Ledger’s $4B+ IPO Gamble: Crypto’s Hardware Giant Eyes Wall Street Throne

Cold storage is about to get hot on the trading floor.

The Mainstream Money Play

Ledger isn't just selling wallets anymore—it's selling a narrative. An IPO at this valuation screams institutional confidence, or perhaps a masterclass in timing the market's appetite for 'real' crypto infrastructure. It's the kind of move that makes traditional finance bros finally look up from their Bloomberg terminals.

Hardware as a Gateway

Forget speculative tokens; this is about securing the foundation. Every hardware device represents a user committing to self-custody, a direct bypass of shaky centralized exchanges. That's a recurring revenue story Wall Street might actually understand—even if they still think 'seed phrase' is a gardening term.

The Valuation Question

A multi-billion dollar tag for a company selling physical vaults in a digital world? It either highlights how desperately the space needs trusted security, or how frothy the market gets for anything with a credible brand. Sometimes, the biggest profits come from selling the shovels—and the safety deposit boxes.

This IPO will test if 'security' can command a premium in the public markets, or if it's just another cynical finance land grab before the next regulatory crackdown. Either way, the keys to your crypto might soon be held by shareholders.

Money is in New York Today for Crypto: Ledger CEO

Pascal Gauthier, Ledger’s CEO, touted its IPO plans in November 2025, emphasizing New York’s importance for crypto financing.

“Me spending more time in New York is with the understanding that money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe.”

Per an FT report at the time, Gauthier said that the company has secured about $100 billion worth of bitcoin for its customers. Besides, Ledger was last valued at $1.5 billion in 2023 during a funding round.

Exclusive: The French cryptocurrency group, which sells devices that allow investors to securely store tokens, is working with bankers at Goldman Sachs, Jefferies and Barclays on an initial public offering that could take place as soon as this year. https://t.co/SLDJma0xX1 pic.twitter.com/FdoOGh6B58

The fundraising comes after revenues hit triple-digit millions in 2025 due to surging demand for secure custody solutions amid a sharp rise in crypto thefts.

Per Chainalysis report, around $17 billion was stolen in crypto scams and fraud in 2025, compared to $13 billion in 2024.