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]

Core Insights - Ledger is preparing for a US IPO, potentially valuing the company at over $4 billion, more than double its 2023 valuation [4] - The company has hired major investment banks, including Goldman Sachs, Barclays, and Jefferies, to assist with the IPO process [4][6] - Ledger is rebranding from "hardware wallet" to "signers" to position itself as a key player in the "Internet of Value" [7] Company Overview - Ledger has emerged as a popular hardware wallet provider, allowing users to self-custody their crypto assets securely [1] - The company experienced a significant increase in revenue, reaching triple-digit millions in 2025 [6] Industry Context - The US regulatory environment for crypto has become more favorable, particularly after the approval of the GENIUS Act in July 2025 [5] - The planned IPO comes at a time when investors are seeking exposure to crypto infrastructure without the volatility associated with holding cryptocurrencies [8]

Network News - Ethereum's Fusaka upgrade has completed its final test on the Hoodi testnet, preparing for the mainnet hard-fork activation, aimed at enhancing scalability and cost-efficiency [1] - The Fusaka upgrade introduces PeerDAS, allowing validators to check segments of data instead of full "blobs," which reduces bandwidth demands and costs for users and institutions [1] Bitcoin Lending Innovations - BOB has launched a Bitcoin Vault Liquidation Engine, enabling bitcoin holders to borrow stablecoins against their BTC while keeping it secured on the Bitcoin network [2] - This new framework addresses challenges in bitcoin lending, such as all-or-nothing liquidations and lengthy settlement times, by allowing partial liquidation of collateral [2] - The innovation aims to unlock trillions in BTC liquidity for the decentralized finance (DeFi) ecosystem without requiring holders to sell their assets [2]

RT JuanGalt.com (@JuanSGalt)From Wallets to Signers: Ledger Nano Gen5 Advances Crypto and Identity Protection with NFC Passkeyshttps://t.co/yqCt1ukHuM via @bitcoinmagazine ...

The Ledger Nano Gen5 is totally redesigned and features exclusive badges from legendary Apple icon designer, Susan Kare. https://t.co/KbzUNGxejj ...