Crypto security company Ledger plots $4bn New York listing. French group enjoys record year as more investors seek protection from hacking. It is working with bankers at Goldman Sachs, Jefferies and Barclays on the deal, which could take place as soon as this year, according to people familiar with the matter. They cautioned that plans could yet change.

French crypto hardware wallet maker Ledger is preparing for a potential US initial public offering in New York that could value the company at about $4bn, following what it has described as a record financial year. According to the Financial Times, the company is working with investment banks Goldman Sachs, Jefferies and Barclays on the deal, with a listing possible as soon as this year, although people familiar with the talks stress that timing and plans could still change. Ledger, founded in 2014 and based in Paris, is one of the best‑known manufacturers of hardware wallets — physical devices that store users’ private cryptographic keys offline to reduce exposure to hacks and exchange failures. The company was valued at around $1.5bn in its 2023 Series C extension round and says it secures more than 20% of the world’s crypto assets, positioning it as critical infrastructure in the digital asset ecosystem. A New York listing at a significantly higher valuation would underscore investor interest in crypto infrastructure firms even as the sector continues to face regulatory uncertainty and scrutiny over security practices. The prospective IPO comes amid broader momentum for crypto and Web3 companies moving toward public markets, with firms such as BitGo, Circle, Gemini, Bullish and others exploring or executing listings in the US. For Ledger, going public would subject the company’s business model and security record to greater transparency and market discipline at a time when it is under renewed community scrutiny for past data breaches and controversial changes to its fee and product strategy, including paid “clear signing” features. How investors and users respond to these issues will be central to the reception of any eventual New York offering.

✨ AI-generated background, compiled from web sources — not editorial content.

More coverage

• Ledger eyes $4bn US IPO as critics question past breaches and ... (ambcrypto.com)
• Crypto unicorn Ledger preps $4bn IPO in the US, reports say | Sifted (sifted.eu)
• Ledger plots $4bn New York IPO: Here's six other crypto firms ... (dlnews.com)
• Ledger eyes $4bn US IPO as critics question past breaches ... - HTX (htx.com)
• Ledger Eyes $4bn New York Listing After Record Year | Dealroom.co (app.dealroom.co)

Explore the topic

• Hacking
• Ledger
• Goldman Sachs