Ledger Targets $4 Billion Valuation in Upcoming NYSE Debut

French hardware wallet manufacturer Ledger is charting an ambitious course into public markets. The company is gearing up for a New York Stock Exchange listing this year that could value it at over $4 billion—a remarkable leap from its $1.5 billion valuation during a 2023 funding round. Goldman Sachs, Jefferies, and Barclays are coordinating the push into the public markets, signaling serious institutional backing for one of crypto’s most recognizable brands.

The timing reflects a pivotal moment for digital asset infrastructure companies. CEO Pascal Gauthier emphasized in November that the timing is opportune: as security incidents across the crypto ecosystem hit record levels, so too has Ledger’s revenue surged into the hundreds of millions annually. The company, founded in 2014, is riding a wave of renewed investor interest in the foundational systems that keep crypto assets secure.

The Catalyst: Crypto Infrastructure Comes of Age

Ledger’s IPO announcement follows closely on BitGo’s historic breakthrough. The digital asset custodial services provider went public on the NYSE in late January with an opening price of $18 per share, ultimately closing up 2.7% and securing a valuation exceeding $2 billion. BitGo’s successful debut marked the first crypto infrastructure firm to reach public markets this year, signaling that institutional investors are ready to back the “plumbing layer” of digital finance—not just the tokens themselves.

The contrast is striking. While many crypto companies that went public in 2025 struggled through volatile Bitcoin trading conditions, infrastructure providers proved more resilient. With BTC trading around $79,120 recently, the market has stabilized enough to attract serious capital deployment into foundational crypto services.

The Challenge: Security in the Spotlight

Ledger’s ascent hasn’t been without turbulence. Just weeks before announcing its IPO ambitions, the company disclosed a breach involving Global-e, a third-party payment processor handling customer transactions. The incident exposed personal data from Global-e’s cloud system—a stark reminder of the security risks inherent in connecting hardware wallets to digital payment ecosystems.

This incident compounds a troubling history. In 2020, Ledger suffered a massive breach that compromised data for 270,000 customers. Later, in 2023, the company lost approximately $500,000 to hackers who targeted integrated DeFi applications. Each incident has chipped away at customer confidence, yet Ledger’s revenue growth trajectory suggests many users are willing to compartmentalize these failures—viewing the company as still the best available option for securing their holdings.

Why Now, Why NYSE?

The convergence of factors makes the timing logical for Ledger’s public market entry. The crypto market is rebounding from a punishing cycle of bankruptcies and regulatory crackdowns. Institutional investors, once burned by FTX and similar failures, are gravitating toward companies offering genuine utility—particularly those protecting assets rather than trading them speculatively.

Ledger’s $4 billion valuation target represents not just a recovery from previous funding rounds, but a validation of the business model: recurring revenue from hardware sales, software ecosystems, and now institutional custody services. At nearly triple its 2023 valuation, the markets are essentially betting that crypto infrastructure will form the backbone of institutional digital asset adoption over the next decade.

For hardware wallet makers, the question is no longer whether they’re here to stay, but how valuable their franchises might become. Ledger’s pending IPO provides the answer markets have been seeking.