Ledger’s $4B+ IPO Plan Signals Crypto’s Wall Street Takeover

Ledger, the crypto hardware titan, is gearing up for a blockbuster US public offering—and Wall Street's price tag whispers a valuation north of $4 billion. This isn't just another listing; it's a direct assault on traditional finance's skepticism.

The Hardware Fortress Goes Public

For years, Ledger's cold wallets have been the gold standard for securing digital assets offline. Now, they're vaulting from private tech darling to public-market contender. The move telegraphs a massive bet: that mainstream investors are finally ready to buy into crypto's infrastructure, not just its speculative tokens.

Why a $4B+ Valuation Isn't Just Hype

That number—over four billion dollars—isn't plucked from thin air. It reflects a staggering installed base, recurring revenue from services, and a brand synonymous with 'security' in an often-trustless space. In a world of vaporware and hype cycles, Ledger deals in tangible devices and provable custody—a narrative public markets might actually understand. They're selling picks and shovels in a digital gold rush, and Wall Street loves a reliable supplier.

The Regulatory Gauntlet & The Bigger Picture

Navigating a US IPO means facing the SEC's full glare—a hurdle that has tripped up countless crypto firms. Ledger's success could blaze a trail for other foundational crypto businesses, proving that robust, compliant models can win over traditional capital. It shifts the conversation from volatile coin prices to sustainable, fee-generating infrastructure.

One cynical finance jab? The same institutions that once called crypto a 'fraud' are now lining up to underwrite the guardians of its vaults—turns out, they just wanted a piece of the action with a proper prospectus attached. Ledger's IPO isn't an endpoint; it's the opening bell for crypto's next, more mature, and fiercely competitive chapter.

Ledger Taps Wall Street Giants For US IPO

The MOVE comes amid a broader initial public offering wave that gained strong traction throughout 2025, when several major crypto-native companies either went public or began laying the groundwork to do so. 

Firms such as Circle (CRLC), Bullish (BLSH), eToro (ETOR), Figure (FIGR), and Gemini (GEMI) have already gone public in the US, while Grayscale and Kraken remain part of the renewed IPO push, with filings submitted and preparations still underway.

According to a report by the Financial Times, Ledger has engaged investment banks including Goldman Sachs and Barclays to advise on its initial public offering in the United States. 

People familiar with the matter say the offering could value the company at more than $4 billion. While the IPO could take place as soon as this year, sources cautioned that the plans remain subject to change.

Ledger’s reported IPO ambitions come as BitGo opened trading on Thursday with its shares jumping 24.6%, giving the company a valuation of approximately $2.59 billion. 

BitGo and several of its existing shareholders sold 11.8 million shares priced above the initially marketed range of $15 to $17, raising $212.8 million in the process.

BitGo Sets Tone For 2026 Crypto IPOs

Market experts have pointed to BitGo’s performance as an important signal for the broader crypto IPO landscape. Lukas Muehlbauer, an IPOX research associate, described BitGo’s listing as the first major test of investor demand for crypto-related offerings in 2026. 

He noted that while Gemini went public near the peak of the crypto market last year, BitGo entered the market during a period of recent selloffs, making its reception particularly telling. 

Muehlbauer added that BitGo’s positioning as a profitable and regulated “digital asset infrastructure company,” rather than a business tied directly to token price movements, helped insulate it from “Bitcoin’s (BTC) day-to-day volatility.”

Beyond Ledger, expectations are building that the pipeline of crypto IPOs will continue to grow. In addition to Kraken and Grayscale, industry experts believe the coming year could bring an even larger number of crypto-related IPOs in the US. 

“2025 marked the professionalization of crypto, and the public markets noticed,” said Mike Bellin, a partner at PwC who leads the firm’s US IPO practice. 

Some offerings, however, have faced delays. Elliot Han, chief investment officer at C1 Fund, said that the fourth quarter could have seen an even higher number of IPOs. 

He pointed to the federal government’s prolonged shutdown as a key factor that pushed several listings into the first quarter of 2026. Han also noted that heightened stock market volatility toward the end of the third quarter added further complications.

Featured image from DALL-E, chart from TradingView.com