Rumors are swirling that Ledger, the French crypto security company best known for its Nano and Stax hardware wallets, may be preparing for a New York IPO. Multiple outlets cite unnamed sources claiming that Ledger is exploring a U.S. stock market listing or an alternative fundraising round.
The company has not confirmed any such plans, and no filing has been made with the U.S. Securities and Exchange Commission. Still, the reports, based on leaks to the Financial Times, have sparked discussion about whether an IPO is likely and why it would make strategic sense at this stage of the market cycle.
Crypto Security Demand Has Never Been Higher
A Ledger IPO would come at a time when crypto security is once again at the center of investor attention. In 2025 alone, global crypto thefts have exceeded $22 billion, pushing both retail and institutional users toward secure self-custody options.
Ledger’s crypto hardware wallet lineup has become the industry standard, with the Nano X and Stax models seeing record sales. The company has also broadened its ecosystem through Ledger Live. This software platform enables direct token management and staking from within the device. Combined, these elements make Ledger one of the few profitable infrastructure players in a still-volatile crypto industry.
Why a Ledger IPO Would Make Sense
Even if the current reports are speculative, the timing of a Ledger IPO would be logical. The crypto market has stabilized after a prolonged bear phase, and institutional investors are returning to digital assets as an emerging asset class.
Listing in the United States would give Ledger access to deeper capital markets and stronger liquidity compared to European exchanges. It would also align the company with global peers like Coinbase and Robinhood, which have shown that crypto-related equities can perform when markets recover.
From a branding perspective, a New York listing would signal maturity, transforming Ledger from a private tech brand into a public market leader. For a European firm, that’s a major credibility leap in front of investors, regulators, and enterprise clients.
Fundraising Remains a Viable Alternative
Still, is Ledger going public? For now, the company appears to be keeping its options open. Sources suggest that Ledger management is also considering a fundraising round, potentially bringing in new private investors before any IPO decision is made.
Private financing would allow Ledger to maintain strategic flexibility and avoid the heavy disclosure requirements and market scrutiny that come with a public listing. Depending on market conditions, this hybrid approach, raising capital first, listing later, might offer the best of both worlds.
Possible Valuation and Timeline
Reports referencing the Financial Times mention a potential IPO valuation of around $3 billion, based on Ledger’s recent revenue growth and profitability metrics. That figure would place Ledger among the top-valued blockchain infrastructure companies in Europe.
Industry insiders have also circulated Ledger IPO 2026 rumors, but no official roadmap or timeline has been confirmed. Given the company’s past capital raises, most recently a $380 million Series C in 2021, any move to public markets would likely follow further revenue expansion or a new product cycle.
Challenges Ahead
A Ledger IPO would not come without risk. The SEC’s regulatory climate toward crypto companies remains unpredictable, and any offering would require careful structuring to meet compliance standards. Moreover, public markets demand transparency and quarterly performance updates. Such factors can constrain innovation cycles for a hardware and software company operating in a fast-moving industry.
However, Ledger’s strong balance sheet, recurring revenues, and diversified product mix could offset those pressures. Investors increasingly view crypto security companies as essential infrastructure rather than speculative bets.
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Bottom Line
The speculation around a Ledger IPO may still be just that, speculation. But the reasoning behind it is sound. Ledger is profitable, globally recognized, and positioned at the intersection of security, hardware, and decentralized finance.
Whether through a New York listing or a new fundraising round, the company’s next move will likely reinforce its status as a leading crypto security brand in a market rediscovering its appetite for trusted infrastructure.
Even if an IPO doesn’t materialize soon, the fact that such a move is being discussed at all shows how far the crypto industry has come since its post-2022 downturn.
Readers’ frequently asked questions
Where can investors confirm if Ledger has officially filed for an IPO in the United States?
Verified filings appear on the U.S. Securities and Exchange Commission’s EDGAR database. Search for “Ledger” under recent Form S-1 or F-1 registrations to see whether an official IPO application exists.
Which authority oversees the approval of a New York stock market listing?
IPOs on the New York Stock Exchange or Nasdaq require authorization from the U.S. Securities and Exchange Commission (SEC) and the respective exchange’s listing committee before trading can begin.
How can the public access Ledger’s company financials once an IPO filing becomes available?
Once a registration statement is submitted, Ledger’s audited financial reports and risk disclosures become publicly accessible through the SEC’s EDGAR portal and are typically summarized in major financial media.
What Is In It For You? Action items you might want to consider
Track SEC filings for a Ledger IPO
If you monitor crypto equity opportunities, check the U.S. SEC’s EDGAR database for new Form S-1 or F-1 entries under “Ledger.” This is the first verifiable signal that an IPO process has formally begun.
Compare crypto-security valuations against public peers
Benchmark Ledger’s implied valuation versus listed peers in adjacent segments (e.g., Coinbase, Robinhood, cybersecurity hardware/software). This helps assess how markets price security-focused digital-asset firms.
Monitor institutional flows into crypto infrastructure equities
Keep an eye on fund allocation reports and ETF holdings that include custody, wallet, or blockchain-infrastructure names. Rising allocations indicate stronger demand for this equity theme.
