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French crypto hardware wallet provider Ledger is planning an initial public offering (IPO) in the United States, which may value the company at more than $4 billion.
Ledger is in talks with bankers at Goldman Sachs, Jefferies and Barclays about a potential US listing, the Financial Times <a href="https://www.ft.com/content/380bde8c-9952-4302-83be-e0440855b8ff?accessToken=zwAGSQkefgqwkc84C96MmVJDAtODvuBECFW4_w.MEUCIHy9Xcr9cpFcZOsOPX5urO0uWOBhuhv1ggmLZLC3ddvNAiEAyYBKnwxN0QfHmY5vy7Yfm_uM3VXZLqHARAGBqG0L6xI&amp;sharetype=gift&amp;token=08d05c33-dfeb-4a39-8c29-0665aa1d5f5b" rel="noopener nofollow" target="_blank">reported</a> Friday, citing people familiar with the matter.
In November 2025, Ledger CEO Pascal Gauthier <a href="https://www.ft.com/content/098d43f1-4889-4790-b47c-4392663f949e?accessToken=zwAGQyjPj-X4kc8JjUPxSIlHkNO0fEOSZj-Ung.MEQCIDxEOUh_1NeEVzTiZq0WAHRIkwSuVgCaxvi55r3b73jYAiBfHvI3wSK_TpfALFQaHIpwCXxG31-3pm2oPxuKZHjzkw&amp;sharetype=gift&amp;token=233e5d31-0d7a-4606-9928-3da003bb5b83" rel="noopener nofollow" target="_blank">said</a> the company was planning fundraising or a listing in New York, noting that money for crypto was “certainly not in Europe.”
If confirmed, the IPO talks would underscore rising demand for crypto storage solutions amid a surge in crypto hacks, with over <a href="https://cointelegraph.com/news/crypto-3-4-billion-losses-2025-wallet-hacks">$3.4 billion stolen in 2025</a>, according to Chainalysis.
<h2 id="ledger-posts-record-year-amid-rising-crypto-hacks">Ledger posts record year amid rising crypto hacks</h2>
Founded in Paris in 2014, Ledger is one of the largest makers of crypto <a href="https://cointelegraph.com/learn/articles/hardware-vs-software-wallets">hardware wallets</a> — physical, USB-like devices that store <a href="https://cointelegraph.com/learn/articles/private-keys-vs-seed-phrases">private keys</a> offline to help protect holdings from online hacks and malware.
Against this backdrop of increasing crypto theft, Ledger had a record year in 2025, with revenue hitting “triple-digit millions.”
<figure> 
 <img src="https://s3.cointelegraph.com/uploads/2026-01/019be9d9-fec3-758b-ab10-64922c9e9766.png" title="" alt="Ledger said to be in talks with Goldman Sachs, Barclays on US IPO: FT">
 <figcaption style="text-align: center;">
 Crypto funds stolen in the largest attacks in 2025 were 1,000 times larger than those stolen in a typical crypto hack, surpassing even the 2021 bull market peak. Source: Chainalysis
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</figure>
“We’re being hacked more and more every day [...] hacking of your bank accounts, of your crypto, and it’s not going to get better next year and the year after that,” Ledger CEO Gauthier said in late 2025.
Related: <a href="https://cointelegraph.com/news/sec-crypto-task-force-receives-new-requests" rel="" target="_self" title="https://cointelegraph.com/news/sec-crypto-task-force-receives-new-requests">New SEC submissions press on self-custody and DeFi regulation</a>
Ledger declined to confirm the report about a potential US IPO when contacted by Cointelegraph.
The FT’s report came a day after BitGo, one of the world’s largest crypto custody providers, <a href="https://cointelegraph.com/news/bitgo-ipo-price-18-shares-begin-trading-nyse-thursday">went public on the New York Stock Exchange</a> on Thursday.
<figure> 
 <img src="https://s3.cointelegraph.com/uploads/2026-01/019be9da-02e7-719e-84aa-3dbb34f07283.png" title="" alt="Ledger said to be in talks with Goldman Sachs, Barclays on US IPO: FT">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/yzilabs/status/2014525070878920990" rel="nofollow noopener" target="_blank" title="https://x.com/yzilabs/status/2014525070878920990">YZi Labs</a>
 </figcaption>
</figure>
<a href="https://www.nyse.com/quote/XNYS:BTGO" rel="nofollow noopener" target="_blank" title="https://www.nyse.com/quote/XNYS:BTGO">According</a> to NYSE data, BitGo shares (BTGO) opened at $22.40, or 24% up from the IPO price of $18, surging to as high as $24.50 on the first day of trading.
YZi Labs, a venture capital company linked to the former Binance CEO Changpeng Zhao, subsequently announced a strategic investment in BitGo’s IPO.
Magazine: <a href="https://cointelegraph.com/magazine/how-crypto-laws-changed-2025-further-2026/">How crypto laws changed in 2025 — and how they’ll change in 2026</a>

Ledger said to be in talks with Goldman Sachs, Barclays on US IPO: FT

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