Ledger is reportedly preparing for an initial public offering in the United States targeting a valuation above $4 billion.
The French crypto hardware wallet maker was founded in 2014 and is best known for its Ledger Nano devices.
The company specialises in self-custody products that allow users to store private keys offline.
Ledger’s focus on security has gained traction as institutional interest in digital assets continues to grow.
The firm has engaged Goldman Sachs, Jefferies, and Barclays as lead underwriters for the planned listing.
Sources said the IPO could take place as early as 2026, subject to market and regulatory conditions.
Ledger was last valued at $1.5 billion during a private funding round in 2023.
A valuation above $4 billion would mark a significant increase from its previous funding level.
The company reportedly posted record revenue in 2025, reaching the triple-digit millions.
Demand for hardware wallets has risen alongside broader crypto adoption and security concerns.
Ledger’s IPO plans follow a wave of crypto-related public listings in the United States.
Analysts said custody-focused firms are seen as more resilient during periods of market volatility.
Market observers noted that institutional inflows could continue to support demand for secure storage solutions.