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Ledger Eyes US IPO Amid Growing Crypto Market Interest
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Ledger, the renowned French manufacturer of hardware wallets for cryptocurrency assets, is reportedly advancing plans for a potential initial public offering (IPO) in New York. This move underscores the burgeoning interest in digital asset companies within public markets. A successful listing would position Ledger among a rising number of crypto firms seeking to tap into US capital markets, following the recent debut of BitGo.
Major Wall Street Firms Poised to Support Ledger’s IPO
The move comes on the heels of a significant wave of initial public offerings that gained momentum in 2025, with several prominent crypto-native companies making their public market debuts or preparing for them. Notable firms such as Circle (CRLC), Bullish (BLSH), eToro (ETOR), Figure (FIGR), and Gemini (GEMI) have already gone public in the US, while Grayscale and Kraken are actively engaged in IPO preparations.
According to the Financial Times, Ledger has enlisted the expertise of investment banks like Goldman Sachs and Barclays to guide its US IPO. Sources indicate that the offering could potentially value the company at over $4 billion. Although the IPO might occur as early as this year, insiders caution that these plans remain fluid and subject to change.
Ledger’s IPO ambitions emerge as BitGo opened trading last Thursday, with its shares surging by 24.6%, resulting in a valuation of approximately $2.59 billion. BitGo and its existing shareholders sold 11.8 million shares, priced above the initial range of $15 to $17, raising a substantial $212.8 million.
BitGo Paves the Way for 2026 Crypto IPOs
Industry analysts consider BitGo’s market performance a critical indicator for the broader crypto IPO landscape. Lukas Muehlbauer, an IPOX research associate, characterized BitGo’s listing as the first significant test of investor appetite for crypto-related offerings in 2026. He emphasized that while Gemini went public during the crypto market peak last year, BitGo’s entry during a period of market selloffs made its reception noteworthy.
Muehlbauer highlighted BitGo’s distinction as a profitable and regulated “digital asset infrastructure company,” which helped shield it from Bitcoin’s (BTC) daily price fluctuations. This positioning insulated BitGo from the volatility often associated with token price movements.
Beyond Ledger, there is a growing anticipation that the pipeline for crypto IPOs will continue to expand. Alongside Kraken and Grayscale, industry experts foresee a surge in crypto-related IPOs in the US in the coming year.
In 2025, the crypto industry underwent a professionalization phase, attracting attention from public markets, according to Mike Bellin, a partner at PwC leading the firm’s US IPO practice. However, some offerings have encountered delays. Elliot Han, chief investment officer at C1 Fund, noted that the fourth quarter could have seen more IPOs if not for the federal government’s extended shutdown, which pushed several listings to the first quarter of 2026. Additionally, increased stock market volatility toward the end of the third quarter introduced further complexities.
The current total crypto market cap valuation stands at $2.9 trillion, reflecting the sector’s robust growth and potential.
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