Ledger Ready for IPO in New York with a Valuation of $4 Billion—Pascal Gauthier's Vision for Cryptocurrency Security Principles

Ledger, a French hardware wallet manufacturer, plans an initial public offering (IPO) on the New York Stock Exchange this year with a target valuation of over $4 billion. This strategic decision reflects CEO Pascal Gauthier’s commitment to transparency and sustainable expansion in an increasingly mature industry. The company, valued at $1.5 billion in 2023, is now capitalizing on the positive momentum from rising digital security awareness among institutional investors.

Ledger’s Expansion Strategy Amid Growing Crypto Sector

Pascal Gauthier stated that the company’s fundamental principle—prioritizing user security—drives its success in an era of high volatility. Along with a surge in hacking incidents reaching record levels, Ledger’s revenue has also experienced exponential growth, reaching hundreds of millions of dollars. This IPO strategy is designed to strengthen Ledger’s position as a global crypto infrastructure leader and support deeper security research investments.

Partnerships with Leading Financial Institutions

To facilitate the IPO launch, Ledger has partnered with three major investment banks: Goldman Sachs, Jefferies, and Barclays. This collaboration demonstrates market confidence in Ledger’s business model and growth prospects. Sources close to the process indicate that the target launch is scheduled for Q1 2026, leveraging positive investor sentiment toward digital assets and their supporting infrastructure.

Competitive Valuation in the Context of BitGo IPO

Ledger’s $4 billion valuation plans place the company at a premium compared to BitGo, which recently went public on the NYSE with an opening price of $18 per share and a valuation of over $2 billion. BitGo’s debut in early 2026 marks a trend of increasing investor confidence in digital infrastructure and custodian services. This achievement reinforces the narrative that institutional investors now see the “plumbing” of the crypto industry—supporting infrastructure—as a stable long-term investment opportunity.

Trust Challenges: Data Breach History

However, Ledger’s IPO plans face skepticism stemming from its security incident history. In 2020, Ledger experienced a data breach exposing personal information of 270,000 customers. Three years later, the company lost nearly $500,000 due to attacks targeting decentralized finance (DeFi) applications. Recently, in January 2026, Ledger faced another breach through third-party payment partner Global-e, which once again exposed customer data.

Nevertheless, Ledger remains committed to continuous improvement in security infrastructure. Pascal Gauthier and his team view each incident as a learning opportunity to strengthen data protection protocols, aligning with increasingly strict market expectations for corporate governance.

Market Momentum and Long-Term Outlook

The smooth IPO of BitGo in early 2026 opens opportunities for other crypto companies to access public capital markets, marking a new era for the digital infrastructure sector. Ledger, as a key player with a global user base, has significant potential to lead the next wave of IPOs. Supported by major investors such as True Global Ventures and 10T Holdings from previous funding rounds, Ledger’s initial public offering prospects look promising for investors seeking exposure to the pillars of the crypto industry infrastructure.