Ledger Prepares for a U.S. IPO: Hardware Crypto Wallet Targeting a Valuation Above $4 Billion

Ledger – the well-known French crypto hardware wallet company – is planning a potential IPO in the United States, targeting a valuation of over $4 billion, possibly as early as 2026. This move comes amid surging demand for crypto self-custody, following a series of exchange hacks, collapses, and growing risks associated with centralized custodians.

Key Takeaways – What You Need to Know

• Ledger is considering a U.S. IPO, potentially as early as 2026
• Target valuation of over $4 billion
• Currently secures more than $100 billion in crypto assets for users worldwide
• 2025 revenue reached hundreds of millions of USD
• May pursue private fundraising if market conditions are not favorable

1. Who Is Ledger?

Ledger – A Leading Crypto Custody Infrastructure Provider

Ledger is a blockchain technology company headquartered in France, founded to address one of crypto’s most fundamental challenges: security and self-custody of digital assets.

From a hardware security startup, Ledger has grown into the world’s leading crypto hardware wallet provider, serving millions of individual and institutional users across 180+ countries.

Ledger’s Flagship Hardware Wallet Products

Ledger is widely known for its diverse hardware wallet ecosystem, catering to different user segments:

Ledger Nano S

• A popular entry-level model
• Low cost with high security
• Supports thousands of crypto assets

Ledger Nano X

An upgraded version featuring:

• Bluetooth connectivity
• Larger storage capacity
• Designed for users who trade frequently and are often on the move

Ledger Stax

• Premium model with a curved E-Ink display
• Focused on user experience and design
• Combines hardware-grade security with consumer-device usability

Ledger products are positioned not just as storage wallets, but as personal security devices for digital assets.

How Does Ledger Work?

Private Keys Stored Fully Offline

The core security principle of Ledger wallets is:

• Private keys never leave the device
• No direct internet connection
• Minimizes the risk of remote attacks

Even if a computer or smartphone is infected with malware, private keys remain protected within a secure hardware environment.

Full User Control Over Crypto Assets

With Ledger:

• Users are the sole owners of their private keys
• No reliance on:
  • Exchanges
  • Centralized custodians
  • Third parties

Ledger’s philosophy aligns with the well-known crypto mantra:

“Not your keys, not your coins.”

Reduced Risk of Hacks and Asset Loss

Compared to keeping assets on exchanges, hardware wallets eliminate risks such as:

• Exchange hacks
• Withdrawal freezes
• Bankruptcies or internal fraud

This is especially critical in a market that has seen:

• Multiple hacks worth hundreds of millions of dollars
• The collapse of major crypto exchanges

Ledger and the Self-Custody Ecosystem

Securing Over $100 Billion in Crypto Assets

According to company disclosures:

• Ledger currently secures more than $100 billion in crypto assets globally

This highlights:

• A high level of trust
• Ledger’s irreplaceable infrastructure role in the crypto ecosystem

Ledger serves not only retail users but also:

• Businesses
• Investment funds
• Institutions holding large-scale digital assets

Core Infrastructure for Self-Custody

Ledger is increasingly viewed as:

• A foundational security layer for Web3
• A secure gateway for:
  • Asset storage
  • Transaction signing
  • Interaction with DeFi, NFTs, and Web3 applications

Through Ledger Live, users can:

• Manage assets
• Stake crypto
• Connect to DeFi apps
• Interact with NFTs

—all while keeping private keys offline.

Why Is Ledger Considered an Infrastructure Company?

Unlike many crypto companies that focus on:

• Trading
• Speculation
• Tokenomics

Ledger focuses on:

• Security
• Custody
• Core technical infrastructure

This allows Ledger to:

• Survive and grow across multiple market cycles
• Avoid full dependence on crypto price movements
• Build a business model with real, recurring revenue

These qualities make Ledger a strong IPO candidate, rather than just a pure-play crypto startup.

2. Ledger’s IPO Plan in the United States

Ledger’s IPO plan is drawing significant attention—not merely as a standard public listing, but as a reflection of how crypto infrastructure companies are finding pathways into traditional capital markets.

Target Valuation Above $4 Billion

Ledger Preparing to List Shares in the U.S.

According to financial sources, Ledger is considering listing its shares in the United States rather than Europe—a strategic choice, especially for a company headquartered in France.

This plan includes:

• Preparing the legal and corporate structure for an IPO
• Working with financial partners and investment banks
• Assessing an appropriate valuation for U.S. capital markets

Target Valuation Exceeding $4 Billion

Ledger is reportedly aiming for:

• An IPO valuation above $4 billion

This reflects:

• The scale of assets secured (over $100 billion in crypto)
• Hundreds of millions of USD in annual revenue
• Its role as core infrastructure within the self-custody ecosystem

This valuation positions Ledger among:

• Technology–financial companies with real revenues
• Businesses not fully dependent on tokens or speculative market cycles

Why Is Ledger Choosing to IPO in the U.S.?

Access to Global Institutional Investors

U.S. capital markets:

• Concentrate major investment funds
• Have deep experience valuing technology and fintech companies
• Offer stronger liquidity and buying power than many other markets

A U.S. IPO would allow Ledger to:

• Attract capital from global institutional investors
• Increase international brand recognition
• Open doors to future M&A opportunities

Leveraging Higher Liquidity and Valuations

Compared with other markets:

• The U.S. typically offers higher valuations for:
  • Technology companies
  • Financial infrastructure businesses

High liquidity helps ensure:

• Active trading
• Easier access for long-term investors

This is especially important for Ledger, which requires capital to:

• Expand R&D
• Develop next-generation security products
• Scale its enterprise and institutional offerings

Positioning Ledger as a Technology–Financial Infrastructure Company

A U.S. IPO also serves a branding and positioning purpose:

Ledger does not want to be seen merely as:

• A “crypto startup”
• Or a pure hardware manufacturer

Instead, Ledger is positioning itself as:

• A technology–financial infrastructure company
• A provider of security solutions for digital assets
• A foundational player in Web3 and self-custody

This positioning helps Ledger:

• Attract long-term investors
• Reduce dependence on crypto market cycles

Potential IPO Timeline: As Early as 2026

Active Preparation and Market Monitoring

According to disclosures, Ledger is currently:

• Working with investment banks
• Preparing multiple IPO scenarios
• Closely monitoring global capital market conditions

Key factors under consideration include:

• Interest rates
• Investor sentiment
• IPO performance of other technology and fintech companies

Earliest Possible Timing: 2026

If market conditions are favorable:

• The IPO could take place as early as 2026

This timing is viewed as:

• Far enough out for thorough preparation
• Yet aligned with a potential recovery cycle in capital markets

Possibility of Delay Remains

Ledger has also signaled caution:

• If markets become highly volatile
• Or if valuations fail to meet expectations

The company may delay the IPO and:

• Continue operating as a private company
• Or pursue additional private fundraising

This is a common strategy among major technology companies to:

• Avoid unfavorable IPO windows
• Protect enterprise value before going public

3. Ledger’s Revenue and Growth

Ledger’s IPO ambitions are supported by strong real revenue and clear growth momentum, especially as the crypto market shifts toward security, transparency, and self-custody.

Hundreds of Millions in Revenue in 2025

2025 – A Breakout Growth Year for Ledger

The year 2025 is considered one of Ledger’s strongest growth years since its founding. According to financial sources:

• Ledger generated hundreds of millions of USD in revenue
• Revenue came from both:
  • Hardware wallet sales
  • Software and security-related services

These results show that Ledger has not only survived multiple market cycles, but has grown significantly during a period when users prioritize risk management over speculation.

Key Growth Drivers

Ledger’s 2025 growth was driven by several structural factors:

Collapse of centralized exchanges Major industry failures caused users to:

• Lose trust in third-party custodians
• Shift toward self-custody models

Large-scale crypto hacks Attacks resulting in losses of hundreds of millions of dollars:

• Highlighted the risks of online storage
• Increased demand for offline storage solutions like hardware wallets

Rising awareness of centralized custody risks Users increasingly recognize that:

• Exchanges are not wallets
• Assets are only truly safe when users control their private keys

In this environment, the mantra “Not your keys, not your coins” has returned strongly, with Ledger as one of its primary beneficiaries.

Surging Demand for Self-Custody Across the Market

Retail Investors Prioritize Asset Control

After multiple market disruptions:

• Retail investors increasingly:
  • Withdraw assets from exchanges
  • Store them long term using hardware wallets

Hardware wallets are no longer “just for technical users,” but have become a baseline security standard.

With its established brand and high trust level, Ledger is a top choice for this user segment.

Institutional Investors Seek Compliant Custody Solutions

Beyond retail users, institutions also require custody solutions that are:

• Secure
• Compliant
• Scalable

Ledger is expanding into:

• Enterprise custody solutions
• Digital asset management tools for funds and institutions
• Secure transaction-signing infrastructure for Web3 and DeFi

This expansion allows Ledger to:

• Broaden its customer base
• Increase contract values
• Reduce dependence on one-off retail hardware sales

Ledger Is More Than a Hardware Wallet Company

Building the Ledger Live Software Ecosystem

Ledger Live is no longer just a wallet management app—it has evolved into:

• A centralized crypto asset management hub
• A secure gateway to Web3

Users can:

• Track portfolios
• Stake crypto
• Connect to DeFi and NFTs
• Sign Web3 transactions without exposing private keys

This software layer helps Ledger:

• Increase user engagement
• Generate additional revenue streams
• Build an integrated ecosystem

Security Services and Web3 Integrations

Beyond hardware, Ledger also:

• Provides security solutions to partners
• Integrates with Web3 applications
• Supports enterprises deploying secure self-custody systems

This segment offers:

• Higher margins than hardware
• Strong long-term growth potential
• A business profile well suited for a public company

Expansion Into Enterprise and Institutional Markets

Expanding into B2B enables Ledger to:

• Diversify revenue sources
• Reduce reliance on retail cycles
• Improve financial stability ahead of an IPO

This is a key reason Ledger is being valued as a technology–financial infrastructure company, rather than merely a hardware wallet manufacturer.

4. Why Has Ledger Become Critical Crypto Infrastructure?

Ledger’s rise reflects a fundamental shift in how the crypto market views security and digital asset custody. Hardware wallets are no longer niche tools for technically advanced users—they are increasingly becoming the default security standard across the entire ecosystem.

Hardware Wallets Are No Longer a “Niche” Product

The Traditional Role of Hardware Wallets

In the early days of crypto, hardware wallets were mainly used by:

• Highly technical users
• Long-term holders with large asset positions
• Individuals willing to trade convenience for maximum security

Most mainstream users:

• Stored assets directly on exchanges
• Prioritized convenience over full control

A Shift in User Behavior

After numerous major market disruptions:

• Exchange hacks
• Withdrawal freezes
• Bankruptcies and poor risk management

Users gradually realized:

• Exchanges are not safe storage solutions
• Security is no longer optional—it is mandatory

Today:

• Hardware wallets are becoming a baseline security standard
• The first line of defense for anyone serious about crypto
• Used not only by holders, but also by traders, builders, and long-term investors

Ledger – The “Vault Bank” of Crypto

Ledger as a Security Infrastructure Layer

With a global footprint and millions of devices in use, Ledger:

• Does more than sell products
• Provides foundational security infrastructure for crypto assets

Ledger wallets function similarly to:

• Vaults in the traditional banking system
• Personal security devices for digital financial assets

This is why Ledger is often described as the “vault bank” of crypto.

An Essential Layer for Self-Custody

Self-custody is not just a philosophical idea—it is:

• A complete infrastructure model
• Requiring hardware, software, and security standards

Ledger provides:

• Secure hardware (hardware wallets)
• Management software (Ledger Live)
• Safe transaction signing for Web3, DeFi, and NFTs

As a result, Ledger becomes:

• A secure gateway for interacting with blockchains
• The final line of defense against on-chain and off-chain risks

Ledger’s Infrastructure Role in the Crypto Ecosystem

Bridging CeFi, DeFi, and Web3

Ledger does not operate in isolation—it sits at the intersection of:

• CeFi: withdrawing assets from exchanges to hardware wallets
• DeFi: signing transactions securely
• Web3: interacting with dApps without exposing private keys

This positioning allows Ledger to:

• Appear at nearly every critical user touchpoint
• Become a default component of the digital asset management journey

Standardizing Security Across the Market

As more users adopt Ledger:

• Market-wide security standards rise
• Web3 applications are pushed to:
  • Support hardware wallets
  • Optimize secure transaction signing

Ledger therefore not only benefits from the self-custody trend, but also:

• Shapes security standards across the industry

Why This Matters for Ledger’s IPO

Infrastructure companies typically:

• Play essential roles
• Are difficult to replace
• Scale with the growth of the overall market

Ledger checks all these boxes:

• Serving millions of users
• Securing hundreds of billions of dollars in assets
• Operating at the foundational layer of crypto

This is why Ledger is increasingly viewed as a long-term infrastructure company, rather than a short-term, cycle-driven crypto business.

5. Private Fundraising Scenarios

While preparing for a potential U.S. IPO, Ledger is not putting all its chips on a single outcome. Given continued volatility in global capital markets, the company is also considering private fundraising as a parallel strategic option.

Why Is Ledger Considering Private Fundraising?

Ensuring Continued Growth Momentum

Private funding allows Ledger to:

• Continue investing in R&D
• Expand its portfolio of security products
• Accelerate its enterprise and institutional business

More importantly, Ledger can:

• Avoid disruption to its growth plans
• Reduce dependence on IPO timing

Hedging Against IPO Market Risk

IPO markets are heavily influenced by:

• Interest rates
• Investor sentiment
• The performance of recent public listings

If market conditions are unfavorable:

• IPOs may be delayed
• Companies risk being undervalued relative to their true fundamentals

Private fundraising enables Ledger to:

• Buy time for market recovery
• Avoid pressure to go public during adverse conditions

A Common Strategy Among Large Technology Companies

Maintaining Flexibility Around Listing Timing

Many major tech and fintech companies:

• Prepare for IPOs far in advance
• But only list when:
  • Valuations properly reflect long-term potential
  • Market liquidity is sufficiently strong

Ledger follows a similar approach:

• IPO is a goal, not an obligation
• The company retains full control over timing

Avoiding Undervaluation in Weak Markets

During downturns in capital markets, investors tend to:

• Become more cautious
• Push for lower valuations
• Focus on short-term profitability

For an infrastructure company like Ledger:

• Value lies in long-term growth
• It is ill-suited to listing when markets are short-term focused

Private fundraising helps Ledger:

• Negotiate valuations more flexibly
• Select aligned strategic investors
• Protect brand and enterprise value ahead of an IPO

Maintaining a Strong Financial Position Before IPO

A healthy balance sheet enables Ledger to:

• Act decisively on product strategy
• Avoid cash-flow pressure
• Strengthen its negotiating position during an IPO

Companies that execute the most successful IPOs are typically those that:

• Do not urgently need capital
• Can walk away from unfavorable valuations

Raising private capital before an IPO allows Ledger to go public from a position of strength, rather than necessity.

What Does Private Fundraising Offer Ledger?

• Sustained global expansion
• Increased investment in security and core technology
• Deeper penetration into enterprise and institutional markets
• Thorough preparation for a high-quality IPO

More importantly, this path allows Ledger to:

• Continue building long-term value
• Avoid being pulled into short-term capital market volatility

6. The Impact of a Ledger IPO on the Crypto Market

If Ledger successfully goes public, this would not be merely an isolated corporate event, but a potential milestone for the entire crypto industry, particularly in the areas of security and self-custody.

Legitimizing and “Mainstreaming” Self-Custody

Self-custody recognized as serious financial infrastructure

For many years, self-custody was often viewed as:

• A purely individual choice
• Or a “fringe” solution outside traditional financial systems

A successful U.S. IPO by Ledger would:

• Bring self-custody into the framework of capital market evaluation
• Position self-custody as:
  • Legitimate financial infrastructure
  • A sector with clear business models
  • Real revenue and measurable growth

This could reshape how both investors and regulators perceive crypto custody.

Attracting more institutional capital into crypto security

A Ledger IPO could become:

• A gateway for institutional capital to enter crypto security
• A segment historically overlooked compared to exchanges or tokens

As funds:

• Invest directly in Ledger
• Or closely track its IPO

They may:

• Expand investments into other security infrastructure companies
• Accelerate development across the entire self-custody value chain

Setting a precedent for other Web3 infrastructure companies to go public

A successful Ledger IPO would:

• Set a benchmark for:
  • Wallet providers
  • Security firms
  • Web3 infrastructure companies

This would:

• Broaden the pool of crypto companies eligible for public listings
• Reduce the industry’s overreliance on:
  • Exchanges
  • Trading-focused or speculative businesses

As a result, the crypto industry becomes more diversified and resilient.

Positive Signals for the Broader Crypto Industry

Strengthening market confidence

A large-scale, transparent, and well-regulated IPO:

• Sends a positive signal to:
  • Investors
  • Businesses
  • Users

It demonstrates that:

• Crypto still has companies with:
  • Sustainable growth
  • Business models not entirely dependent on price cycles

This is especially important after periods of extreme volatility and loss of trust.

Crypto as infrastructure, not just speculation

Ledger is a prime example of a crypto company with:

• Real revenue
• Products used daily
• A clear and defensible business model

A Ledger IPO could:

• Shift the narrative in traditional financial markets
• From “asset speculation” to “technology infrastructure investment”

Raising competition and security standards

Once Ledger becomes a public company:

• Pressure for transparency, compliance, and operational standards will increase

This will force:

• Ledger itself
• Competitors
• Other infrastructure providers

To:

• Raise security standards
• Improve user experience
• Invest more aggressively in core technology

Ultimately, crypto users benefit the most.

Long-Term Impact on the Crypto Ecosystem

Over the long term, a Ledger IPO could:

• Redefine how self-custody is perceived
• Accelerate security standardization across Web3
• Encourage crypto companies to:
  • Build sustainable business models
  • Engage more deeply with traditional capital markets

FAQ – Frequently Asked Questions

Is Ledger certain to IPO in 2026?

No. This is still a plan under consideration and depends heavily on market conditions.

Why is Ledger choosing to IPO in the U.S.?

Because the U.S. offers:

• A large capital market
• High liquidity
• Attractive valuations for technology and fintech companies

Where does Ledger primarily generate revenue?

From:

• Hardware wallet sales
• Software services
• Security solutions and Web3 integrations

Conclusion

Ledger’s IPO plan, targeting a valuation above $4 billion, highlights how self-custody is becoming a core pillar of the crypto market.

As trust in centralized custodians continues to erode, Ledger is positioning itself as critical security infrastructure, serving not only individual users but also institutions.

If the IPO is successfully executed, Ledger could become one of the largest crypto infrastructure companies ever to go public.

Disclaimer: The information provided here is for informational purposes only and should not be considered financial, investment, legal, or professional advice. Always conduct your own research, consider your financial situation, and, if necessary, consult with a licensed professional before making any decisions.