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]

Group 1 - Ledger is preparing for an IPO in the U.S. with a target valuation exceeding $4 billion, reflecting growing institutional interest in digital asset security [1][3] - Founded in 2014, Ledger has become a leader in self-custody through its hardware wallet products, which provide robust protection against online threats [2] - The company has engaged Goldman Sachs, Jefferies, and Barclays as lead underwriters for the IPO, with a potential launch as early as 2026 [3] Group 2 - A $4 billion-plus IPO would represent a significant increase from its last valuation of $1.5 billion in 2023, indicating strong confidence in Ledger's growth [4] - The timing of the IPO aligns with a resurgence of cryptocurrency-related public listings, following a period of stagnation after Coinbase's 2021 IPO [5] - Ledger's focus on custody solutions is timely, as regulatory clarity and pro-innovation policies are encouraging institutional investments [6] Group 3 - Demand for trusted hardware solutions is expected to persist, especially with major players like BlackRock entering the digital asset space [7] - Despite challenges such as recent market pullbacks and macroeconomic tightening, Ledger's institutional focus may provide greater stability [7] - The IPO would signify the maturation of cryptocurrency infrastructure companies, transitioning them into publicly traded entities essential to the digital finance landscape [8]