Ledger, the French manufacturer of hardware wallets for crypto assets, is reportedly moving forward with plans for a potential initial public offering (IPO) in New York, indicating continued momentum in public market interest in digital asset companies.
The listing would place Ledger among a growing group of cryptocurrency companies seeking access to US capital markets, following BitGo’s recent public debut earlier this week.
Ledger taps Wall Street giants to go public in US
This step comes amid a broader scope Initial public offering A wave that gained strong momentum throughout 2025, when several major companies operating in the cryptocurrency space went public or began laying the groundwork to do so.
Companies like Circle (CRLC), Bullish (BLSH), eToro (ETOR), Figer (FIGR), and Gemini (GEMI) have already gone public in the US, while Grayscale and Kraken remain part of the renewed IPO push, with applications filed and preparations still underway.
According to A a report By Financial Times Ledger has engaged investment banks including Goldman Sachs and Barclays to advise on its US IPO.
People familiar with the matter say the bid could value the company at more than $4 billion. While the IPO could happen as soon as this year, sources cautioned that plans remain subject to change.
Ledger’s stated ambitions come in an IPO Bitgo The company opened trading Thursday with its shares up 24.6%, giving the company a valuation of about $2.59 billion.
BitGo and several of its existing shareholders sold 11.8 million shares at a price above the initially marketed range of $15 to $17, raising $212.8 million in the process.
BitGo sets the tone for its 2026 cryptocurrency IPO
Market experts have pointed to BitGo’s performance as an important signal for the broader cryptocurrency IPO landscape. Lukas Muhlbauer, Research Associate at IPOX, described BitGo listing as first major test of investor demand for cryptocurrency-related offerings in 2026.
He noted that while Gemini went public near the peak of the cryptocurrency market last year, BitGo entered the market during the recent sell-off, making its reception particularly pronounced.
Muhlbauer added that BitGo’s positioning as a profitable and regulated “digital asset infrastructure company,” rather than one directly tied to token price movements, helped insulate it from the “day-to-day volatility of Bitcoin (BTC).”
Beyond Ledger, expectations are growing that the pipeline of cryptocurrency IPOs will continue to grow. In addition to Kraken and Grayscale, industry experts believe that next year could bring a greater number of cryptocurrency-related IPOs in the United States.
“2025 has seen the professionalization of cryptocurrencies, and the public markets have taken notice.” He said Mike Bellin, a partner at PricewaterhouseCoopers who leads the firm’s U.S. IPO practice.
But some shows have faced delays. The fourth quarter could have seen a higher number of IPOs, said Elliot Hahn, chief investment officer at C1 Fund.
He pointed to the prolonged federal government shutdown as a key factor pushing many listings into the first quarter of 2026. Hahn also noted that increased volatility in the stock market toward the end of the third quarter added further complications.
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