Hardware Wallet Maker Ledger Plans $4B U.S. IPO, Enlists Goldman Sachs as Lead Underwriter

Hardware wallet provider Ledger has engaged Goldman Sachs, Jefferies, and Barclays to lead a potential U.S. IPO valued at over $4 billion, reflecting the growing importance of crypto custody infrastructure for institutional investors. The listing could occur in 2026, pending market conditions, according to sources cited by the Financial Times. Ledger joins a wave of crypto firms pursuing U.S. listings amid improved regulatory clarity under President Donald Trump, who has positioned America as a hub for digital asset innovation. This follows BitGo’s recent NYSE debut, which raised $213 million at a $2 billion valuation. While some crypto IPOs have performed well—such as Circle’s shares surging nearly tenfold since its 2025 IPO—most crypto stocks have declined alongside Bitcoin’s retreat. Analysts warn that macroeconomic tightening could dampen investor appetite for crypto-linked offerings. Despite market uncertainty, Ledger’s focus on secure self-custody aligns with tightening regulations, positioning it as a key player in institutional crypto adoption. The company’s revenue, however, remains sensitive to consumer hardware cycles, as seen during the 2022 downturn. The IPO comes after years of stagnation in crypto public markets, following Coinbase’s 2021 Nasdaq debut. Recent listings signal renewed interest from both retail and institutional investors in digital asset companies.