Ledger mulls New York IPO at over $4 billion valuation: FT

French hardware wallet manufacturer Ledger has engaged investment banks to explore a U.S. initial public offering that could value the company above $4 billion, according to the Financial Times.

The company is working with advisors from Goldman Sachs, Barclays, and Jefferies for the potential IPO, which could take place as early as this year, the FT reported Friday, citing sources familiar with the matter. The plans are not finalized and could still change.

News of a potential U.S. listing for the Paris-based firm first surfaced in November, when CEO Pascal Gauthier told the FT that he was considering a New York IPO or fundraise. "Money is in New York today for crypto, it's nowhere else in the world, it's certainly not in Europe," Gauthier said at the time.

Ledger declined The Block's request to comment on the matter.

Ledger was founded in 2014 and has raised funds from investors including Singapore's True Global Ventures and 10T Holdings, achieving a $1.5 billion valuation in 2023. A $4 billion-plus IPO valuation would represent a 167% increase from that private market price.

Gauthier said in November that Ledger's 2025 revenue had reached the triple-digit million-euro range, which he attributed to heightened security concerns among crypto holders. Research firm Chainalysis reported that $17 billion was stolen through crypto scams and fraud last year.

US IPOs accelerate

Ledger's potential listing follows a wave of public offerings by crypto companies in the U.S. and Europe.

Crypto custodian BitGo debuted on the New York Stock Exchange on Thursday, raising $212.8 million at $18 per Class A share and valuing the company at over $2 billion. BitGo's stock surged 36% at open before paring gains to close at $18.49 on its first day. YZi Labs, backed by former Binance CEO Changpeng Zhao, also participated in BitGo's IPO as a strategic investor.

BitGo's listing was the first major crypto IPO of 2026, following several in 2025. Stablecoin issuer Circle went public on the NYSE on in June, while crypto exchange Bullish listed on the NYSE on in August, raising $1.1 billion.

Gemini, led by the Winklevoss twins, raised $425 million in its Nasdaq debut, with Class A shares priced at $28, above the initially expected $24 to $26 range.

Beyond the U.S., Vienna-based crypto exchange Bitpanda is reportedly eyeing an IPO in Germany in the first half of 2026 at a valuation between $4.6 billion and $5.8 billion, according to a Bloomberg report.