Crypto Company Ledger Plans US IPO With Valuation Expected To Top $4 Billion

bitcoinistPublicado a 2026-01-24Actualizado a 2026-01-24

Resumen

Ledger, a French crypto hardware wallet manufacturer, is advancing plans for a potential US IPO in New York, with an expected valuation exceeding $4 billion. It has enlisted Goldman Sachs and Barclays as advisors. This move follows BitGo's recent successful public debut, which saw shares surge 24.6% and raised $212.8 million, signaling strong investor appetite for crypto-related offerings. The IPO wave in 2025 included companies like Circle, Bullish, and Gemini, with Kraken and Grayscale also preparing listings. Experts note BitGo's profitability and regulatory positioning helped insulate it from crypto volatility, suggesting growing market professionalization. However, some IPOs faced delays due to government shutdowns and stock market volatility.

Ledger, the French maker of hardware wallets for crypto assets, is reportedly moving ahead with plans for a potential initial public offering (IPO) in New York, signaling continued momentum in public market interest for digital asset companies.

The listing would place Ledger among a growing group of crypto firms seeking access to US capital markets, following the recent public debut of BitGo earlier this week.

Ledger Taps Wall Street Giants For US IPO

The move comes amid a broader initial public offering wave that gained strong traction throughout 2025, when several major crypto-native companies either went public or began laying the groundwork to do so.

Firms such as Circle (CRLC), Bullish (BLSH), eToro (ETOR), Figure (FIGR), and Gemini (GEMI) have already gone public in the US, while Grayscale and Kraken remain part of the renewed IPO push, with filings submitted and preparations still underway.

According to a report by the Financial Times, Ledger has engaged investment banks including Goldman Sachs and Barclays to advise on its initial public offering in the United States.

People familiar with the matter say the offering could value the company at more than $4 billion. While the IPO could take place as soon as this year, sources cautioned that the plans remain subject to change.

Ledger’s reported IPO ambitions come as BitGo opened trading on Thursday with its shares jumping 24.6%, giving the company a valuation of approximately $2.59 billion.

BitGo and several of its existing shareholders sold 11.8 million shares priced above the initially marketed range of $15 to $17, raising $212.8 million in the process.

BitGo Sets Tone For 2026 Crypto IPOs

Market experts have pointed to BitGo’s performance as an important signal for the broader crypto IPO landscape. Lukas Muehlbauer, an IPOX research associate, described BitGo’s listing as the first major test of investor demand for crypto-related offerings in 2026.

He noted that while Gemini went public near the peak of the crypto market last year, BitGo entered the market during a period of recent selloffs, making its reception particularly telling.

Muehlbauer added that BitGo’s positioning as a profitable and regulated “digital asset infrastructure company,” rather than a business tied directly to token price movements, helped insulate it from “Bitcoin’s (BTC) day-to-day volatility.”

Beyond Ledger, expectations are building that the pipeline of crypto IPOs will continue to grow. In addition to Kraken and Grayscale, industry experts believe the coming year could bring an even larger number of crypto-related IPOs in the US.

“2025 marked the professionalization of crypto, and the public markets noticed,” said Mike Bellin, a partner at PwC who leads the firm’s US IPO practice.

Some offerings, however, have faced delays. Elliot Han, chief investment officer at C1 Fund, said that the fourth quarter could have seen an even higher number of IPOs.

He pointed to the federal government’s prolonged shutdown as a key factor that pushed several listings into the first quarter of 2026. Han also noted that heightened stock market volatility toward the end of the third quarter added further complications.

The daily chart shows the current total crypto market cap valuation at $2.9 trillion. Source: TOTAL on TradingView.com

Featured image from DALL-E, chart from TradingView.com

Preguntas relacionadas

QWhat is the expected valuation of Ledger for its planned US IPO?

AThe IPO could value Ledger at more than $4 billion.

QWhich two investment banks has Ledger reportedly engaged to advise on its US IPO?

AGoldman Sachs and Barclays.

QWhich crypto company's recent IPO performance is seen as an important signal for the broader crypto IPO landscape in 2026?

ABitGo's recent IPO performance is seen as an important signal.

QAccording to the IPOX research associate, what key characteristic of BitGo helped insulate it from Bitcoin's daily volatility?

AIts positioning as a profitable and regulated 'digital asset infrastructure company,' rather than a business tied directly to token price movements.

QWhat two reasons did Elliot Han, CIO of C1 Fund, give for the delay of several crypto IPOs from Q4 into Q1 2026?

AThe federal government's prolonged shutdown and heightened stock market volatility toward the end of the third quarter.

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