Why Ledger’s IPO Could Be One of Crypto’s Biggest Public Listings Yet

Key Takeaways

• Ledger is preparing for a potential U.S. IPO, targeting a valuation north of $4 billion.

• The Paris-based hardware wallet maker posted nine-figure revenue in 2025 and now secures more than $100 billion in Bitcoin for users.

• Rising hacking risks and growing institutional demand are pushing Ledger toward a 2026 NYSE listing or a private funding round, with Goldman Sachs among its key partners.

Ledger, a leading manufacturer of cryptocurrency hardware wallets, is reportedly preparing for a potential initial public offering (IPO) in the United States.

This move positions Ledger in the growing IPO race among crypto firms, as the industry matures and seeks mainstream financial integration.

The hardware wallet maker is exploring a potential listing on the New York Stock Exchange (NYSE), possibly as early as 2026, as more crypto-focused firms return to public markets.

While an IPO remains on the table, Ledger is also considering a private funding round, depending on broader market conditions.

Either path could value the company at more than $4 billion, a sharp increase from its $1.5 billion valuation in its 2023 funding round backed by investors such as True Global Ventures, 10T Holdings, Morgan Creek, Korelya Capital, and Molten Ventures.

Secondary market activity already hints at that ambition.

Pre-IPO Ledger shares have been trading at roughly $4.50 per share on platforms like Linqto and EquityZen, giving accredited investors early exposure.

Based on those prices, the company’s implied valuation stands at around $1.4 billion as of early 2026, though that figure could shift significantly ahead of a formal offering.

Ledger’s renewed push toward public markets comes as demand for self-custody solutions accelerates.

High-profile exchange failures and rising cyber threats have pushed both retail and institutional investors toward hardware wallets, reinforcing Ledger’s position as a core piece of crypto infrastructure.

A successful IPO would mark another step in crypto’s march toward institutional maturity, particularly in areas focused on security and ownership rather than speculation.

With strong brand recognition, expanding revenues, and a growing emphasis on self-custody, Ledger appears well-positioned for its next phase—though execution, competition, and user trust will remain critical as it charts its course.

Ledger’s IPO ambitions fit into a much broader shift taking shape across the crypto industry.

A growing list of major players—including Kraken, ConsenSys, BitGo, and Animoca Brands—are all exploring public listings in 2026.

This follows a string of high-profile IPOs in 2025 from firms such as Circle, Figure Technology, Gemini, and Bullish.

Taken together, these moves point to what many are calling a new wave of crypto IPOs.

One that reflects the industry’s gradual maturation after years of volatility and regulatory uncertainty.

Private crypto firms are increasingly turning to public markets not just for capital, but also for credibility, liquidity, and long-term stability.

The momentum began to build in 2025, as improving market conditions, clearer regulation, and renewed institutional interest reopened the IPO window that had largely shut after the 2022 downturn.

By early 2026, that momentum appears intact. Pro-crypto policy signals from the Trump administration, including progress on stablecoin legislation like the GENIUS Act, have helped reinforce confidence, alongside a rebound in venture funding and deal activity.

Several prospective listings underscore the scale of what could be ahead.

Kraken is reportedly targeting a valuation near $20 billion, ConsenSys around $7 billion, and BitGo roughly $1.75 billion.

International players such as Bithumb are also weighing listings, adding to the sense that the sector is entering a new phase of normalization within global capital markets.

The emerging IPO cycle builds on the roughly $14.6 billion raised by crypto companies in 2025 and suggests that 2026 could deliver another wave of exits.

For investors, these listings offer exposure to crypto infrastructure and services without the direct price swings of digital assets themselves.

Whether this momentum turns into a sustained IPO season will depend on market stability and regulatory follow-through.

If those conditions hold, 2026 could mark a defining year for crypto’s integration into traditional finance—and potentially the start of a longer exit cycle across blockchain, fintech, and even AI-adjacent firms.

The post Why Ledger’s IPO Could Be One of Crypto’s Biggest Public Listings Yet appeared first on ccn.com.