Ledger seeks to go public in the United States

Source: Criptonoticias Original Title: Ledger seeks to go public in the United States Original Link: French firm Ledger, known for its physical storage devices for bitcoin (BTC) and cryptocurrencies, has begun steps to list its shares on the U.S. stock exchange.

In a regulatory environment that on Wall Street is increasingly perceived as more favorable for the cryptocurrency industry, the company aims to capitalize on the growing interest of institutional investors through an initial public offering (IPO). A move that could transform its capital structure and strengthen its position in the tech ecosystem.

The potential IPO is happening at a time when the company is experiencing notable revenue growth. This move was confirmed by its CEO, Pascal Gauthier, who revealed last November that they reached triple digits in millions.

The operation could be completed this year and would aim for a valuation exceeding $4 billion, according to people familiar with the matter.

This figure represents a significant increase from the $1.5 billion valuation in 2023. The valuation was achieved after a funding round backed by investors such as True Global Ventures and 10T Holdings.

So far, Ledger has not made any official public statement on this matter.

Banking alliances to take Ledger to the U.S. stock market

Ledger is not proceeding alone in this process; it has hired financial entities such as Goldman Sachs, Jefferies, and Barclays, which are advising on structuring and executing the IPO. This is a collaboration with top-tier institutions that highlights the scale of the project and the traditional financial sector’s interest in digital assets.

This move is part of a broader context of opening up to cryptocurrencies in the United States.

In recent months, firms like Circle (issuer of USDC), Gemini, and BitGo have followed this path. Ledger aspires to join this select group, complying with the rigorous audit and compliance requirements of the U.S. Securities and Exchange Commission (SEC).

Persistent concerns about security and privacy

Despite the optimism, Ledger’s trajectory includes episodes that raise doubts among experts and the community.

On-chain researchers have repeatedly criticized the company for multiple security incidents. These include leaks of personal customer data (names, emails, addresses, and purchase details), which have facilitated targeted thefts and millions in cryptocurrency losses.

These issues are not limited to internal breaches. In January 2026, a new exposure of information was confirmed through the Global-e payment processor, an external provider handling transactions on Ledger.com.

Additionally, technical flaws have been pointed out in products like the Ledger Nano X (battery issues) and changes in the business model — such as plans to charge for signing functions — which have caused friction with users who value full sovereignty over their assets. These vulnerabilities in the supply chain and data management pose a key risk that investors will need to analyze thoroughly during due diligence.

If it materializes, Ledger’s entry into the U.S. stock market would mark an important step in the maturation of the hardware wallet manufacturer sector for bitcoin and other cryptocurrencies.

Backed by banks like Goldman Sachs, a solid valuation is suggested. However, the success of the IPO will depend on how the company addresses these outstanding issues regarding privacy, security, and device durability, balancing growth ambitions with the core promise of protection that defines its brand.