Ledger, the French hardware wallet maker, has begun preparing a U.S. IPO with a potential valuation above $4 billion, Financial Times reports.

Deal advisers and timing

According to the report, Goldman Sachs, Jefferies and Barclays have been engaged as advisers for the planned listing process.

The IPO could take place in 2026, although timing and deal parameters remain unfinalized, the sources told Financial Times.

Company profile

Ledger is one of the largest manufacturers of hardware crypto wallets, producing devices designed to store private keys in isolated secure hardware.

The company also provides companion software to manage keys and interact with blockchain networks, aiming to separate signing operations from internet-connected devices.

Market context

Hardware wallets are used to keep cryptographic secrets offline and reduce exposure to remote attacks, a standard practice in crypto custody workflows.

An initial public offering would allow Ledger to access public capital markets, while its exact structure, share count and price range have not been disclosed.

Financial Times is the source of the information about the company’s preparations and the engagement of the named advisers.