Ledger Eyes $4B US IPO Amid Crypto Security Boom

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French hardware wallet maker Ledger is preparing for a U.S. stock market listing in New York that could value the company at more than $4 billion, potentially as soon as later this year, working with Goldman Sachs, Jefferies, and Barclays on the deal. Founded in Paris in 2014 and last valued at approximately $1.5 billion, Ledger has achieved record revenues of over $100 million in 2025, as demand for secure offline wallets rises in response to increasing crypto thefts and hacks. CEO Pascal Gauthier says strong investor interest and a surge in security needs are driving the company toward a U.S. IPO.