French crypto security firm Ledger is preparing for a potential United States initial public offering valued at over $4 billion, with Goldman Sachs, Jefferies, and Barclays advising on the deal.
Reopening the Crypto IPO Window
Crypto security firm Ledger is reportedly preparing for an initial public offering (IPO) in the United States that could value the French company at more than $4 billion.
The listing, which is being arranged with bankers from Goldman Sachs, Jefferies, and Barclays, could take place later this year, though plans remain subject to change. The company was last valued at $1.5 billion in 2023 after raising capital from backers including True Global Ventures and 10T Holdings.
The revelation came a day after crypto custodian Bitgo debuted on the New York Stock Exchange, joining Circle and exchanges Gemini and Bullish, which went public last year. Since President Donald Trump returned to office in 2025, his administration has made digital assets a national priority, sparking a surge of crypto listings in the U.S.
Read more: Bitgo Becomes First Crypto Firm to Go Public in 2026
While Ledger and the financial institutions mentioned in the Financial Times declined to comment, Ledger CEO Pascal Gauthier has previously emphasized the importance of the U.S. market.
“Money is in New York today for crypto; it’s nowhere else in the world, it’s certainly not in Europe,” Gauthier told the publication last November.
Ledger’s revenue surge, reported in the hundreds of millions, marks 2025 as a “flight to safety” year. While exchange-traded funds have made crypto more accessible, they have also validated the asset class, leading many investors to seek direct ownership. This transition often leads to cold storage—the practice of keeping private keys completely offline.
If successful, Ledger’s IPO would mark a milestone in its transformation from a French startup into a global leader in crypto custody, capitalizing on Trump-era enthusiasm and investor appetite for digital assets. The move highlights how the U.S. has become the epicenter of crypto finance, leaving Europe trailing behind.
FAQ ❓
- What is Ledger? Ledger is a French crypto security firm known for its hardware wallets.
- What IPO is Ledger planning? The company is preparing a US listing that could value it above $4 billion.
- Why now in the United States? Trump’s administration has prioritized digital assets, driving a surge of crypto IPOs in New York.
- How is Ledger performing? Revenues hit hundreds of millions in 2025 as investors turned to cold storage for safety.