Thirteen years after Criteo, could another French tech gem make its way to Wall Street? The possibility is gaining traction according to the Financial Times, which reports that Ledger, the French unicorn specializing in cryptocurrency security, is closer than ever to an initial public offering in New York. The IPO could even take place as early as this year, according to sources close to the matter. These sources caution, however, that plans for the listing could still evolve in the coming months.

Evidence that preparations for an IPO are well underway: Ledger has already hired several investment banks—namely Goldman Sachs, Jefferies, and Barclays—to test market appetite for the French company founded in 2014, according to the Financial Times. The British daily reports that a Wall Street listing would value Ledger at more than $4 billion. During its last funding round in March 2023, the company—long led by Éric Larchevêque—was valued at $1.5 billion. Contacted by us, Ledger declined to comment on a potential IPO in New York.

“The money is in New York for cryptocurrencies”

While Ledger has not yet clarified its stock market intentions, Pascal Gauthier, its CEO since 2019, has never hidden his preference for the United States when discussing a potential listing. “Today, the money for cryptocurrencies is in New York. It’s nowhere else in the world, and certainly not in Europe,” he told the Financial Times last November. Across the Atlantic, the French company has become increasingly visible, notably on NBA courts, where it has been the jersey sponsor this season of the San Antonio Spurs, home to Victor Wembanyama.

The context is all the more favorable for Ledger in the United States as several cryptocurrency players have recently decided to go public in New York, including custodian BitGo, stablecoin issuer Circle, and exchanges Gemini and Bullish. This momentum has been encouraged by Donald Trump’s return to the White House, as he has sent multiple positive signals toward the crypto sector over the past year.

Becoming a guardian of digital identity

On its side, Ledger has nearly all indicators pointing green. The company has sold more than 8 million devices worldwide since its founding and claims to protect over 20% of global crypto assets and 27% of total stablecoin volume. Driven by growing service revenues—particularly through the Ledger Live application and its B2B arm, Ledger Enterprise—the French company is optimistic about the future. Among the few clouds on the horizon is a personal data breach that affected some customers due to a vulnerability at its e-commerce provider, Global-e.

In October 2025, Ledger unveiled its new vision to mark its pivot toward digital identity. At its Ledger Op3n event, held at its headquarters in the heart of Paris’s Marais district, the French company introduced the Ledger Nano Gen5, a new product designed to secure not only cryptocurrency transactions but also other digital assets, such as identity, smart contracts, and future interactions with decentralized applications.

To reflect this expanded scope, Ledger wants to move away from the term “wallet” in favor of the designation “signer.” This shift allows the company to distance itself from a purely financial label and give its new product the stature of a guardian of its owner’s digital identity. By making its way to Wall Street in the coming months, the unicorn would step even further into a new dimension.