Ledger Eyes US IPO with >$4B Valuation, Advisers Include Goldman Sachs and Barclays

Published: 2026-01-24 05:45:23 |

Ledger, the French hardware wallet maker, is preparing for a US initial public offering that could value the firm at more than $4 billion. Advisers named in reports include Goldman Sachs and Barclays, and the company may target a New York listing as soon as 2026, though timing and plans remain subject to change. Ledger says it secures roughly $100 billion in Bitcoin for customers and reported revenues in the hundreds of millions in 2025 amid growing demand for secure custody. The IPO interest follows a wave of crypto listings in 2025 and is informed by recent market signals: BitGo’s US debut — which opened up about 24.6% and implied a valuation near $2.6 billion — is seen as an investor test for regulated crypto infrastructure firms. Market drivers cited include clearer regulatory signals, stronger institutional demand, and a perceived need for regulated custody after high-profile hacks. Ledger’s hardware-wallet business and offline custody focus differentiate it from token-centric firms and may appeal to investors seeking revenue stability and regulatory compliance. Key points for traders: potential valuation >$4B, advisers Goldman Sachs and Barclays, possible 2026 NYSE/Nasdaq target, comparable recent IPO: BitGo (~$2.59B, +24.6% at open).

Neutral

The news is likely neutral for crypto prices themselves (primarily BTC) because Ledger is a hardware wallet/custody provider rather than a token issuer. A successful IPO could be positive long-term for sector confidence and institutional interest in custody solutions, which may indirectly support Bitcoin by improving on-ramps and perceived safety — a mild bullish structural signal. In the short term, however, IPO plans and adviser appointments are company-specific corporate developments that typically have limited direct impact on cryptocurrency prices. Traders may see increased interest in custody-related stocks and infrastructure names, but direct price moves in BTC from this announcement are likely muted unless the IPO triggers broader institutional flows or regulatory changes. Considerations: - Short-term: limited direct impact on BTC/other token prices; potential sector-specific volatility around comparable listings (e.g., BitGo). - Medium/long-term: successful listing could improve investor confidence in regulated custody, attracting institutional capital and providing mild supportive pressure on BTC demand. - Risks: IPO delays, regulatory setbacks or market volatility could dampen sentiment. Overall, classify as neutral regarding immediate price action for the cryptocurrencies mentioned.