Cryptocurrency security firm Ledger has taken significant steps to expand its U.S. presence and prepare for a potential public listing, appointing a new chief financial officer and opening a major office in New York City. The company announced that John Andrews, a former executive at stablecoin issuer Circle, will assume the CFO role.
Andrews brings over two decades of finance experience, having most recently led capital markets and investor relations at Circle. His appointment is a strategic move by Ledger to position itself for closer engagement with institutional investors and public markets. The company stated this reflects growing demand for secure infrastructure as more traditional financial institutions begin to hold and manage digital assets.
Concurrently, Ledger has opened a New York office backed by a multi-million dollar investment. This location will serve as the central hub for Ledger Enterprise, the firm's institutional division focused on providing digital asset storage, management, and trading tools to banks, asset managers, and other financial firms. The expansion is expected to create dozens of new jobs across institutional and marketing functions.
These moves come as Ledger actively explores an initial public offering (IPO) in the United States. The company is reportedly working with major financial advisers including Goldman Sachs, Jefferies, and Barclays on a listing that could value the firm at more than $4 billion. CEO Pascal Gauthier has previously linked rising company revenue to an increase in crypto hacks, which drives demand for secure storage solutions.
Ledger, founded in 2014, is best known for its hardware wallets, having sold more than 8 million devices globally. The company claims it secures a significant portion of the world's crypto assets, including over 30% of dollar-denominated stablecoins held by retail investors. Despite its market position, Ledger's track record includes setbacks such as a 2020 data breach that exposed customer information and a 2023 exploit that affected decentralized finance (DeFi) integrations within its ecosystem.
Ledger's U.S. push is part of a broader trend in the crypto sector, where firms are again testing public markets after a period of volatility. Recent examples include custodian BitGo going public and tokenization firm Securitize planning an IPO pending regulatory approval. In contrast, crypto exchange Kraken has reportedly paused its IPO plans while awaiting improved market conditions.
