French crypto hardware wallet provider Ledger is reportedly plotting an initial public offering (IPO) in the United States, which could value the company at more than $4 billion.

Ledger is in talks with bankers at Goldman Sachs, Jefferies and Barclays about a potential US listing, the Financial Times reported Friday, citing people familiar with the matter.

In November 2025, Ledger CEO Pascal Gauthier said the company was planning fundraising or a listing in New York, noting that money for crypto is “certainly not in Europe.”

If confirmed, the IPO talks would underscore rising demand for crypto storage solutions amid a surge in crypto hacks, with over $3.4 billion stolen in 2025, according to Chainalysis.

Ledger posts record year amid rising crypto hacks

Founded in Paris in 2014, Ledger is one of the largest makers of crypto hardware wallets — physical, USB-like devices that store private keys offline to help protect holdings from online hacks and malware.

Against the backdrop of rising crypto theft, Ledger had a record year in 2025, with revenues reportedly hitting “triple-digit millions.”

“We’re being hacked more and more every day […] hacking of your bank accounts, of your crypto, and it’s not going to get better next year and the year after that,” Ledger CEO Gauthier said in late 2025.

Related: New SEC submissions press on self-custody and DeFi regulation

Ledger declined to confirm the report about a potential US IPO when contacted by Cointelegraph.

The FT’s report came a day after BitGo, one of the world’s largest crypto custody providers, went public on the New York Stock Exchange on Thursday.

According to NYSE data, BitGo shares (BTGO) opened at $22.4, or 24% up from the IPO price of $18, surging to as high as $24.5 on the first day of trading.

YZi Labs, a venture capital company linked to the former Binance CEO Changpeng Zhao, subsequently announced a strategic investment in BitGo’s IPO.