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Last year saw a phenomenal rise in the number of public listings, mergers and acquisitions in the world of crypto.
As for 2026, the party is just getting started.
This week, crypto custodian BitGo is listing on the New York Stock Exchange at a reported $2 billion valuation, making it the first major digital asset IPO of 2026.
Now one of the industry’s most established infrastructure players is preparing to test public markets, and the numbers being discussed suggest real confidence.
Related: Mark Cuban has a blunt take on rallying crypto IPOs
Ledger, the Paris-founded maker of hardware wallets, is working with major investment banks on a potential U.S. initial public offering that could value the company at more than $4 billion, nearly triple its last known valuation.
If it goes ahead, the listing would mark another milestone in crypto’s accelerating return to Wall Street.
According to the Financial Times, Ledger is reportedly working with Goldman Sachs, Jefferies, and Barclays on a potential IPO that could take place as soon as this year.
While plans are still fluid, the move signals serious intent.
Ledger was founded in Paris in 2014 and became one of the most recognizable brands in crypto by selling USB-like hardware devices that allow users to securely store private keys offline.
The company was last valued at $1.5 billion in 2023 following a funding round backed by investors including True Global Ventures and 10T Holdings.
A valuation north of $4 billion would represent a sharp re-rating, almost triple its valuation in 2023.
TheStreet Roundtable reached out to Ledger for a comment and had not received a response by the time of publication.
Ledger CEO Pascal Gauthier told the Financial Times in November that the company was having a record year, with revenues reaching triple-digit millions, driven by rising demand from investors worried about hacks and exchange failures.
He also made clear why a US listing makes sense.
“Money is in New York today for crypto,” Gauthier said. “It’s nowhere else in the world — it’s certainly not in Europe.”
Ledger’s business case has only strengthened as crypto adoption has expanded, and so have security risks.
According to research firm Chainalysis, roughly $17 billion was lost to crypto scams and fraud last year, up from $13 billion in 2024.
That trend has pushed more users toward self-custody solutions.
Related: Exclusive: Ledger exec explains Bybit hack, calls for end of blind signing
This story was originally published by TheStreet on Jan 23, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
