French crypto scaleup Ledger is preparing for a potential US initial public offering, which could value the company at more than $4 billion, according to reports. The Paris-based crypto company has reportedly brought in bankers from Goldman Sachs, Jefferies, and Barclays to work on the deal.
The listing could happen as early as this year, though the plans are still fluid and may change, according to people familiar with the discussions.
Ledger was last valued at $1.5 billion in 2023 after raising a $108 million extension to its Series C round, bringing the total funding for that round to nearly $500 million. Since then, the company has said its valuation has increased but has not disclosed an updated figure, the report adds.
Building hardware wallets
Founded by Éric Larchevêque, Joël Pobeda, and Thomas France in 2014, Ledger designs and manufactures hardware wallets that allow users to store their crypto assets offline.
The company gained early traction with its Ledger Nano hardware wallets. These physical devices store the private keys needed to access cryptocurrencies, providing protection against hacks and exchange failures.
Recently, it expanded its product line with the Ledger Stax, a touch-screen device aimed at long-term holders and institutional users.
The company says its wallets now secure more than 20% of the world’s crypto assets. According to the report, Ledger’s leadership has been open about its IPO ambitions.
In an earlier interview, CEO Pascal Gauthier said the company had reached a scale that made a public listing realistic. He also pointed to the US as the most likely venue, noting that around 40% of Ledger’s business comes from North America.
The timing reflects a more supportive backdrop for crypto companies in the US following Donald Trump’s election last year and a shift toward a more crypto-friendly policy stance. The market has also seen renewed IPO activity, including the recent New York Stock Exchange listing of BitGo at a $2bn valuation.
Over the past decade, the company claims to have sold more than seven million devices worldwide. It estimates that its products now protect around 20% of global crypto assets, including more than $100bn worth of bitcoin.
