Ledger Targets $4B NYSE Listing; BitGo Breaks IPO Freeze With 25% Pop
Ledger hires Goldman Sachs for a potential $4B IPO as BitGo (BTGO) surges 25% on its NYSE debut, signaling a thaw in crypto public listings.
The crypto IPO window has officially reopened. Just 24 hours after BitGo (NYSE: BTGO) shattered the industry’s listing drought with a strong debut, French hardware wallet manufacturer Ledger has reportedly tapped Goldman Sachs, Jefferies, and Barclays to lead a U.S. initial public offering.
Ledger is eyeing a valuation exceeding $4 billion, a sharp markup from its $1.5 billion price tag in 2023. The Paris-based firm, led by CEO Pascal Gauthier, aims to list on the New York Stock Exchange as early as this year, seizing on the “Trump Trade” tailwinds that have revitalized equity capital markets for digital asset firms.
The Security Premium
Ledger’s aggressive valuation target rests on a grim reality: crypto crime pays, and so does protection. In 2025, hackers stole an estimated $17 billion from on-chain protocols. This insecurity drove Ledger’s revenue into the “hundreds of millions,” according to Gauthier, as institutional and retail capital fled to self-custody.
“Money is in New York today for crypto, it’s nowhere else in the world,” Gauthier told the Financial Times (paywall) earlier, signaling the shift away from European listings.
BitGo “Rings the Bell”
The immediate catalyst for Ledger’s move is BitGo’s performance. On Thursday, the custody firm priced its shares at $18, above the marketed range, and saw the stock open at $22.43, closing with a valuation north of $2 billion. BitGo’s ability to secure a premium in public markets has validated the thesis that infrastructure plays are palatable to Wall Street, even if token prices remain volatile.
The 2026 Pipeline
Goldman Sachs appears to be the primary architect of this cycle, holding lead bookrunner roles for both BitGo and Ledger. The pipeline behind them is crowded:
- Kraken: Targeting a $20 billion valuation for H1 2026.
- Consensys: Currently in talks with JPMorgan and Goldman for a mid-year debut.
- Circle & Gemini: Both signaling intent to list as regulatory clarity improves under the new administration.
While Ledger’s plans are preliminary, the mandate to Goldman suggests the company is moving past the “exploration” phase into execution.
