Ledger, the Paris-based maker of cryptocurrency hardware wallets, is reportedly preparing a U.S. IPO that could value the company at more than $4 billion. The contemplated listing reflects a market cycle where secure custody is increasingly treated as mission-critical infrastructure as crypto theft rises.
The process is being positioned around a New York debut with heavyweight underwriting support. Ledger has engaged Goldman Sachs, Jefferies, and Barclays as advisers for a potential U.S. listing.
Valuation narrative and demand backdrop
The valuation being discussed implies a material step-up versus Ledger’s last known private benchmark. At a $4 billion-plus valuation, the IPO would more than triple the company’s reported 2023 private valuation of $1.5 billion.
Management messaging has leaned into demand strength driven by security concerns, framing growth as durable rather than cyclical. CEO Pascal Gauthier described Ledger as having a record year, explicitly linking momentum to security-driven adoption.
Diligence over security and product track record
That positioning will be stress-tested by investors because Ledger’s history includes incidents that raise governance, data-handling, and operational-resilience questions. An e-commerce database leak in June 2020 exposed the personal information of about 270,000 customers, creating a long-lived trust overhang.
Additional events add complexity to the diligence narrative, including third-party exposure and product reliability chatter. The reporting also referenced a separate 2023 incident tied to losses near $500,000 and noted customer data leaks via third-party processors such as Global-e.
Product-level issues and reputational pushback may further shape how public-market investors underwrite the story. Reports cited battery malfunctions on the Nano X model, while investigator ZachXBT publicly characterized the IPO plans as “cash grabbing.”
Ultimately, the public-market outcome will hinge on whether Ledger can convert strong demand signals into a credible risk-and-controls narrative. A successful New York listing will depend on demonstrating tangible improvements in data stewardship and product reliability that can support the premium valuation implied by the IPO chatter.