Ledger plans to go public in the US in 2026: a key signal of the cryptocurrency industry's maturation

Ledger is collaborating with financial institutions such as Goldman Sachs, Jefferies, and Barclays to advance its initial public offering (IPO) plans. This potentially earliest transaction, expected to be completed by 2026, is projected to value Ledger at over $4 billion.

The wave of listings comes amid a key consolidation in Bitcoin prices. According to Gate行情 data, BTC/USDT is currently quoted at $87,003, down 2.57% in 24 hours, while ETH/USDT is at $2,899.31, down 1.94% in 24 hours.

Industry Milestone

French hardware wallet manufacturer Ledger has taken an important step by planning an IPO in the United States. This news has quickly garnered widespread attention in both the cryptocurrency and traditional financial sectors. The security-focused company is working with top Wall Street financial institutions such as Goldman Sachs, Jefferies, and Barclays to push forward its listing plans.

Ledger CEO Pascal Gauthier hinted at this possibility as early as November 2025, emphasizing the importance of New York for crypto financing: “I spend more time in New York today because crypto funds are in New York, not elsewhere in the world, and certainly not in Europe.”

Strength Behind the Data

The expected valuation of over $4 billion is not unfounded but based on Ledger’s strong financial performance and market position. The company was valued at $1.5 billion during a funding round in 2023, and by 2025, due to surging demand for secure custody solutions amid increasing crypto thefts, its revenue soared to hundreds of millions of dollars.

According to Chainalysis reports, approximately $17 billion was stolen in crypto scams and frauds in 2025, up from $13 billion in 2024. This severe security landscape further underscores the market necessity for Ledger’s products. Ledger’s success reflects the ongoing demand for hardware wallets as essential security infrastructure, especially as institutional investors become increasingly involved in the crypto market.

Upcoming Crypto Companies Going Public

Ledger is not an isolated case; 2026 is expected to be a significant year for crypto companies to go public. Several well-known industry players are actively preparing for IPOs, reflecting the sector’s overall shift toward mature financial infrastructure.

Macro Context and Industry Shift

This wave of crypto company IPOs occurs against the backdrop of structural industry changes. In 2025, digital asset companies proved market acceptance through public listings, laying the groundwork for a more robust IPO pipeline in 2026.

Regulatory changes also support this trend. Clarifications in the regulation of stablecoins and market structures have unlocked participation potential for institutions and enterprises, shifting crypto investment strategies from pure speculation to infrastructure investments that generate returns.

Venture capital flows also reflect this shift. Despite a decline in overall crypto trading volume in 2025, the total venture capital invested increased, with capital concentrating in fewer but higher-quality companies.

IPO Window Amid Market Volatility

Crypto companies are pushing forward their IPO plans at a time when the market is in a critical consolidation phase. Bitcoin, for example, has experienced significant recent volatility.

According to Gate platform data analysis, Bitcoin’s price has retreated from a high of around $98,000 in mid-January and is currently in a consolidation phase, trading roughly between $88,000 and $91,000. This market environment presents both challenges and opportunities for IPOs. On one hand, price fluctuations may impact investor sentiment; on the other hand, gradual regulatory clarity, such as the US’s supportive stance on crypto legislation, offers long-term positive outlooks.

It’s noteworthy that Bitcoin’s current price trend is largely driven by spot ETF capital flows, highlighting the increasing influence of traditional financial capital on the crypto market.

Summary and Future Outlook

The crypto industry is shifting from fringe experimentation to mainstream finance. Ledger and other companies’ IPO plans are not only milestones for individual firms but also important indicators of the sector’s maturity. As regulatory frameworks improve, crypto companies are transitioning from startups to regulated publicly listed entities. This trend, already emerging in early 2025, is expected to accelerate in 2026. Bitcoin’s role as digital gold continues to solidify, while Ethereum and other blockchain platforms drive ongoing innovation in decentralized applications. In this context, providers of secure and compliant infrastructure will gain more attention and resources.

For Gate users, this industry transformation means a more mature market structure, more diverse investment options, and a more stable long-term environment. Whether holding for secure storage or observing industry trends, all can see the future direction of the crypto industry in this wave of IPOs.

Looking ahead to 2026, the integration of cryptocurrencies with traditional finance is advancing at an unprecedented pace. When Ledger’s hardware wallets become the first choice for millions of investors to protect digital assets, it signifies not just product success but also an overall enhancement of industry security standards. Crypto IPOs are no longer isolated events but part of a systemic process of the broader financial market re-adopting digital assets. As these companies ring the opening bell one after another, they pave the way for future entrants and offer new avenues for global investors to participate in this financial revolution.