Why Ledger’s Reported $4 Billion IPO Push Shows Crypto Security Is Being Repriced

I’ve noticed something about crypto that rarely gets said out loud. When people lose funds, it’s often assumed they chose the “wrong coin”. In my view, security or custody failures are often an overlooked factor.

A stolen seed phrase, a compromised device, a fake website, or a rushed decision to leave funds in a convenient location.

That’s why Ledger’s reported move toward a US IPO, with talk of a valuation north of $4 billion, matters more than the usual “crypto company goes public” headline.

Ledger is basically a business built on one idea: if people are going to hold meaningful value in crypto, they need better ways to protect access to it.

Public markets tend to pay up for products that reduce risk, especially when the demand looks structural rather than trendy.

I’m approaching this article from a security-first angle. For me, the IPO story isn’t the headline — it’s the evidence that crypto security is starting to be treated like real financial infrastructure.

What’s Being Reported About Ledger’s IPO

Multiple mainstream reports describe Ledger as preparing for a US listing that could value the company at over $4 billion, with major investment banks reportedly involved in the discussions.

The reporting also framed this as part of a wider wave of crypto-adjacent firms aiming for public markets in 2026.

Ledger was founded in Paris in 2014 and is best known for hardware wallets designed to store private keys offline. Recent reporting also pointed to a strong 2025 performance. With Ledger’s CEO describing a record year and revenue in the “triple-digit millions” range.

Why Crypto Needs Better Security

Crypto has matured strangely. The underlying technology is more robust than it used to be, yet everyday users remain exposed to very human failure points — social engineering, phishing, compromised devices, poor key storage, and an over-reliance on platforms.

That gap is where companies like Ledger operate. Hardware wallets are not designed to be exciting. They exist to address an uncomfortable reality: online devices and online accounts are easy to attack.

By keeping private keys offline, a large portion of remote risk is removed. As crypto holdings grow in value, that risk reduction becomes increasingly important. At a certain point, security stops being optional and starts becoming a practical necessity.

This also helps explain why Wall Street can understand Ledger’s business model. It is not a bet on any single token or market cycle. It is a bet that spending on security rises as crypto becomes a larger part of personal finance and online commerce.

Why Wall Street Could Value Ledger More Like Infrastructure Than Hardware

A common mistake is to think Ledger is just selling a device. The public market story is bigger than that.

If a security company becomes the default option for a large group of crypto holders, it begins to resemble infrastructure. Infrastructure businesses tend to earn premium valuations when they demonstrate three things:

• Stable demand driven by risk reduction
• Brand trust that compounds over time
• A product ecosystem that is hard to replace once adopted

Hardware wallets are not a cure-all, and they do not eliminate risk. What they do address is a set of problems the crypto market already understands well.

As the market has grown, so has the cost of getting security wrong, and each major wave of theft or scams tends to push more users toward stronger security habits.

Trust and Scrutiny Go Hand in Hand

Security companies rely heavily on trust, which can become fragile; even small doubts — around communication, design choices, or threat models — can have outsized consequences when a product is built around protecting access to funds.

Ledger has experienced that dynamic first-hand. Its optional recovery features drew public criticism, not because they were mandatory, but because of how they were perceived and explained.

For a company positioning itself as a security standard, moments like that matter. They show how quickly confidence can be questioned, even when the underlying technology remains unchanged.

How Security and Custody Choices Affect Everyday Users

For most people, security decisions in crypto are shaped by experience rather than theory. Convenience often comes first, especially when balances are small or activity is limited.

As usage increases and more value is involved, the consequences of poor custody choices become harder to ignore.

Where funds are held plays a significant role in overall risk. Assets kept on platforms rely on third-party security controls and operational practices. Moving funds to a personal wallet shifts responsibility back to the user, allowing security to be managed more deliberately.

This distinction becomes clearer in environments where funds move frequently, such as trading platforms or crypto casinos. Leaving balances in an account may be convenient, but withdrawing to a personal wallet reduces reliance on platform-level safeguards.

If you gamble using Crypto and want to protect funds after withdrawal, check out our 6 Best Crypto Wallets for Gambling.

Final Thoughts

Ledger’s reported IPO plans are interesting not because of the valuation alone, but because of what they suggest about how crypto is evolving.

Markets appear to be placing more value on businesses that reduce the risk of loss rather than increase the pace of speculation.

If crypto continues to integrate with mainstream finance, security stops being a background concern and starts to look more like essential infrastructure.

Ledger sits at the centre of that shift, which is why its IPO story makes sense when viewed through a security-first lens rather than as simple listing news.

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