Ledger, the French maker of hardware wallets for crypto assets, is reportedly moving ahead with plans for a potential initial public offering (IPO) in New York, signaling continued momentum in public market interest for digital asset companies.
The listing would place Ledger among a growing group of crypto firms seeking access to US capital markets, following the recent public debut of BitGo earlier this week.
Ledger Taps Wall Street Giants For US IPOFirms such as Circle (CRLC), Bullish (BLSH), eToro (ETOR), Figure (FIGR), and Gemini (GEMI) have already gone public in the US, while Grayscale and Kraken remain part of the renewed IPO push, with filings submitted and preparations still underway.
People familiar with the matter say the offering could value the company at more than $4 billion. While the IPO could take place as soon as this year, sources cautioned that the plans remain subject to change.
BitGo and several of its existing shareholders sold 11.8 million shares priced above the initially marketed range of $15 to $17, raising $212.8 million in the process.
BitGo Sets Tone For 2026 Crypto IPOsHe noted that while Gemini went public near the peak of the crypto market last year, BitGo entered the market during a period of recent selloffs, making its reception particularly telling.
Muehlbauer added that BitGo’s positioning as a profitable and regulated “digital asset infrastructure company,” rather than a business tied directly to token price movements, helped insulate it from “Bitcoin’s (BTC) day-to-day volatility.”
Beyond Ledger, expectations are building that the pipeline of crypto IPOs will continue to grow. In addition to Kraken and Grayscale, industry experts believe the coming year could bring an even larger number of crypto-related IPOs in the US.
Some offerings, however, have faced delays. Elliot Han, chief investment officer at C1 Fund, said that the fourth quarter could have seen an even higher number of IPOs.
He pointed to the federal government’s prolonged shutdown as a key factor that pushed several listings into the first quarter of 2026. Han also noted that heightened stock market volatility toward the end of the third quarter added further complications.
Featured image from DALL-E, chart from TradingView.com
