Crypto wallet manufacturer Ledger plans a $4 billion IPO in the US

Source: PortaldoBitcoin Original Title: Ledger Cryptocurrency Wallet Manufacturer Plans $4 Billion IPO in the US Original Link: The hardware wallet manufacturer for cryptocurrencies Ledger has hired Goldman Sachs, Jefferies, and Barclays to lead an (IPO) in the US that could value the company at over US$ 4 billion, as cryptocurrency custody becomes an essential infrastructure for institutional investors.

The deal could be finalized later this year, although plans are subject to change, according to people familiar with the matter.

The listing plan on the (NYSE) adds Ledger to a queue of cryptocurrency companies seeking listings in the US amid a more favorable regulatory environment under President Donald Trump’s administration, which has positioned the United States as a hub of innovation in digital assets since returning to office.

Yesterday, the cryptocurrency wallet and custody provider BitGo went public on the stock exchange, becoming the first digital asset IPO of 2026, offering 111,821,595 shares to raise up to US$ 213 million, with a valuation of nearly US$ 2 billion.

Perspectives on Cryptocurrency IPOs

Market conditions for cryptocurrency IPOs remain mixed.

While in 2025, the shares of stablecoin issuer Circle surged to nearly 10 times the IPO price, most cryptocurrency stocks have fallen over the past three to six months, following Bitcoin’s decline, even as major stock indices approach their all-time highs.

Musheer Ahmed, founder and managing director of Finstep Asia, said that if macroeconomic conditions become more restrictive in 2026, “cryptocurrency IPOs will likely be affected in two ways: first, in subscription and participation, which could harm IPO success; and second, in the price appreciation after going public.”

He added that if the cryptocurrency market experiences a slight uptick, “there will be more potential for crypto-related IPOs to perform better, provided the macroeconomic and overall economic situation does not worsen and remains neutral or sideways.”

Bitcoin is currently trading at US$ 89,147, down 6.6% over the past seven days, while the total cryptocurrency market capitalization exceeds US$ 3 trillion, with a 0.8% decrease in the last 24 hours.

“Custody is an important topic” in major jurisdictions, said Ahmed, noting that stricter custody regulations align with Ledger’s core business and that increasing institutional entry into virtual assets could boost demand for Ledger as a custody partner.

Marcin Kazmierczak, co-founder and COO of the modular oracle Redstone, said that the regulatory environment favors Ledger despite ongoing market uncertainty.

“We are seeing institutional capital entering the sector precisely because clarity is emerging — BlackRock, VanEck, Hamilton Lane, and Apollo are not acting without conviction regarding the regulatory trajectory,” he said.

The Ledger Case

Kazmierczak noted that Ledger faces different risks than trading platforms, explaining that the adoption of hardware wallets is “more resilient to sudden regulatory changes than trading volumes or the (TVL) of DeFi. If regulation becomes more stringent, people will still need secure self-custody.”

He added that Ledger’s revenue remains exposed to consumer hardware cycles, warning that “another prolonged recession will certainly impact this, as we saw in 2022,” but noted that the IPO could benefit from “a stronger institutional cycle than pure retail enthusiasm.”

The recent wave of cryptocurrency IPOs follows years of stagnation after Coinbase’s debut on Nasdaq in 2021.

Last year, cryptocurrency companies like Circle, Gemini, and Bullish went public in the US, driven by favorable regulations and renewed retail interest, reopening public markets for digital asset companies.