Ledger Eyes $4B U.S IPO Amid Security Concerns

French crypto hardware wallet maker Ledger is advancing plans for a US initial public offering that could value the company at more than $4 billion. The company is currently in discussions with Goldman Sachs, Jefferies, and Barclays about a potential New York listing, according to the Financial Times.

According to FT, crypto hardware wallet maker Ledger is working with Goldman Sachs, Jefferies and Barclays on a potential U.S. IPO that could value the company at over $4 billion, possibly as soon as this year. Founded in 2014 and based in France, Ledger was valued at about $1.5…

— Wu Blockchain (@WuBlockchain) January 23, 2026

The IPO talks come as Ledger reports record revenues in 2025, reaching triple-digit millions. CEO Pascal Gauthier has repeatedly emphasized that capital for crypto ventures is concentrated in New York rather than Europe.

Meanwhile, the company faces mounting criticism over its security track record. Blockchain investigator Zachxbt has highlighted multiple breaches that exposed customer data, leading to targeted thefts and millions in stolen funds.

The potential listing arrives during a record year for crypto-related thefts. According to Chainalysis, hackers stole over $3.4 billion worth of digital assets in 2025, with approximately 23% of attacks targeting individual wallets.

Record Ledger Demand Meets Rising Criticism

Ledger has positioned itself as the market leader in hardware wallet solutions. The company currently secures around $100 billion worth of Bitcoin for its customers, according to Gauthier.

Founded in Paris in 2014, Ledger competes with Trezor and Tangem in the cold storage market. The company was last valued at $1.5 billion in 2023, with backing from 10T Holdings and True Global Ventures.

Gauthier has attributed the surge in sales to escalating cyberattacks across the industry. He told the Financial Times that hacking incidents targeting bank accounts and crypto holdings continue to increase.

We’re being hacked more and more every day.

Gauthier said.

He added that the situation will not improve in the coming years..

However, in January 2026, a breach affected Ledger customers through third-party payment processor Global-e. The incident exposed customer names and contact details, though payment information and cryptocurrency assets remained secure.

Zachxbt noted that the repeated breaches have resulted in private customer data being leaked. This has enabled targeted thefts resulting in millions stolen from affected users.

The blockchain investigator also criticized Ledger’s plans to charge a percentage for clear signing. He suggested the company aims to maximize extraction through the US IPO.

Let me rephrase:

Ledger, a French security company has been breached multiple times which resulted in its customers private data being leaked has lead to targeted thefts and millions stolen.

Current products have major issue like the battery for the Ledger Nano X.

Now Ledger…

— ZachXBT (@zachxbt) January 23, 2026

New York or Bust for Crypto Capital

Gauthier first announced fundraising or listing plans in November 2025. He stated clearly that money for crypto ventures exists primarily in New York.

“Money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe,” Gauthier told the Financial Times.

The company is expanding its New York headcount in preparation for potential market activities. Ledger plans to raise funds in 2026, either through a private funding round or a public US listing.

Seasonal sales patterns could provide additional momentum. Gauthier suggested Ledger may benefit from spikes during Black Friday and the Christmas shopping period.

The IPO discussions underscore growing institutional interest in crypto infrastructure companies. Rising demand for secure storage solutions has created opportunities for hardware wallet providers despite broader market volatility.

If the IPO proceeds, Ledger would join a growing list of crypto-focused companies seeking US public market access. The $4 billion valuation would represent nearly triple the company’s 2023 valuation of $1.5 billion.

Goldman Sachs, Jefferies, and Barclays have not publicly commented on the discussions. Ledger has also not confirmed specific timeline details for any potential listing.