Hardware Wallet Manufacturer Ledger Eyes $4B US IPO Listing: Report
Ledger, a crypto hardware wallet maker, has appointed Goldman Sachs, Jefferies, and Barclays to lead a U.S. IPO that could value the firm above $4 billion, as crypto custody becomes increasingly important for institutional investors. The IPO could happen this year, though plans are not final. Ledger’s planned listing follows BitGo’s recent NYSE debut and comes as crypto firms seek U.S. listings amid growing regulatory clarity. Crypto IPO market sentiment is mixed: while some companies like Circle have seen post-IPO surges, most crypto stocks have declined recently with Bitcoin’s drop, despite strong performance in broader equity indices. Experts highlight that custody regulation supports Ledger’s core business and that institutional involvement in crypto is growing due to clearer rules. Ledger’s hardware wallet focus is less vulnerable to regulatory changes than trading platforms, though consumer hardware cycles still affect its revenue. Following years of limited activity after Coinbase’s 2021 IPO, crypto firms are returning to public markets, driven by improved regulation and rising institutional and retail interest.
