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Ledger has tapped bankers for an initial public offering in the US that could value the French cryptocurrency company at more than $4bn, underlining ongoing investor interest in digital asset businesses.
It is working with bankers at Goldman Sachs, Jefferies and Barclays on the deal, which could take place as soon as this year, according to people familiar with the matter. They cautioned that plans could yet change.
Ledger, Goldman, Jefferies and Barclays declined to comment.
Ledger sells devices resembling USB drives that allow crypto investors to securely store their tokens. The company was founded in Paris in 2014 and valued at $1.5bn in 2023 after raising money from investors including Singapore’s True Global Ventures and 10T Holdings.
Crypto companies have been in hot demand since US President Donald Trump returned to the White House a year ago. His administration has championed digital assets businesses and made crypto a national strategic priority, prompting dozens of companies to list in the US.
Crypto custodian BitGo is listing on the New York Stock Exchange this week, seeking a $2bn valuation and becoming the first digital assets IPO of 2026. Last year, stablecoin issuer Circle and exchanges Gemini and Bullish all listed in the US.
Pascal Gauthier, Ledger chief executive, told the FT in November that he was considering a US listing: “Money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe.”
He said that Ledger was having a record year, with revenues hitting triple-digit millions as more crypto investors worried about being hacked bought its devices.
About $17bn was stolen in crypto scams and fraud last year, according to research firm Chainalysis, compared with $13bn in 2024.
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