Crypto Wallet Maker Ledger Preps $4B US IPO – Can It Win Wall Street?

Company Overview - Ledger is preparing for a potential U.S. initial public offering (IPO) that could value the company at over $4 billion, with major Wall Street banks like Goldman Sachs, Jefferies, and Barclays advising on the deal [1] - The company has seen significant growth, with approximately 40% of its business now coming from North America, influencing its listing strategy and operational expansion in New York [2] Financial Performance - Ledger reported revenues reaching triple-digit millions in 2025, marking its strongest performance to date, with further growth expected in the current year [5] - The company was last valued at $1.5 billion in 2023 after raising $108 million in an extension to its Series C round, bringing total funding in that round close to $500 million [6] Product Development - Founded in 2014, Ledger initially gained traction with its hardware wallets, particularly the Ledger Nano series, which addressed security concerns in the crypto space [4] - The company has expanded its product lineup, including the launch of the Ledger Stax, a touchscreen device aimed at long-term holders and institutional users, and an iOS app for enterprise clients [5] Market Position - Ledger safeguards around 20% of global crypto assets, including over $100 billion worth of bitcoin, highlighting its significant role in the crypto market [5] - CEO Pascal Gauthier emphasized that New York is currently the primary hub for crypto financing, which has influenced the company's increased presence in the U.S. [3]