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
Context & Ripple Effects
Ledger’s reported work with banks would move a French crypto company toward a US public-market test at a valuation materially above its 2023 benchmark. The story sits alongside Figure’s planned US share sale, another effort to price a blockchain-focused business through US public markets.
The related coverage also includes Blockchain.com’s confidential US IPO filing, suggesting that prospective listings are becoming a relevant strategic path for established crypto companies rather than a one-off event.
First-order effects
- Ledger and its banking advisers would begin shaping a potential US offering, including the valuation case implied by a price above $4B.
- A successful transaction would give Ledger a public-market reference point far above its reported $1.5B valuation in 2023; until an offering is launched and priced, that uplift remains an aspiration rather than a realized market value.
Second-order effects
- Other crypto companies considering listings gain a fresh comparable valuation target, while investors can benchmark Ledger against proposed offerings such as Figure’s.
- The choice of a US listing route raises the competitive importance of access to US public-market investors for European crypto businesses seeking large valuations.
Third-order effects
- If multiple established crypto companies complete US listings, public markets could become a more consequential source of price discovery and financing for the sector, reducing private funding rounds’ dominance.
- That shift would also make crypto companies’ valuation expectations more directly exposed to public-market appetite, creating a clearer divide between businesses that can meet listing standards and those that remain private.
The trend: Crypto companies are increasingly treating US public listings as a route to establish market valuations and access broader capital pools.