Overview
- Financial Times reporting says Ledger has engaged Goldman Sachs, Jefferies and Barclays to explore a New York offering that could top $4 billion.
- A deal could come as soon as this year, though timing and structure remain subject to change and no S-1 has been filed.
- The prospective valuation would mark a sharp re-rating from the company’s roughly $1.5 billion private valuation in 2023.
- Ledger cites record 2025 sales in the hundreds of millions and says it secures about $100 billion in customer Bitcoin, with demand boosted by security concerns.
- Rising crypto crime—around $17 billion in thefts and fraud in 2025 per Chainalysis—supports hardware self-custody, even as investors scrutinize Ledger’s past data exposures, a recent third-party payment incident, and new fee plans.