The New York Stock Exchange listing plan adds Ledger to a queue of crypto firms pursuing U.S. listings amid a more favorable regulatory environment under President Donald Trump, who has positioned America as a hub for digital asset innovation since returning to office.
Musheer Ahmed, founder and managing director of Finstep Asia, told Decrypt that if macro conditions tighten in 2026, “crypto IPOs are likely to get hit on both fronts—one being on the uptake and subscription, so you may not have a great IPO, and secondly is the post-listing price appreciation."
He added that if the crypto market ticks up, “there would be more potential for the crypto-linked IPOs to do better, provided the broader macro and economic situation has not gone bad and is neutral to sideways.”
“Custody is a major theme” across large jurisdictions, Ahmed said, noting that tighter custody regulations align with Ledger’s core business and that rising institutional entry into virtual assets could drive demand for Ledger as a custody partner.
Marcin Kazmierczak, co-founder and COO of modular oracle Redstone, told Decrypt the regulatory climate favors Ledger despite ongoing market uncertainty.
"We're seeing institutional capital enter the space precisely because there's clarity emerging—BlackRock, VanEck, Hamilton Lane, Apollo aren't moving without conviction on the regulatory trajectory," he said.
Kazmierczak noted that Ledger faces different risks than trading platforms, explaining that hardware wallet adoption is “more resilient to regulatory whiplash than trading volumes or DeFi TVL. If regulation tightens, people still need secure self-custody.”
He added that Ledger’s revenue remains exposed to consumer hardware cycles—warning that “another prolonged downturn absolutely impacts that, we saw this in 2022”—but noting that the IPO may benefit from “a stronger institutional cycle than pure retail enthusiasm.”
Decrypt has reached out to Ledger, Goldman Sachs, Jefferies, and Barclays for comment.
