeds $4 billion, marking substantial growth from the company’s 2023 assessment. 

During a funding round two years ago, investors valued Ledger at approximately $1.5 billion. The nearly threefold increase reflects strong business momentum and expanding market opportunities in digital asset security.

Chief Executive Pascal Gauthier addressed the company’s IPO strategy in November 2025, highlighting New York’s position in crypto finance.

 “Me spending more time in New York is with the understanding that money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe,” Gauthier stated. The executive’s comments underscore the geographic shift in cryptocurrency capital formation.

Rising Theft Incidents Fuel Hardware Wallet Demand

Ledger’s revenue performance has strengthened considerably throughout 2025, reaching triple-digit millions. 

The growth stems from heightened demand for secure self-custody solutions amid escalating cyber threats. Users increasingly seek hardware devices to protect their digital assets from online vulnerabilities.

According to Chainalysis data, crypto-related thefts and fraud reached approximately $17 billion in 2025. This figure represents a notable increase from the $13 billion recorded during 2024. 

The surge in malicious activity has driven investors toward cold storage solutions like those Ledger provides.

Gauthier disclosed that the company safeguards roughly $100 billion in Bitcoin for its customer base. Founded in 2014, Ledger has established itself as a leading provider of hardware wallets for cryptocurrency storage. 

The devices allow users to maintain control of their private keys offline, reducing exposure to hacking attempts and phishing schemes targeting exchange-held funds.