Ledger aims to triple its valuation with a $4 billion IPO, reports Financial Times

The Financial Times has revealed a significant strategic move in the cryptocurrency wallet industry: Ledger, the French hardware wallet manufacturer, plans to go public on the New York Stock Exchange this year with a valuation exceeding $4 billion. This figure represents a substantial jump from the $1.5 billion valuation during its last funding round in 2023.

According to FT, the company is collaborating with three Wall Street giants: Goldman Sachs, Jefferies, and Barclays, to facilitate the public listing. The timing of the announcement coincides with a renewed institutional interest in crypto infrastructure companies.

Why is Ledger choosing to go public now? The BitGo precedent

BitGo has just paved the way for crypto infrastructure companies. The digital asset custody service provider debuted on the NYSE a few weeks ago, listing its shares at $18 and closing with an almost 2.7% revaluation, reaching a valuation of over $2 billion. This move marks the first listing of a major crypto firm in 2026, after multiple sector companies experienced volatility in previous periods.

BitGo’s case demonstrated to investors that there is real demand for companies providing essential infrastructure services, not trading platforms. This seems to have accelerated Ledger’s plans.

Increasing revenues paradoxically alongside rising hacks

There is an interesting paradox in Ledger’s narrative. CEO Pascal Gauthier mentioned in November to the Financial Times that, as hacking attempts reached record levels, the company’s revenues also increased, reaching hundreds of millions of dollars. This dynamic reflects how greater awareness of crypto security drives demand for hardware wallets.

However, Ledger’s growth contrasts with recent security challenges that cannot be ignored. The company recently faced a data breach through Global-e, its external payment processor, which compromised customer personal information stored in the cloud. Additionally, Ledger suffered a major breach in 2020 affecting 270,000 customers, and in 2023, it lost approximately $500,000 due to a hack that compromised several decentralized finance applications.

The updated cryptocurrency market and IPO outlook

As Ledger moves toward its listing, the price of Bitcoin (BTC) remains near $79,020, reflecting the ongoing volatility of the crypto market. The hardware wallet company is positioned as a long-term beneficiary of this volatility, as users seek more robust security solutions.

The Financial Times report suggests that 2026 could be a decisive year for crypto infrastructure companies to access public markets, especially if Bitcoin’s price cycle continues to strengthen the narrative of institutional adoption that drives demand for secure platforms.