Ledger plans a $4 billion IPO in the US with support from Goldman Sachs

Source: PortaldoBitcoin Original Title: Ledger Cryptocurrency Wallet Manufacturer Plans $4 Billion IPO in the US Original Link: The hardware wallet manufacturer for cryptocurrencies Ledger has hired Goldman Sachs, Jefferies, and Barclays to lead an (IPO) in the US that could value the company at over US$ 4 billion, as cryptocurrency custody becomes an essential infrastructure for institutional investors.

The deal could be finalized later this year, although plans are subject to change, according to people familiar with the matter. The listing plan on the New York Stock Exchange (NYSE) adds Ledger to a queue of cryptocurrency companies seeking listings in the US amid a more favorable regulatory environment.

Perspectives for Cryptocurrency IPOs

Market conditions for cryptocurrency IPOs remain mixed. While in 2025, shares of stablecoin issuer Circle surged to nearly 10 times the IPO price, most cryptocurrency stocks have fallen over the past three to six months, following Bitcoin’s decline.

Musheer Ahmed, founder and managing director of Finstep Asia, notes that if macroeconomic conditions become more restrictive in 2026, “cryptocurrency IPOs will likely be affected in two ways: first, in subscription and underwriting, which could harm IPO success; and second, in post-listing price appreciation.”

Bitcoin is currently trading at US$ 89,147, down 6.6% over the past seven days, while the total market capitalization of cryptocurrencies exceeds US$ 3 trillion.

“Custody is an important issue” in major jurisdictions, said Ahmed, noting that stricter custody regulations align with Ledger’s core business and that increasing institutional entry into virtual assets could boost demand for Ledger as a custody partner.

Marcin Kazmierczak, co-founder and COO of the modular oracle Redstone, highlights that the regulatory environment favors Ledger despite ongoing market uncertainty, noting that institutional capital is entering the sector precisely because regulatory clarity is emerging.

The Ledger Case

Kazmierczak notes that Ledger faces different risks than trading platforms, explaining that the adoption of hardware wallets is “more resilient to sudden regulatory changes than trading volumes or DeFi TVL. If regulations become more stringent, people will still need secure self-custody.”

He added that Ledger’s revenue remains exposed to consumer hardware cycles, warning that “another prolonged recession will certainly impact this,” but noting that the IPO could benefit from “a stronger institutional cycle than retail enthusiasm alone.”

The recent wave of cryptocurrency IPOs follows years of stagnation after trading platforms debuted on Nasdaq in 2021. Last year, cryptocurrency companies went public in the US, driven by favorable regulations and renewed retail interest, reopening public markets for digital asset companies.