French crypto hardware wallet provider Ledger is exploring a potential initial public offering in the United States. The company is said to be in discussions with Goldman Sachs, Barclays, and Jefferies about a possible listing that could value Ledger at more than $4 billion.
The reported talks come amid rising demand for offline crypto storage as hacks and fraud continue to weigh on digital asset markets. More than $3.4 billion was stolen in crypto-related incidents in 2025, reinforcing the appeal of self-custody solutions. Ledger, founded in 2014, produces hardware wallets that store private keys offline to reduce exposure to online attacks.
Ledger posted a record year in 2025, with revenue reaching the hundreds of millions of dollars. While the company declined to confirm IPO plans, the discussions highlight renewed investor interest in crypto infrastructure firms following recent US listings in the custody sector.
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