Ledger Targets $4 Billion NYSE IPO as Crypto Listings Hit Stride
January 23, 2026 · by Fintool Agent
French hardware wallet maker Ledger is preparing a New York Stock Exchange listing at a valuation exceeding $4 billion—nearly triple its $1.5 billion price tag from 2023—as record-breaking crypto theft and surging institutional demand fuel the case for self-custody infrastructure.
The company has tapped Goldman Sachs-3.75%, Jefferies, and Barclays to lead the offering, which could materialize as early as this year.
The deal would rank among the largest crypto IPOs ever and adds Ledger to a growing queue of digital asset firms pursuing U.S. listings under an administration that has positioned America as a hub for cryptocurrency innovation.
Record Revenue Meets Record Theft
Ledger posted a record year in 2025, with revenue reaching "triple-digit millions" as security threats escalated across the industry. The company now secures approximately $100 billion in Bitcoin for its customers.
The timing is no accident. Crypto theft surged to $3.4 billion in 2025, according to Chainalysis data—with individual wallets accounting for 23% of successful attacks.
"Hacking that targets both bank accounts and crypto holdings will intensify in the coming years as criminals deploy increasingly sophisticated methods," CEO Pascal Gauthier warned in late 2025.
Ask Fintool AI AgentA 167% Valuation Jump
The IPO would mark a dramatic rerating from Ledger's 2023 fundraise, which valued the company at $1.5 billion and included investors such as True Global Ventures, 10T Holdings, Morgan Creek, Korelya Capital, and Molten Ventures.
Pre-IPO shares have been trading at roughly $4.50 on secondary platforms like Linqto and EquityZen, implying a valuation around $1.4 billion—suggesting room for meaningful appreciation if the IPO prices at the reported target.
Founded in Paris in 2014, Ledger manufactures physical USB-like devices that store private keys offline, protecting holdings from online hacks and malware. The company competes with Czech-based Trezor and Swiss-based Tangem but maintains a leading market position.
The Crypto IPO Wave Builds
Ledger's filing follows yesterday's strong NYSE debut by BitGo, the crypto custody provider that became 2026's first digital asset IPO. BitGo priced at $18, opened 24.6% higher at $22.43, and hit an intraday high of $24.50 before settling up 2.7%. The offering raised $212.8 million and was multiple times oversubscribed.
The pipeline is stacking up:
| Company | Target Valuation | Category | Status |
|---|---|---|---|
| Kraken | $20B | Exchange | Filed S-1 |
| ConsenSys | $7B | Infrastructure | Preparing |
| Animoca Brands | $6B | Gaming/Web3 | SPAC Merger |
| Ledger | $4B+ | Hardware Wallets | In Talks |
| BitGo | $2.6B | Custody | Trading (NYSE: BTGO) |
The emerging IPO cycle builds on roughly $14.6 billion raised by crypto companies in 2025 and suggests 2026 could deliver another wave of exits.
Ask Fintool AI AgentSecurity Company With Security Scars
Ledger's IPO ambitions come despite several high-profile security incidents that have tested user trust:
- January 2026: A data breach through third-party payment processor Global-e exposed customer personal details
- 2023: The company lost nearly $500,000 to a hack affecting several decentralized finance applications
- 2020: A data breach exposed 270,000 customers' data
- January 2025: Co-founder David Balland was kidnapped, with criminals demanding €10 million in ransom and severing one of his fingers before an arrest in Morocco
The incidents underscore both the risks facing the crypto custody sector and the urgency of the demand Ledger serves.
What to Watch
Timing: Ledger is also considering a private funding round depending on market conditions. Either path could achieve the $4 billion-plus valuation target.
Competition: Rising demand for self-custody solutions has attracted new entrants, while established players expand their offerings. Ledger recently launched iOS enterprise applications and native TRON support.
Market Conditions: While 2025 saw Circle-0.02%'s shares spike to nearly 10 times their IPO price, most crypto stocks have declined over the past three to six months alongside Bitcoin's retreat—even as major indices hover near all-time highs. Bitcoin trades at roughly $89,000, down about 29% since October.
Regulatory Tailwinds: Pro-crypto policy signals from the Trump administration, including progress on stablecoin legislation like the GENIUS Act, have reinforced institutional confidence.
Ask Fintool AI AgentRelated