Hardware wallet maker Ledger is chalking out plans to go public in the U.S. market. As reported by the Financial Times on January 23, Ledger is working with Wall Street majors including Goldman Sachs, Jeffries, and Barclays to structure the deal.
Founded in 2014, Paris-based Ledger is a developer of cold wallet services including hardware wallets. Ledger is hoping to rocket its valuation above the $4 billion mark with this IPO, FT reported citing sources familiar with the ongoing discussions.
While the deal could be finalized within this year itself, Ledger could also change its plans based on what its financial advisors suggest on the topic.
For now, Ledger has neither confirmed nor denied the reports.
Based on market intelligence firm Tracxn, Ledger stepped into 2026 with a valuation of $1.3 billion. It has previously raised around $575 million from investors including Samsung, Morgan Creek Capital Management, and 10T.
Last year, Ledger CEO Pascal Gauthier had claimed that the company had clocked a record year with triple-digit millions in revenue. Ledger reportedly has around $100 billion worth of BTC stored on its devices. The rising number of hacks and scam risks have contributed significantly to the demand for self-custody, cold wallet devices.
It is, however, noteworthy that 2025 was not just about big revenues and growth for Ledger — it also brought the company face to face with challenges. Its multi-signature feature, for instance, met with major criticism for charging a flat $10 fee per transaction along with a 0.05 percent fee on token transfers.
In the beginning of 2026 as well, Ledger alerted its users about data breach incident that has affected its third-party e-commerce payment processor, Global-e — that has lead to the leak of user names and other details.
If Ledger does come forward with its IPO plans, it will join the list of crypto firms going public in the U.S. — looking to connect with institutional level clients and making a place in the traditional financial sector.
Just this week, crypto custodial BitGo completed its IPO and reeled-in over $200 million in this year’s first crypto IPO.