Ledger is weighing a New York Stock Exchange listing that could value the French hardware wallet maker above $4 billion, nearly triple its 2023 mark.
Ledger Taps Goldman Sachs, Jefferies
The Paris-based firm has hired Goldman Sachs, Jefferies, and Barclays to gauge demand for a potential 2026 offering.
Founded in 2014, Ledger was last valued at $1.5 billion in a 2023 funding round backed by True Global Ventures and 10T Holdings.
CEO Pascal Gauthier first floated a US listing in November. "Money is in New York today for crypto, it's nowhere else in the world, it's certainly not in Europe," he said at the time.
The company has since opened a New York office and hired former Circle executive John Andrews as CFO. Ledger says it has sold more than 7 million devices and now secures over $100 billion in client assets, with 2025 revenue reaching triple-digit millions.
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The plans follow BitGo's January NYSE debut at a $2 billion valuation, which opened the door for more custody firms.
Kraken, Consensys, and Bithumb are also pursuing listings. Analysts see the shift as a sign that infrastructure businesses, not just exchanges, are drawing institutional capital.
Gauthier tempered expectations in March, telling Bloomberg the company has "no imminent plans" for a listing after closing a $50 million secondary share sale. "My job is to prepare the company for all eventualities," he said.
Ledger's cautious stance follows a 2025 that saw record crypto thefts push users toward self-custody, with Chainalysis estimating over $17 billion in scam losses. That backdrop has lifted hardware wallet demand, even as Ledger keeps its public listing optional rather than scheduled.
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