Ledger Plans $4 Billion IPO After BitGo Debut—Kraken And ConsenSys Next In Line

Ledger, the French crypto hardware wallet maker, is preparing a New York Stock Exchange IPO targeting a $4 billion valuation—nearly triple its 2023 price tag.

Ledger’s IPO Timeline And Bankers

Ledger is working with Goldman Sachs (NYSE:GS), Jefferies, and Barclays (LSE: BARC) to facilitate an IPO as soon as this year, according to the Financial Times.

The company, founded in 2014, generates hundreds of millions in revenue as crypto hacks hit all-time highs. 

CEO Pascal Gauthier mentioned a possible IPO in November, noting that rising security breaches are driving demand for hardware wallets.

The timing is strategic. BitGo (NYSE:BTGO) went public on the NYSE Thursday, pricing shares at $18 and closing up 2.7% for a valuation above $2 billion. 

BitGo's IPO raised $212.8 million and was multiple times oversubscribed. The demand highlights strong institutional appetite for crypto infrastructure.

That successful debut is fueling momentum for other crypto firms eyeing listings.

The IPO Pipeline Is Stacked

Ledger joins a packed queue of crypto firms eyeing public listings in 2026:

Kraken filed confidentially with the SEC in November 2025 and is targeting a $20 billion valuation for a first-half 2026 debut.

ConsenSys, the crypto infrastructure giant behind MetaMask, is working with JPMorgan (NYSE:JPM) and Goldman Sachs on a mid-2026 IPO with an estimated $7 billion valuation.

Animoca Brands, the Web3 gaming company, plans to list on Nasdaq through a reverse merger at an estimated $6 billion valuation.

Additionally, Bithumb, South Korea’s major crypto exchange, is targeting a listing on the Korea Exchange in 2026.

How 2025 IPOs Performed

The 2025 crypto IPO wave delivered mixed results. 

At least 11 crypto companies went public globally in 2025, raising about $14.6 billion.

That marked a sharp jump from 2024, when just four listings raised roughly $310 million.

Circle (NYSE:CRCL) delivered the most dramatic debut, surging 168% on its first day after pricing at $31 per share in June 2025. 

The stock peaked at $298.99 but has since crashed to around $85—a 71.6% drop from the all-time high, though still 174% above the IPO price.

Gemini (NASDAQ:GEMI) opened at $37.01, up 32% from its $28 IPO price in September 2025, but now trades around $11—61% below the IPO price, after posting a $283 million loss in the first half of 2025.

What’s Driving The Wave

Improving regulatory clarity under the Trump administration is reinforcing confidence in crypto infrastructure firms. 

Progress on stablecoin legislation like the GENIUS Act and the SEC-CFTC coordination efforts are removing major regulatory overhangs.

Crypto venture funding surged to $19.7 billion in 2025.

More than 265 M&A deals worth $8.6 billion were completed, nearly four times 2024 levels.

The Risk: Recent IPOs Are Down Big

Despite strong initial demand, several 2025 crypto IPOs have underperformed due to Bitcoin (CRYPTO: BTC) price volatility. 

The October 2025 market crash liquidated over $19 billion in crypto leverage in a single day, hitting publicly traded crypto stocks hard.

Moreover, Ledger also faces reputational challenges. 

The company grappled with a breach involving third-party payment processor Global-e two weeks ago that exposed customer personal details. 

In 2020, a data breach exposed 270,000 customers’ data, and in 2023, Ledger lost nearly $500,000 to a hack.

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