Ledger prepares for US IPO that could value the company at over $4 bn

Ledger, the French crypto‑hardware unicorn, is preparing for an initial public offering in the United States that could value the company at more than $4 bn, according to reports.

The scale‑up has reportedly tapped bankers at Goldman Sachs, Jefferies and Barclays to work on the deal. The listing could take place this year, although plans could change, the Financial Times reported on Friday, citing people familiar with the matter.

Ledger was last valued at $1.5 bn in 2023 when it raised a $108 m extension to its Series C, bringing total funding for the round to nearly $500 m. Since then the company told Sifted the valuation had increased, without specifying the exact number.

Founded in 2014, Ledger builds hardware crypto wallets — physical devices that store the cryptographic keys needed by cryptocurrency owners to access their digital assets. The company says more than 20 % of the world’s crypto assets are currently protected through Ledger wallets.

Last year Gauthier told Sifted the size of the business was “compatible with an IPO” and that a public listing was on the cards. The US would be the destination of choice, he said, because up to 40 % of Ledger’s activity comes from across the Atlantic.

The move comes amid a favourable context for the crypto industry following the election of Donald Trump last year, which saw the US government adopt a pro‑crypto stance. This week, crypto firm BitGo listed on the New York Stock Exchange at a $2 bn valuation.

Ledger declined to comment.