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Key Points:
• Ledger targets a US IPO with advisors from Goldman Sachs, Jefferies, and Barclays
• Management cites New York liquidity for digital assets and public market appetite
• Record 2025 revenue supports hardware wallet scale and broad retail adoption worldwide
• Tech valuations guide pricing as peers test investor demand across digital asset listings
Ledger’s $4 billion valuation frames the next phase for a hardware wallet leader preparing a US IPO.
Ledger, Inc. plans to work with three major investment firms — Goldman Sachs, Jefferies, and Barclays — to define the structure and timing of a potential initial public offering (IPO). The company’s CEO, Pascal Gauthier, has stated that the reason he chose New York over London as the ideal location for an IPO is due to its strong presence in the global cryptocurrency space; “Money is in New York today for crypto,” Gauthier said in an interview last month. “It’s nowhere else in the world.” The New York Stock Exchange (NYSE) represents a significant opportunity for Ledger to attract institutional investors who are looking at companies like Ledger for their ability to safely store cryptocurrencies.
For a long time, European exchanges were seen as being more receptive to companies working in the cryptocurrency space, but the NYSE has become the preferred venue for companies such as Ledger, which is a hardware wallet provider, and Circle, Gemini, and Bullish, which are all companies providing digital currencies, as well as services around them.
The peer group will provide a number of comparable companies for investors to use as a benchmark for evaluating the financial performance of Ledger. The peer group includes companies such as BitGo and Circle, which completed IPOs in 2025 and 2026, respectively. Companies such as Gemini and Bullish, which completed an IPO in 2025, are also part of this peer group. All of these companies are working in the digital currency space and, therefore, provide a comparable basis for evaluating the financial performance of Ledger.
As reported by Bloomberg, Ledger generated revenue in excess of $100 million in 2025
This revenue was generated from the sale of devices and services associated with those devices. According to reports, Ledger has sold more than seven million units of its hardware wallets since they became available to customers. This large number of units sold gives investors confidence in the company’s ability to generate consistent revenues going forward.
A prior funding round for Ledger provided the company with a valuation of approximately $1.5 billion. The current funding round is expected to raise money for the company to grow its business and increase its presence in the digital currency space. With the increasing interest in digital currencies and the growing need for safe storage solutions, the company believes it can achieve a much higher valuation than it did in the prior funding round.
One of the main reasons the company chose to complete an IPO in the United States is that the U.S. has a larger addressable market for self-custody of digital currencies compared to Europe. In addition, the regulatory environment in the U.S. is becoming increasingly favorable towards digital currency companies. Regulatory clarity is important for any company looking to operate in the digital currency space, and the U.S. is providing that clarity to companies such as Ledger.
In terms of research coverage, the NYSE provides a broader range of research analysts covering the digital currency space compared to the London Stock Exchange (LSE). These research analysts provide estimates of revenue and profitability for companies such as Ledger, which allows investors to make informed decisions about whether to purchase shares of the company.
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Plans to provide additional services to its customers
The company will be using the proceeds of the IPO to invest in its products and expand its presence in the digital currency space. The company believes there is a significant amount of growth potential in the digital currency space, and it is positioning itself to take advantage of that growth. In addition to expanding its presence in the digital currency space, the company also plans to provide additional services to its customers, such as mobile apps, recovery features, and subscription-based services. These services will allow the company to increase its revenue stream and create a more stable source of income.
Management of the company believes that the company has a durable demand for its hardware wallets and that the company will be able to retain many of its existing customers as it continues to expand its offerings. The company believes that it will be able to maintain a high level of customer satisfaction, which will lead to repeat business from its customers.
The company’s decision to list on the NYSE is based on a combination of factors, including the fact that there is currently no better place to list than New York, the company’s desire to reach a broader range of institutional investors, and the availability of a larger pool of qualified research analysts to cover the company. The company believes that listing on the NYSE will provide it with greater visibility and access to capital in the long run.
Ledger’s decision to list on the NYSE may provide a positive impact on the overall cryptocurrency market. As more reputable and established companies begin to invest in and utilize cryptocurrency, it could increase the legitimacy and mainstream acceptance of cryptocurrency. Additionally, Ledger’s successful listing could serve as a model for other cryptocurrency companies looking to go public in the future.
Why a US listing now?
Peer companies set a new standard for technology valuations in the digital currency space. After completing an IPO on the New York Stock Exchange (NYSE), BitGo set a new precedent for technology valuations in the digital currency space. Recent IPOs from Circle, Gemini, and Bullish set a new standard for technology valuations in the digital currency space. These IPOs provide a baseline for investors to use when evaluating the financial performance of Ledger.
HIGHLIGHT: BENCHMARKS FROM RECENT CRYPTO LISTINGS
Ledger views the IPO as a liquidity event to fund the company’s product road map and to educate consumers about the benefits of a hardware wallet. The company educates consumers about the benefits of a hardware wallet because many new users start with a cold wallet tutorial. The company emphasizes education as a means to provide clear instructions, to update firmware frequently, and to provide focused threat modeling for a broader audience.
Hardware wallet leadership is dependent upon the company’s ability to manage strong supply chains and to conduct transparent security audits with a repeat cadence. The company’s partnerships with Goldman Sachs, Jefferies, and Barclays indicate that the company is coordinating with mainstream banking syndicates. These banking syndicates assist the company in coordinating investors, structuring the offer, and preparing research coverage for the launch of the IPO. A broader distribution list will assist the company in reaching both growth funds and quality factor portfolios.
From my perspective, a deep pool of fundamentals-driven buyers will reward the company for creating clear profitability paths. The company is emphasizing its operating discipline and the simplicity of pricing to establish the foundation for long-term margin expansion. Investors want the company to demonstrate that it can maintain sticky users who will upgrade and subscribe to additional features.
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Product, Operations, and User Behavior
The company’s $4 billion valuation also reflects the trust that consumers have placed in the company to protect their digital assets during times of security stress. A cold wallet is designed to sit offline, thereby reducing the attack surface and the exposure to the risk of losing digital assets to exchange failures. During the past few years, several high-profile exchanges failed and lost digital assets, which led to increased demand for cold wallets that can store private keys offline.
Consumers prefer transparent security designs, simple verification steps, and physical confirmations of transactions before executing them. When market volatility increases, consumers are reminded of the risks of holding digital assets in a hot wallet, and consumers seek out cold wallets as a means to protect themselves. Retail and professional users of digital currencies keep a portion of their holdings offline to ensure their safety and discipline.
The company is developing services that will enable deeper engagement with its users via mobile applications and recovery features. In the long run, the company plans to develop a wider platform that will generate recurring revenue to supplement the device cycle. Investors will analyze the company’s gross margins, logistics efficiency, and support costs throughout multiple quarters.
HIGHLIGHT: RISK CONTROLS, RECURRENCE, AND MARGINS
The current market conditions also present an opportunity for Ledger to attract a larger pool of investors for its hardware wallet brand. Increased activity in the stablecoin and remittance flows, as well as higher trading volumes, will encourage first-time wallet purchases. In addition, new blockchains and layer-two networks will introduce new users to private key management, which will remove friction and increase the demand for Ledger’s hardware wallets. Education will remove friction, and strong packaging will reduce the error rate associated with setting up the first transaction.
Hardware wallet providers compete on trust, reliability, and transparency rather than solely on specifications. The company maintains regular and frequent disclosures regarding the security elements used within its hardware wallets, the checks performed during the manufacturing process, and the company’s preparedness to respond to incidents.
The company’s service level commitments and rapid deployment of patches will provide assurances to both the enterprise and retail segments. Analysts will compare these processes to those employed by its competitors in the security-sensitive consumer electronics industry. The frequency of the audits will provide investors with a sense of confidence in the company during periods of high earnings season activity and during periods of lock-up expiration. The company’s transparent disclosures will fill information gaps that exist for funds that screen for security-sensitive consumer electronics.
Clearer guidelines for digital asset businesses
The company’s decision to list on the NYSE also reflects the broader policy environment in which the company is operating. The U.S. government agencies have issued clearer guidelines for digital asset businesses regarding custody, disclosures, and reporting. The exchanges are refining their listing standards, and research teams are developing consistent models to cover the sector.
Equity analysts are comparing Ledger, BitGo, and other recently listed digital asset companies along unit economics dimensions. Those comparisons will affect the technology valuations of these companies during book-building and in the early aftermarket trading. The outcome will also affect the private peer companies that are planning future listings or strategic combinations. In addition, investors are watching the international exchanges for secondary liquidity and for eligibility in indexes. A dual strategy will provide the company with a broader reach to funds with differing mandate constraints and requirements.
The company’s syndicate desks will evaluate the float size, the participation of insiders, and the stabilization tools that will facilitate price discovery. Successful execution will direct the focus back to the fundamentals of the company, rather than the short-term trading stories.
Own your keys and minimize your reliance on counterparties whenever possible
The path that Ledger has chosen to pursue combines practical security, global distribution, and disciplined financial management to tell a comprehensive story. The company believes that the IPO will provide it with the opportunity to align its growth capital with the reliability of its products and the trust of its users. Investors are interested in seeing the company establish clear milestones for the growth of services without diluting its margin performance from its hardware. The company believes that it will be able to demonstrate the retention of its users as they upgrade and subscribe to additional features. The company’s message to its users is simple: own your keys and minimize your reliance on counterparties whenever possible.
The company’s message to investors is similarly straightforward: reward predictability, transparency, and repeated execution. The company believes that it is positioned to benefit from the increasing levels of consumer education and awareness of the importance of storing their digital assets securely. In addition, the company believes that it will be able to benefit from the continued growth of the digital currency market, while its competitors are still testing the waters.
The valuation of the company implies that investors believe the company will be able to achieve scalable levels of growth, produce durable amounts of cash, and experience increased levels of attachment among its users. The success of the company during the IPO will determine how accurately the actual outcomes of the company meet the expectations of investors.
