Ledger, best known for its hardware wallets, is quietly preparing for what could become one of the more notable crypto IPOs of the next cycle. According to people familiar with the matter, the company is weighing a potential U.S. listing, possibly on the NYSE, with 2026 emerging as an early target rather than a firm deadline.
Nothing is locked in. Ledger is also considering a private funding round instead, depending on where markets are and how receptive investors are to crypto names when the window opens. Still, the fact that an IPO is even being discussed again says a lot about how sentiment has shifted over the past year.
Valuation Expectations Are Ambitious, but Not Outlandish
If Ledger does go public, it could be aiming high. Sources suggest the company believes it could justify a valuation north of $4 billion, a meaningful jump from the roughly $1.5 billion price tag attached to its 2023 funding round. That round included familiar crypto and growth investors like True Global Ventures, 10T Holdings, Morgan Creek, Korelya Capital, and Molten Ventures.
Secondary markets offer a mixed signal. Pre-IPO Ledger shares have reportedly traded around $4.50 per share on platforms such as Linqto and EquityZen. At those levels, implied valuation lands closer to $1.4 billion as of early 2026. That gap highlights the uncertainty here. Private market pricing can lag quickly once IPO expectations start to form.
Why Ledger Thinks the Timing Works
Ledger’s renewed interest in public markets is not happening in a vacuum. Demand for self-custody has climbed steadily since a wave of exchange collapses reminded investors what counterparty risk actually looks like. Add in rising cybersecurity concerns, and hardware wallets have quietly gone from niche accessories to core infrastructure.
Ledger has also spent years building brand recognition beyond hardcore crypto users. For institutions and long-term holders, the company is often treated as the default option. That kind of positioning matters more in an IPO story than pure growth numbers.
A successful listing would also fit a broader narrative: crypto firms that focus on security, custody, and infrastructure are now seen as more durable than those tied directly to trading volumes or speculative cycles.
Part of a Broader IPO Reopening
Ledger is not alone in testing the waters. A growing group of crypto companies are lining up potential public listings for 2026, including Kraken, ConsenSys, BitGo, and Animoca Brands. That follows a run of IPOs in 2025 from firms like Circle, Gemini, Figure Technology, and Bullish.
Taken together, it looks less like isolated events and more like a reopening of a market that effectively shut after 2022. Companies are going public not just to raise capital, but to gain credibility, liquidity, and a longer runway with regulators and institutions.
Policy signals have helped. The Trump administration’s more crypto-friendly stance, along with movement on stablecoin legislation such as the GENIUS Act, has reduced some of the uncertainty that previously kept bankers and boards on the sidelines.
Why 2026 Matters
Some of the numbers being floated are large. Kraken is rumored to be targeting a valuation around $20 billion. ConsenSys has been discussed in the $7 billion range. BitGo closer to $1.75 billion. Overseas players like Bithumb are also considering listings, adding to the sense that this cycle is global rather than U.S.-only.
Crypto companies raised roughly $14.6 billion in 2025, and the expectation is that exits accelerate from here if markets stay stable. For investors, IPOs like Ledger offer exposure to the ecosystem without the daily volatility of tokens themselves.
That said, none of this is guaranteed. Market conditions can change quickly, and crypto has a habit of reopening old risks just when confidence peaks. But if regulation continues to clarify and capital stays engaged, 2026 could end up being remembered as the year crypto truly re-entered traditional public markets rather than just orbiting them.
