Sources: Ledger is working with banks on a US IPO that could value the French cryptocurrency company at more than $4B; it was valued at $1.5B in 2023
French group enjoys record year as more investors seek protection from hacking — Ledger has tapped bankers for an initial public offering …
Context & Ripple Effects
Ledger's potential listing follows a sharp increase from its 2023 valuation and arrives after the company faced a high-profile security incident involving co-founder David Balland's 2025 kidnapping and release. That backdrop makes investor demand for protection from hacking central to the company's positioning.
The proposed US route also recalls French cloud provider OVHcloud's earlier IPO plans, showing that large French infrastructure and technology companies have looked to public markets for their next financing stage.
First-order effects
- Ledger is engaging banks around a possible US IPO, creating a prospective public-market valuation benchmark above its 2023 private valuation.
- A flotation process would put Ledger's security proposition, growth record and governance under closer scrutiny from prospective public investors.
Second-order effects
- A credible valuation above $4B would reset expectations for private investors and competitors in crypto custody and wallet security, where security demand is part of the investment case.
- The prospective deal adds another reference point for crypto-related companies weighing US listings, alongside Figure's planned US IPO.
Third-order effects
- If similar offerings reach market, public investors may increasingly distinguish crypto infrastructure and security providers from trading-led businesses on the durability of their security and customer-protection narratives.
- The pattern would reinforce the US public market as a financing venue for mature European crypto companies, though a reported IPO process does not ensure a completed listing or the indicated valuation.
The trend: Crypto infrastructure companies are seeking to convert demand for security and custody into public-market scale and valuation recognition.