Ledger Reportedly Eyes US IPO as Crypto Hacks Drive Wallet Demand

Ben Graham · 6 horas atrás

Crypto allows anyone to self-custody. That is, you can buy or mine Bitcoin or any other crypto asset, and move it to a secure, offline non-custodial wallet. Over the years, Ledger has emerged as a popular hardware wallet allowing thousands if not millions of crypto holders to secure their assets.

As more people take charge of their assets, not only is their confidence in the space improve, but they stay secure. In 2025, billions were lost when hackers struck centralized exchanges, stealing parked crypto assets, including the next cryptos to explode. In 2025, Bybit ended up losing over $1.5Bn of crypto assets to hackers allegedly sponsored by North Korea.

Considering the role played by cold wallet providers in crypto security, it is not surprising that the planned Ledger IPO in New York is drawing attention.

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Why The Ledger IPO Matters

According to sources, Ledger is preparing for a US IPO following a record-breaking year. A successful listing could value Ledger at over $4Bn, more than double its 2023 valuation. Reports indicate the company has officially hired Goldman Sachs, Barclays, and Jefferies to explore a New York listing. This pivot to the US is strategic, aligning with Donald Trump’s pledge to turn the country into a global crypto hub.

While Europe has the MiCA framework, the US regulatory environment has become friendlier following the approval of the GENIUS Act in July 2025. Moreover, there has been a welcome shift in SEC policy toward crypto infrastructure, a sector in which Ledger plays a pivotal role.

Although Ledger has not yet publicly filed a Form S-1, the reported hiring of major investment banks is a huge milestone. Typically, this phase occurs roughly six months before an official filing. In the meantime, Ledger is likely finalizing its financials after a year that saw revenue climb into the triple-digit millions.

Ahead of the filing, Ledger is also subtly rebranding. The company is pivoting away from the term “hardware wallet” in favor of being known as “signers.” The goal is to position Ledger not just as a storage provider, but as a critical piece of the “Internet of Value.” The Ledger Nano Gen5, released in 2025, reflects this shift by supporting staking and featuring enhanced biometrics.

Introducing Ledger Nano Gen5.

The newest addition to our family of touchscreen signers, alongside Ledger Flex and Ledger Stax,
Ledger Nano Gen5 is the most playful, personal, and accessible signer we’ve ever built.

Your first step into digital ownership, made… pic.twitter.com/ZWH571TnRK

— Ledger (@Ledger) October 23, 2025

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Crypto Infrastructure Providers Choosing The US

The timing of this IPO is critical. After BitGo shares jumped on their first trading day, the message was clear: investors want exposure to crypto “plumbing” without the volatility of holding coins. Ledger fits this mold perfectly; it sells tools, not tokens.

(Source: Google Finance)

The industry is also maturing. While the previous administration was seen as hostile, utilizing “Operation Choke Point 2.0” to pressure the industry, the current political climate is far warmer. This shift has allowed assets like XRP and top Solana meme coins, for example, to thrive in a more stable regulatory environment.

Coinbase just joined the S&P 500.

If MSTR is added next quarter—and continues issuing shares to buy bitcoin—it could trigger a powerful feedback loop that accelerates hyperbitcoinization.

Bitcoin is going to end up in everyone’s portfolio, whether they know it or not. pic.twitter.com/nGt30y3U7W

— Joe Burnett, MSBA (@IIICapital) May 14, 2025

Ledger is also not just following the money; it is seeking a jurisdiction where it can comply with clear laws while being sheltered from “regulation by enforcement.” Following Coinbase’s inclusion in major indices like the S&P 500, Wall Street now has a standardized framework to value crypto firms, making it easier for Ledger to justify its $4Bn valuation.

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