Ledger, the French cryptocurrency security firm, has engaged investment banks for an initial public offering (IPO) in the US that could value the company at more than $4bn.
According to a report from the Financial Times, the group is working with Goldman Sachs, Jefferies and Barclays on a potential listing that could take place as early as this year.
The Paris-founded company was last valued at $1.5bn in 2023. The significant jump in valuation reflects a record performance year for the group, driven by a surge in demand for hardware security as institutional and retail investors seek protection against sophisticated onchain exploits.
Capital flight from EuropeThe decision to list in New York rather than Paris or London underscores the widening liquidity gap between US and European markets. Pascal Gauthier, Ledger chief executive, previously told the Financial Times that "money is in New York today for crypto" and "certainly not in Europe."
This sentiment aligns with the broader "Trump Trade" that has dominated the sector since early 2025. The current US administration has positioned digital asset businesses as a national strategic priority, triggering a wave of filings.
Ledger follows in the footsteps of BitGo, which listed on the NYSE this week with a $2bn valuation, and other major industry players like Circle and Gemini that listed in late 2025.
Rising fraud drives revenuesLedger’s move toward the public markets is underpinned by triple-digit million-dollar revenues during a year of record crypto-related crime. Research cited by Ledger from Chainalysis indicates that roughly $17bn was stolen in crypto scams and fraud in 2025, a significant increase from the $13bn recorded in 2024.
This environment has transformed hardware security from a niche retail product into a mandatory component of institutional risk management. As Sandmark noted in our recent analysis of the Future Proof Initiative, the digital asset industry is shifting away from speculative trading toward the hardening of financial infrastructure.
A Ledger IPO provides a unique entry point for institutions into the security layer of the digital asset ecosystem. While exchanges and custodians remain the primary focus of capital, the "self-custody" hardware market acts as a critical hedge against the centralized counterparty risks that defined the previous market cycle.
