Crypto Security Firm Ledger Eyes US Listing with $4 Billion-Plus Valuation

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Hardware wallet manufacturer Ledger is preparing for a potential initial public offering on a US exchange. The Financial Times reports the company is aiming for a valuation above $4 billion and has enlisted major investment banks to advise on the process.

Advisors from Goldman Sachs, Barclays, and Jefferies are involved in the exploratory work for the IPO. While the listing could happen as early as this year, sources caution that the plans are not final and could still be altered.

News of a US listing first emerged in November from CEO Pascal Gauthier. He highlighted the attraction of the New York market, stating that capital for the crypto sector is concentrated there rather than in Europe or elsewhere.

Ledger, founded in 2014 and based in Paris, was valued at $1.5 billion in its last 2023 funding round. The targeted IPO valuation represents a significant premium to that private market price.

The company’s revenue growth is linked to heightened security needs in the crypto space. This context is underscored by Chainalysis data reporting $17 billion was lost to crypto theft and fraud in the previous year.