Ledger, known as a leading manufacturer of cryptocurrency hardware wallets based in France, is advancing plans for an initial public offering on the New York Stock Exchange, targeting a valuation projected to reach approximately $4 billion. This figure nearly triples the company's valuation from earlier in the current year, 2023.
The move to go public is being facilitated through an engagement with several major financial institutions, including Goldman Sachs, Jefferies, and Barclays. According to reports, these entities are working together to arrange an IPO that could take place later this year.
Founded in 2014, Ledger has established itself as a significant player in the crypto security infrastructure, generating revenue in the hundreds of millions of dollars. The company’s prominent role has been underscored by increasing incidents of cryptocurrency-related security breaches, which have reached record highs. Pascal Gauthier, Ledger’s chief executive officer, highlighted in November 2023 the possibility of launching an IPO as demand intensifies for more secure hardware-based wallet solutions amid the rising security threats in the crypto sphere.
This initiative aligns strategically with recent market developments. Notably, BitGo, another crypto infrastructure firm, successfully completed its NYSE debut on a recent Thursday, with shares initially priced at $18. BitGo's stock closed up 2.7 percent on that day, achieving a market capitalization exceeding $2 billion. The company’s IPO raised $212.8 million and was reportedly oversubscribed several times, indicating robust institutional interest in crypto-focused infrastructure businesses.
BitGo’s strong market entry appears to be catalyzing momentum among other cryptocurrency companies that are now preparing for public offerings.
Other Crypto Market Entrants Preparing for 2026 IPOs
Ledger joins a significant queue of crypto enterprises planning public listings during the upcoming year, 2026. This pipeline includes:
- Kraken: This well-known cryptocurrency exchange submitted a confidential filing with the Securities and Exchange Commission (SEC) in November 2025. It has ambitions to debut publicly in the first half of 2026, targeting a valuation near $20 billion.
- ConsenSys: The major player behind the MetaMask wallet, ConsenSys is collaborating with JPMorgan and Goldman Sachs on arrangements for a mid-2026 IPO. The company's valuation is estimated at around $7 billion.
- Animoca Brands: A key entity in the Web3 gaming space, Animoca plans to enter the market via a reverse merger on the Nasdaq exchange, targeting a valuation close to $6 billion.
- Bithumb: A major South Korean cryptocurrency exchange, Bithumb is set to pursue a public listing on the Korea Exchange in 2026.
2025 Crypto IPOs: Outcomes and Market Reception
The wave of cryptocurrency-related IPOs during 2025 has produced varied results. Globally, at least 11 crypto companies went public throughout the year, collectively raising approximately $14.6 billion. This figure marks a substantial increase over 2024, which saw only four crypto-related IPOs generating about $310 million.
Among the notable debuts in 2025 was Circle Internet Group. After pricing its shares at $31 each in June 2025, the company's stock surged 168% on its first trading day. Circle’s stock price reached an all-time high of $298.99 but subsequently declined significantly to approximately $85, representing a 71.6% drop from its peak, though still maintaining a 174% premium over its initial offering price.
Gemini, another exchange that went public in 2025, opened on its debut at $37.01, which was 32% above its $28 IPO price. However, the stock later fell to around $11 per share, a decrease of 61% below the IPO price after the company reported a net loss of $283 million in the first half of 2025.
Factors Stimulating Crypto IPO Wave
The rising trend in initial public offerings among crypto infrastructure companies has been influenced by enhanced regulatory clarity experienced during the tenure of the previous U.S. administration. Steps taken to refine oversight of the cryptocurrency sector include progress on stablecoin legislation, such as the GENIUS Act, and coordinated regulation efforts between the SEC and CFTC. These developments have contributed to reducing significant regulatory uncertainties that previously clouded the market.
Capital investment into crypto ventures also surged in 2025, with total venture funding reaching $19.7 billion, alongside over 265 mergers and acquisitions amounting to $8.6 billion. These M&A figures represent nearly a fourfold increase compared to 2024.
Potential Risks and Challenges Ahead
Despite a promising environment for crypto IPOs, there are notable risks and uncertainties to consider. Recent offerings have suffered from significant price volatility, particularly influenced by fluctuations in the price of Bitcoin. A sharp market downturn in October 2025 led to the liquidation of more than $19 billion in crypto leverage in a single day, adversely affecting publicly traded crypto stocks.
Ledger also faces challenges related to its reputation due to prior security incidents. In recent weeks, the company confronted a data exposure involving its payment processing partner, Global-e, resulting in the compromise of customer personal information. Ledger has a history of data incidents, including a breach in 2020 that affected 270,000 customers and a hack in 2023 which resulted in nearly $500,000 in losses.
These factors highlight that while demand for crypto infrastructure firms such as Ledger is on the rise, stakeholders must navigate considerable operational and market risks.