TL;DR
- Ledger IPO plans have advanced from a strategic question into an active capital-raising review. The company is now weighing public markets alongside private funding as viable options.
- Recent reporting points to adviser involvement and valuation discussions, but no SEC filing or firm commitment has been disclosed.
The idea of Ledger IPO plans is not new. As early as November 2025, the crypto hardware wallet firm Ledger publicly acknowledged that a future listing was one of several strategic options under consideration. At the time, comments made by CEO Pascal Gauthier to the Financial Times and Sifted framed the discussion around long-term positioning rather than an active transaction.
What has changed since then is not the underlying logic, but the process now underway to determine how Ledger raises its next round of capital.
Recent reporting, led by the Financial Times and cited across multiple outlets, indicates that this evaluation has progressed from a conceptual discussion to a structured analysis. Seemingly, public markets are now treated as a viable funding route rather than a distant possibility.
November 2025: a strategic question, not a capital process
When the conversation on Ledger’s potential IPO plans surfaced last autumn, it was framed as a strategic consideration. Ledger had reached meaningful scale, with revenue in the hundreds of millions of dollars, according to comments made by Gauthier to the Financial Times. The company had also expanded beyond consumer hardware into enterprise-grade security and custody services.
However, the reporting at the time did not describe an active capital-raising process. It did not include the names of advisers. The valuation range was not discussed. No listing venue was identified. The coverage reflected strategic framing rather than execution planning.
Capital needs come first
Ledger is reviewing how to raise capital for its next stage of growth. This assessment involves weighing private funding against public markets, rather than committing to a single route from the outset.
At this stage, companies often engage external advisers to test multiple scenarios. They model valuations and assess market appetite. They review regulatory and jurisdictional implications. These steps do not require a firm decision to list. However, they do elevate an IPO from a theoretical option to a practical one.
What changed since then
According to Financial Times reporting published in January, Ledger is now working with major investment banks, including Goldman Sachs, Jefferies, and Barclays, as part of this evaluation. The same reporting cites people familiar with the matter as saying that discussions have included valuation scenarios exceeding $4 billion and a potential U.S. listing.
A Ledger US IPO would bring significant regulatory and disclosure requirements. The fact that these elements are now being actively assessed suggests that Ledger’s IPO plans have advanced within a broader decision process to raise capital. Ledger declined to comment publicly on the reporting.
Where the process stands today
Active evaluation, however, does not necessarily equate to commitment. There is no public evidence that Ledger filed an S-1 with the SEC, either public or confidential, despite ongoing IPO discussions. The company has yet to announce any transaction and a corresponding timeline.
While other crypto firms have previously pursued confidential filings ahead of potential listings, no such step has been reported for Ledger. Monitoring SEC filings remains the clearest way to confirm escalation beyond the current stage. A Ledger public listing remains one possible outcome, not a confirmed plan.
>>> Read more: Kraken Filed Confidential S-1 seeking $20B IPO
Valuation and positioning
The repeated reference to a multi-billion-dollar range introduces the first concrete benchmark. An IPO valuation at that level reflects the Ledger’s scale, revenue base, and relevance within crypto security infrastructure. It also places the firm among the larger potential crypto-related listings currently under evaluation in U.S. markets.
These figures are indicative rather than final. They signal that advisers are testing financial models against public-market comparables as part of a wider capital review.
Why this matters now
The importance of the current reporting lies in its specificity and sourcing. Named advisers, valuation ranges, and venue discussions typically appear only once capital strategy moves from abstract debate to structured assessment.
At the same time, the reliance on anonymous sources and the absence of formal filings underline the provisional nature of the process. Ledger IPO preparation is visible as part of a broader capital decision, not as confirmation of an outcome.
>>> Read more: BitGo public listing completes at $18 as crypto IPO discipline holds
What to watch next
Confirmation of a confidential filing or clearer guidance on timing would indicate that the public route has been selected. Continued silence, or the announcement of a new private funding round, would point in the opposite direction.
For now, the story reflects evolution rather than inevitability. Ledger IPO plans have progressed from a strategic question into one option within an active capital-raising process, with public markets now firmly under consideration.
