Ledger plans a $4 billion IPO in the US

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 $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, stated that if macroeconomic conditions become more restrictive in 2026, cryptocurrency IPOs are likely to be affected in two ways: first, in subscription and underwriting, which could harm the success of the IPO; and second, in the price appreciation after going public.

He added that if the cryptocurrency market experiences a slight uptick, there will be more potential for crypto-related IPOs to perform better, provided the overall macroeconomic situation has not worsened and remains neutral or sideways.

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

“Custody is an important topic” in major jurisdictions, Ahmed said, noting that stricter custody regulations are aligned 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, stated that the regulatory environment favors Ledger despite ongoing market uncertainty.

“We are seeing institutional capital entering the sector precisely because clarity is emerging — BlackRock, VanEck, Hamilton Lane, and Apollo are not acting without conviction regarding the regulatory trajectory,” he said.

The Ledger Case

Kazmierczak noted 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 the (Total Value Locked) in DeFi. If regulation becomes 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, as we saw in 2022,” 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. Last year, crypto companies like Circle, Gemini, and Bullish went public in the US, driven by favorable regulations and renewed retail interest, reopening public markets for digital asset companies.