Hardware wallet manufacturer Ledger is preparing for a U.S. initial public offering that could value the Paris-based firm at over $4 billion, according to a Friday report from the Financial Times. The move signals a potential reopening of the crypto IPO window, coming just 48 hours after institutional custodian BitGo (NYSE: BTGO) began trading.
The Setup
Ledger has reportedly engaged Goldman Sachs, Jefferies, and Barclays to manage the listing. While the timeline remains fluid, sources indicate the debut could occur as early as this year.
The $4 billion target represents a massive premium over Ledger’s last known valuation. In a 2023 Series C extension, the company raised €100 million ($109 million) at a valuation of roughly $1.5 billion ($1.3 billion euros). Investors in that round included True Global Ventures and 10T Holdings.
The jump from $1.5B to $4B suggests bankers are pricing in a significant retail premium or anticipating a cyclical bull run in hardware sales.
The Market Test: BitGo
Ledger’s reported acceleration follows the NYSE debut of BitGo earlier this week. BitGo priced its offering at $18, above the marketed $15-$17 range, and saw shares spike to $24.50 before cooling to close up 2.7%.
The discrepancy in valuations is notable. BitGo, a pure-play institutional custodian with over $2 billion in valuation, offers a direct comparable for the "picks and shovels" thesis. Ledger, however, straddles both retail (Nano devices) and institutional (Ledger Enterprise) markets, potentially justifying the higher multiple.
Institutional Context
The selection of Goldman Sachs and Barclays is strategic. These institutions recently handled the BitGo book, indicating a standardized playbook for crypto infrastructure listings is emerging on Wall Street. Unlike token-based projects, equity listings for custody firms allow traditional asset managers to bet on crypto adoption without holding the underlying commodity.
Ledger CEO Pascal Gauthier has previously hinted at public aspirations, noting in 2023 that the company’s revenue had surpassed $100 million. With the IPO machinery now reportedly in motion, the focus shifts to whether retail hardware sales have recovered sufficiently from the 2022 bear market to support a $4 billion price tag.
