Ledger Explores U.S. IPO Valuation Above $4 Billion as Crypto Custody Demand Accelerates

Wall Street Banks Engaged as Ledger Weighs New York Listing Following BitGo Debut

TL;DR

• Ledger is reportedly exploring a U.S. IPO at a valuation exceeding $4 billion, with Goldman Sachs, Jefferies, and Barclays involved.
• The move follows BitGo’s NYSE debut, which raised up to $213 million at a nearly $2 billion valuation.
• The potential listing could take place in 2026, though plans remain subject to change.

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Ledger, a French crypto hardware wallet manufacturer, is exploring a potential initial public offering in the United States that could value the company at more than $4 billion, according to people familiar with the matter cited by the Financial Times. The discussions, reported on January 23, 2026, place Ledger among a growing group of digital asset firms seeking access to U.S. public markets amid renewed investor appetite for crypto-related infrastructure companies.

Goldman Sachs, Jefferies, and Barclays have been engaged to advise on the potential listing, the Financial Times reported, underscoring the scale of the proposed transaction. The banks are said to be working with Ledger as it evaluates a New York Stock Exchange listing, though the structure, timing, and final valuation of the offering have not been finalized and remain subject to change.

A valuation above $4 billion would mark a significant step up from Ledger’s last disclosed valuation of $1.5 billion in 2023. That earlier figure followed a funding round backed by investors including True Global Ventures and 10T Holdings, according to people familiar with the company’s capital history. Ledger declined to comment when contacted about the IPO plans.

Sources told the Financial Times that the offering could take place as early as 2026, depending on market conditions and internal decisions. The company has previously signaled interest in tapping U.S. capital markets. In November 2025, Ledger chief executive Pascal Gauthier said the company was considering future fundraising options, including a public listing in New York or an additional private funding round.

The reported IPO exploration comes as demand for crypto hardware wallets has risen, driven by increased emphasis on self-custody and secure storage of digital assets. Ledger is widely known for manufacturing physical devices designed to store private cryptographic keys offline, a segment that has drawn heightened attention following past failures of centralized crypto platforms.

Ledger’s potential listing follows the recent public debut of BitGo, a crypto wallet and custody provider, which listed on the New York Stock Exchange earlier in 2026. BitGo offered 111,821,595 shares, aiming to raise up to $213 million, and entered the market with a valuation of nearly $2 billion, becoming the first digital asset company to complete an IPO in 2026.

Reports have noted that BitGo’s post-listing performance has been mixed, illustrating uneven investor reception for newly listed crypto firms. Market participants cited by the Financial Times have pointed to custody and infrastructure providers as a segment drawing comparatively stronger institutional interest, even as broader crypto market conditions remain variable.

The New York listing under consideration would add Ledger to a growing roster of crypto-related companies pursuing U.S. listings under what sources described as a more favorable regulatory environment. The Financial Times reported that the current U.S. administration has publicly positioned the country as a hub for digital asset innovation, a stance that has influenced listing decisions by crypto firms evaluating public markets.

This article has been refined and enhanced by ChatGPT.