In a landmark move for the cryptocurrency industry, French security hardware firm Ledger is reportedly planning an initial public offering (IPO) on the New York Stock Exchange, targeting a valuation of approximately $4 billion. According to reports from Financial Times and Unfolded, the company is working with Wall Street advisors including Goldman Sachs, Jefferies, and Barclays to facilitate the listing, which could be finalized as soon as the second half of 2025.
Ledger's CEO, Pascal Gauthier, has emphasized the strategic importance of a New York listing, stating, "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." The company, last privately valued at $1.5 billion in a 2023 funding round, has seen its revenues surge into the triple-digit millions in 2025, driven by heightened demand for secure custody solutions amid rising crypto thefts. A Chainalysis report cited in the news indicates crypto scams and fraud resulted in $17 billion in losses in 2025, up from $13 billion in 2024.
The potential IPO represents a pivotal maturation for Ledger, founded in 2014, from a hardware wallet startup into a comprehensive security ecosystem. Its evolution includes the Ledger Live software platform, institutional-grade Ledger Enterprise solutions, the consumer-focused Ledger Stax device, and the subscription-based Ledger Recover service. The company reportedly secures about $100 billion worth of Bitcoin for its customers.
Analysts view this move as a critical test for integrating specialized crypto-native businesses into traditional financial markets. Unlike the direct listing of exchange Coinbase, whose fortunes are closely tied to crypto market volatility, Ledger's business model is based on the foundational need for security and self-custody, potentially offering public market investors a less volatile entry point into crypto exposure. A successful $4 billion listing would validate the economic viability of crypto infrastructure companies and could provide Ledger with significant capital for R&D, acquisitions, and marketing, further consolidating its market leadership against competitors like Trezor and KeepKey.
