Ledger Eyes New York IPO at Potential $4 Billion Valuation

According to the Financial Times, Ledger is working with major investment banks Goldman Sachs, Jefferies, and Barclays on a listing that could happen as soon as this year.

If it moves forward, the IPO would mark one of the most significant public market debuts in crypto infrastructure to date.

From Crypto Storage to Public Markets

Ledger built its reputation by helping people safely store digital assets like Bitcoin and Ethereum offline. Its devices are used by millions of individuals and institutions worldwide. A hardware wallet is a physical device that keeps private keys, the passwords that control crypto, away from the internet. This reduces the risk of hacks, a concern that has only grown as crypto markets matured.

The company’s growth mirrors the broader rise of long term crypto holders. Ledger reported serving over 6 million customers globally in recent years and supporting more than 15% of the world’s crypto assets by value through its devices and software ecosystem. That scale helps explain why an IPO valuation above 4 billion dollars is being discussed.

A real world example highlights the demand. After the collapse of crypto exchange FTX in late 2022, hardware wallet sales surged as users moved assets off exchanges. Ledger was one of the main beneficiaries of that shift, showing how trust and self custody became central themes in crypto investing.

A Timely Bet as Crypto Firms Eye IPOs

Ledger’s IPO plans also fit into a wider trend. Crypto firms are once again exploring public listings after a long freeze caused by market downturns and regulatory pressure. In 2024, Coinbase shares rebounded strongly alongside Bitcoin’s rally, while several blockchain related firms quietly prepared IPO documents.

Working with Goldman Sachs, Jefferies, and Barclays signals that Ledger is aiming for a serious global offering rather than a niche listing. New York remains the deepest capital market in the world, offering access to large institutional investors who may see Ledger as a picks and shovels play rather than a bet on token prices.

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