After BitGo, Ledger tries its luck on the New York Stock Exchange

Ledger, one of the French flagships of crypto-security, wants to play with the big leagues. Its ambition no longer stops at designing technical innovations: the company now wants to compete on the global finance field. Benefiting from explosive growth and a booming crypto market, Ledger is preparing its entry to the New York Stock Exchange. A symbolic milestone for a European company aiming to prove that technological excellence can also rhyme with financial ambition.

From Paris to Wall Street: Ledger offers itself a financial second life 

Founded in 2014, Ledger first built its reputation on the reliability of its hardware wallets. Today, the company wants to take a new step: an IPO in New York, supported by Goldman Sachs, Jefferies, and Barclays. The operation could value the company at over 4 billion dollars, nearly triple its last fundraising in 2023.

This strategic decision is part of a broader dynamic. Since Donald Trump’s return to the White House, the American administration has made crypto a national strategic focus. As a result, investors flock to crypto infrastructure companies, like BitGo, valued at over 2 billion after its successful NYSE listing.

For Pascal Gauthier, CEO of Ledger, the logic is irrefutable:

Money is in New York today for crypto, nowhere else in the world, and certainly not in Europe.

Ledger therefore joins this strategic migration of European companies toward American finance, ready to become the first French “crypto unicorn” listed on Wall Street.

Trust and security: Ledger’s risky but assumed bet in crypto 

But Ledger’s financial ambition comes with a major challenge: regaining users’ trust. The company has suffered several setbacks: data leak of 270,000 customers in 2020, $500,000 hack in 2023, and a flaw in its supplier Global-e in early 2026. Each episode could have undermined its credibility. Yet the opposite happened.

Crises have paradoxically strengthened Ledger’s legitimacy. While hacks reached $17 billion in 2025 according to Chainalysis, users seek to regain control of their assets. Sales of crypto security devices soar, and Ledger registers record revenue, reaching several hundreds of millions.

Its CEO sums up this paradox by explaining that Ledger’s revenues, issuer of the Nano S Plus keys, reach new heights, driven by the rise in hacks and increasingly eager investors to keep control of their keys.

By riding on users’ fears, Ledger turns security into a growth lever. For investors, it is a model as promising as it is risky: the more attacks increase, the more demand for Ledger products explodes.

Ledger’s key figures on the eve of its IPO:

• 4 billion dollars: targeted valuation for the IPO in New York;
• 1.5 billion dollars: valuation during the last fundraising in 2023;
• 17 billion dollars: estimated value of crypto stolen in 2025 according to Chainalysis;
• 270,000 customers: affected by the 2020 data leak, Ledger’s first major crisis;
• 2026: planned year for the IPO, marking a new era for crypto security.

Ledger does not claim to be infallible but moves confidently along the well-trodden paths of crypto. The company wants to prove that innovation and ambition can coexist. After all, it is no coincidence that in May last year, it launched an unprecedented crypto card in the United States: a clear symbol of its desire to go further and further.