French company Ledger, known for its physical storage of Bitcoin (BTC) and other cryptocurrencies, has begun steps to list its shares on a U.S. stock exchange.
In a regulatory environment that Wall Street perceives as increasingly favorable to the crypto industry, The company seeks to capitalize on increased interest from institutional investors through an initial public offering (IPO). This fact could transform the company’s capital structure and strengthen its position in the technology ecosystem.
The potential IPO comes at a time when the company is experiencing significant revenue growth. The move was confirmed by the company’s CEO, Pascal Gauthier, when he revealed in November last year that the multi-million dollar figure had reached triple digits.
operation It may be completed within this year Officials told the Financial Times that the valuation would be more than $4 billion.
This figure represents a significant increase compared to the 2023 valuation of $1.5 billion. This comes after a funding round from investors including True Global Ventures and 10T Holdings.
So far, Ledger has not released any official public statements regarding the matter.
Bank partnership to bring leisure to U.S. stock market
Ledger is not going through this process alone, hiring financial institutions such as Goldman Sachs, Jefferies and Barclays as advisors to help structure and execute the IPO. This is a collaboration with top-level institutions This highlights the scale of the project and the interest of the traditional financial sector For digital assets.
The move is part of a broader context of openness to cryptocurrencies in the United States. President Donald Trump has prioritized crypto assets as part of his national strategy. This situation has led many companies in the sector to seek public listing for legal stability and access to global capital.
In recent months, companies such as Circle (issuer of USDC), Gemini, and BitGo, which debuted on the stock market yesterday on January 22, 2026, at a valuation of nearly $2 billion, have followed this path. Ledger aims to join this select group by meeting the U.S. Securities and Exchange Commission’s (SEC) stringent audit and compliance requirements.
Security and privacy concerns remain
Despite the optimism, Ledger’s career has included episodes that raise questions among experts and the community.
On-chain researcher ZachXBT has repeatedly criticized the company for multiple security incidents. These include the compromise of personal customer data (names, emails, addresses, purchase details), facilitating targeted thefts and losses of millions of dollars in cryptocurrency.
These problems are not limited to internal gaps. It was confirmed in January 2026, as reported by CriptoNoticias. New information breach via payment processor Global-ethird-party providers that process transactions on Ledger.com.
Additionally, ZachXBT points out technical flaws in products such as the Ledger Nano. These supply chain and data management vulnerabilities represent important risks that investors need to analyze. Thoroughly investigate during due diligence.
If that happens, Ledger’s entry into the U.S. stock market will be an important step. As the sector maturesHardware wallet manufacturer for Bitcoin and other cryptocurrencies.
Support from banks such as Goldman Sachs suggests valuations are solid. But the success of the IPO will depend on how the company addresses these outstanding liabilities around device privacy, security and durability, balancing its growth ambitions with the core protection promise that defines its brand.