HomeCryptocurrency NewsLedger plans New York listing that could value the crypto security firm at 4 billion

Ledger plans New York listing that could value the crypto security firm at 4 billion

Posted: 23 January 2026, 13:00 CET 2 min read

Ledger has hired investment banks to prepare a U.S. initial public offering that could value the French crypto security company at more than $4 billion, according to people familiar with the matter.

The company is working with Goldman Sachs, Jefferies and Barclays on a potential listing in New York that could take place in 2026, the people said, adding that plans could still change. Ledger and the banks declined to comment.

Ledger sells hardware wallets, devices resembling USB drives that let users store private keys offline. The company was founded in Paris in 2014 and was valued at about $1.5 billion in 2023 after raising funds from investors including Singapores True Global Ventures and 10T Holdings.

Chief executive Pascal Gauthier told the Financial Times in November 2025 that he was weighing a U.S. listing, describing New York as the main market for crypto capital. He also said Ledger was having a record year, with revenue reaching triple digit millions as demand rose among investors seeking protection from hacks.

The preparations come as U.S. listings by digital asset companies resume amid a more supportive policy stance toward crypto in Washington. Crypto custodian BitGo is seeking a valuation of about $2 billion in an offering expected in early 2026, and stablecoin issuer Circle and exchanges Gemini and Bullish listed in the United States in 2025. Chainalysis data cited in the report showed about $17 billion was stolen in crypto scams and fraud in 2025, compared with $13 billion in 2024.

As GNcrypto wrote on 4 December 2025, Ledger warned that an unpatchable flaw in MediaTek Dimensity 7300 chips could allow attackers to extract private keys from phones using electromagnetic fault injection during the boot process. The report said Ledgers tests showed a low per attempt success rate of 0.1% to 1%, while MediaTek told Ledger the chipset is not hardened against such physical attacks and that higher security products should use dedicated countermeasures.

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