Ledger is lining up a US IPO and aiming north of a $4 billion valuation.

The Paris-based hardware wallet maker is weighing a New York Stock Exchange debut in 2026, with a private round as a fallback.

Either way, the message is clear. Big crypto infrastructure companies think the public markets are open again, and they are done waiting.

The company generated nine-figure revenue in 2025 and now secures more than $100 billion in digital assets.

That is real usage, real customers, and a business that survived the 2022 wipeout without blowing up.

A public listing would put a hard price on one of the few crypto models that actually makes money selling products, not volatility.

Ledger last raised at a $1.5 billion valuation in 2023. Pre-IPO stock has traded closer to a $1.4 billion valuation recently.

Management is signaling it wants closer to $4 billion. That gap tells you how aggressive the next phase is going to be.

The disruption behind the news: Real crypto businesses are finally getting the spotlight.

Hardware wallets sit at the center of a behavioral shift.

After multiple exchange collapsed, more users are opting out of custodial risk.

Self-custody is no longer a niche ideology. It is becoming a default for anyone holding meaningful balances.

Ledger benefits directly from that shift, and it benefits in a way exchanges do not. Every new wallet sold is upfront revenue, not a bet on trading volume.

If Ledger can justify a $4 billion valuation on roughly nine-figure annual revenue, it sets a new benchmark for crypto companies that are not tied to speculative churn. That pushes the market to reward security, reliability, and distribution over hype.

There is also a geographic disruption. A US listing for a European crypto firm signals that American capital markets are becoming the center of gravity again for the sector. That pulls talent, compliance spend, and product roadmaps toward US regulators and institutions.

Over time, that reshapes which standards win globally.

What to watch next

First, watch the valuation math.

If Ledger prices anywhere near $4 billion, expect a fast repricing across late-stage private crypto companies.

That includes wallet providers, custody firms, and compliance tooling. If it fails, expect a brutal reset and delayed IPOs across the board.

Second, watch adoption costs.

Hardware wallets are still a $100 to $200 purchase for most users. If Ledger can drive that down by even 30 percent through scale, the addressable market expands dramatically.

That is when self-custody stops being a premium choice and becomes mass market.

Third, watch regulation timing.

A public Ledger would force clearer rules around consumer security standards. That helps incumbents and raises switching costs for smaller competitors.

If Ledger's IPO succeeds, it means crypto businesses are being valued as any other companies. It would be yet another proof of mainstream adoption.