The negotiations reportedly involve Goldman Sachs, Jefferies, and Barclays
Ledger is reportedly exploring a possible initial public offering in the US, a move that could place the crypto hardware wallet maker’s valuation above $4 billion. The discussions are still informal, but they signal growing confidence in the market for digital asset security.
According to a Financial Times report, Ledger has been in talks with major US banks, including Goldman Sachs, Jefferies, and Barclays. The conversations center on a potential New York listing, though no timeline or final decision has been announced.
Ledger CEO Pascal Gauthier previously hinted at this direction late last year, saying the company was considering either new fundraising or a public listing in the US. He suggested capital markets tied to crypto have become far more attractive outside Europe.
Founded in Paris in 2014, Ledger is best known for its hardware wallets, which allow users to store private keys offline. These devices are designed to reduce exposure to online threats, a concern that continues to grow across the crypto space.
Security has become a bigger focus following a wave of high-profile hacks. Blockchain analytics firm Chainalysis estimates that more than $3.4 billion was stolen through crypto-related thefts in 2025. Ledger benefited from that trend, posting its strongest financial year to date with revenue reaching the hundreds of millions.
Gauthier has openly warned that digital theft is becoming more common, not just in crypto but across financial accounts in general. That environment has increased demand for cold storage solutions among both retail and institutional users.
The report surfaced just one day after crypto custodian BitGo debuted on the New York Stock Exchange. BitGo’s shares jumped sharply in early trading, adding momentum to broader IPO speculation across the sector.
Ledger declined to comment directly on the IPO rumors. Still, the talks reflect how crypto infrastructure firms are drawing renewed attention from traditional financial players.
