Ledger Prepares New York Stock Exchange IPO Valued Over US$4 Billion This Year

Ledger, the French cryptocurrency hardware-wallet maker founded in 2014, is preparing an initial public offering on the New York Stock Exchange this year, with the Financial Times valuing the company at more than US$4 billion.

“Crypto IPOs could create massive $1 trillion market amid tokenization wave, Jefferies says The Wall Street investment bank expects a wave of crypto and blockchain public listings over the next two years as institutional investors shift their focus from speculative trading to real-world financial infrastructure”

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CoinDesk reported Ledger is working with Goldman Sachs, Jefferies and Barclays to facilitate an IPO as soon as this year, and said Pascal Gauthier told the FT in November that as hacks reached a record high, revenues reached hundreds of millions.

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CoinDesk also tied the timing to recent security setbacks, including a security breach related to an external payment processor, Global-e, that exposed Ledger customers’ personal data from Global-e’s cloud system, and earlier incidents in 2020 and 2023 involving 270,000 customers and about US$500,000 lost due to a hack.

Cointribune framed the move as part of a broader shift since Donald Trump’s return to the White House, saying the administration has made crypto a strategic national axis and that “El dinero está en Nueva York hoy para la cripto, en ningún otro lugar del mundo, y ciertamente no en Europa.”

CoinDesk added that BitGo went public on Thursday with shares trading at US$18 and closing up almost 2.7%, for a valuation of more than US$2.0 billion, positioning Ledger’s IPO as the next major listing for the sector.

Jefferies, in a report published after its first Digital Assets Investor Conference in New York, expects a wave of crypto and blockchain public listings over the next two years and believes the sector could grow into a $1 trillion public market within five years.

The conference gathered executives from 35 digital asset companies alongside roughly 150 institutional investors, and Jefferies said the focus was less on bitcoin price speculation and more on how blockchain systems are increasingly being integrated into traditional finance.

bloomingbit

In the same report, Jefferies said “Client engagement continues to grow as focus shifts to emerging beneficiaries as banks, exchanges, asset managers, fintechs and payments companies integrate blockchain infrastructure,” linking the IPO outlook to institutional adoption of digital asset infrastructure.

The Jefferies thesis also pointed to tokenization as a key driver, with tokenized money market funds, private credit products and blockchain-based settlement systems described as already moving into production following regulatory guidance that reduced legal uncertainty around digital assets.

The report further argued that the proposed CLARITY Act could become “the missing piece” that drives more institutional investments and pushes blockchain-based finance further into the mainstream.

Jefferies said the crypto IPO market has slowed this year after a booming 2025, but another wave of offerings is expected later this year with crypto companies including Securitize and Payward, the parent company of Kraken, finalizing IPO plans.

“Ledger, a French manufacturer of cryptocurrency hardware wallets, plans an initial public offering (IPO) on the New York Stock Exchange this year with a valuation of more than US$4 billion, according to the Financial Times, citing people familiar with the matter”

CoinDesk

The report also highlighted how traditional financial firms are partnering with crypto-native infrastructure providers rather than competing directly, describing a growing ecosystem where banks, trading platforms and payments firms use blockchain networks to reduce settlement times, improve capital efficiency and launch new financial products.

In parallel, TradingView reported that KRAKacquisition Corp., Kraken-backed, completed an upsized $345 million initial public offering on Nasdaq, selling 34.5 million units at $10 each, with units beginning trading on the Nasdaq Global Market under the symbol KRAQU on Wednesday.

TradingView said KRAKacquisition was formed as a SPAC and that it has not identified a business combination target nor engaged in discussions with potential acquisition candidates, though its initial SEC filing indicated it would focus on digital asset ecosystem companies.

Across the broader market, CoinDesk noted that Ledger’s IPO news comes just two weeks after its breach tied to Global-e, while Cointribune said Ledger’s ambition to recover user trust is central as it navigates past incidents including the 270,000-client data breach in 2020 and the 2023 hack.