US listing talks put ledger ipo in focus after record year and rising crypto hacks

Growing investor appetite for security-focused crypto companies is pushing the planned ledger ipo into the spotlight as attacks and fraud continue to rise globally.

Ledger targets US IPO at multibillion-dollar valuation

French hardware wallet maker Ledger is preparing an initial public offering in the United States that could value the company at more than $4 billion, according to the Financial Times. The report says the firm is working with bankers at Goldman Sachs, Jefferies and Barclays on a potential New York listing.

Moreover, people familiar with the discussions told the FT that the talks are at a preparatory stage, with details such as timing and structure still to be finalized. The company has not yet publicly filed documents with US regulators, and the report did not specify any provisional ledger ipo date under consideration.

Strategy shifts from Europe to New York

In November 2025, Ledger CEO Pascal Gauthier signaled that the group was weighing a fundraising or listing in New York. At the time, he argued that capital for crypto firms was “certainly not in Europe,” indicating an early strategic preference for a US market debut.

However, Ledger has since declined to confirm the latest FT report when contacted by Cointelegraph, maintaining a cautious public stance. The lack of official comment suggests that plans remain fluid, even as advisers explore options for a possible US IPO at a multibillion-dollar valuation.

Record 2025 for Ledger amid surge in hacks

Founded in Paris in 2014, Ledger has grown into one of the world’s largest manufacturers of crypto hardware wallet devices. These USB-like tools store private keys offline, helping users protect digital assets from online breaches, malware and exchange failures.

Against a backdrop of rising cybercrime, Ledger recorded a “record year” in 2025, with revenue reaching “triple-digit millions.” Moreover, the global cost of breaches remains high: more than $3.4 billion in crypto was stolen in 2025, Chainalysis data shows, highlighting intensifying rising crypto hacks across centralized platforms and DeFi protocols.

Gauthier warned in late 2025 that “we’re being hacked more and more every day […] hacking of your bank accounts, of your crypto, and it’s not going to get better next year and the year after that.” That said, this gloomy security outlook is directly supporting hardware wallet demand as retail and institutional investors seek safer self-custody options.

Investor interest grows after BitGo’s NYSE debut

The momentum behind the ledger ipo also reflects a broader investor pivot toward security and custody players. The FT report landed just one day after BitGo, one of the world’s largest crypto custody providers, completed its bitgo nyse listing on the New York Stock Exchange.

BitGo shares, trading under the ticker BTGO, opened on Thursday at $22.40, a jump of 24% from the IPO price of $18. They then surged to as high as $24.50 during the first session, underscoring robust demand for regulated digital asset custody exposure on public markets.

Moreover, YZi Labs, a venture capital firm linked to former Binance CEO Changpeng Zhao, quickly announced a strategic investment in BitGo’s offering. The move signaled confidence from one of the industry’s most closely watched investors, potentially setting a benchmark for other security-focused listings.

What a US listing could mean for Ledger

If completed, the ledger ipo valuation north of $4 billion would place Ledger among the most highly valued dedicated crypto wallet manufacturers. A successful float could also reinforce market confidence in the broader hardware wallet for crypto segment as on-chain risks continue to mount.

However, market conditions, regulatory scrutiny and tech valuations will all influence whether the deal proceeds on its current terms. For now, the combination of a record revenue year in 2025, soaring theft figures and the high-profile debut of BitGo on the NYSE is creating favorable conditions for Ledger’s US ipo plans.

In summary, Ledger’s potential New York listing at a valuation above $4 billion would cap a record 2025 for the Paris-based company, while underscoring how worsening hacks and fresh custody listings like BitGo’s are reshaping the market for secure crypto storage.