French cryptocurrency hardware wallet maker Ledger plans to hold an initial public offering in the US.
The IPO could value the company at over $4 billion. Ledger is currently in talks with bankers from Goldman Sachs, Jefferies, and Barclays.
In November 2025, Ledger CEO Pascal Gauthier stated that the company planned to list in New York, as the money for cryptocurrencies was "definitely not in Europe."
Founded in Paris in 2014, Ledger is one of the largest manufacturers of hardware cryptocurrency wallets. These are physical USB devices that store cryptocurrency offline to protect assets from online hacks and malware.
According to experts, the French company's desire to go public is linked to the growing demand for hardware solutions for storing cryptocurrencies. This demand has arisen amid the recent increase in thefts of digital assets. According to Chainalysis, hackers will steal more than $3.4 billion in 2025.
Amid rising cryptocurrency thefts, Ledger reported record revenues in the triple-digit millions in 2025.
We're getting hacked more and more every day. Your bank accounts, your cryptocurrencies, are being hacked, and the situation won't improve next year or the year after, Ledger's CEO stated at the end of 2025.