Ledger's $4B+ New York IPO Plans Spark Scrutiny Over Past Breaches and New Fees

Ledger’s reported plans for a New York IPO have thrust the hardware-wallet maker back into the spotlight — and into a fresh round of community scrutiny.

According to a Financial Times report, the Paris-based company is working with major banks on a potential U.S. listing that could value Ledger at more than $4 billion and, if it goes ahead, might happen as early as this year. That would mark a big leap from the roughly $1.5 billion valuation Ledger secured in its 2023 funding round, and would place the firm among recent crypto-related public-market entrants and filings such as BitGo, Circle, Gemini and Bullish. Executives increasingly point to New York as the center of liquidity and institutional demand for digital-asset businesses — making a U.S. listing an attractive next step for infrastructure-focused firms.

Ledger builds hardware wallets that store crypto offline to limit exposure to exchange hacks and online attacks. The company has ridden renewed interest in self-custody tools as crypto adoption grows and high-profile platform breaches persist, positioning itself as a cornerstone of crypto security infrastructure — and, at least on paper, a more stable bet than speculative trading platforms.

But the IPO chatter has also revived criticism about Ledger’s security record and business moves. Blockchain investigator ZachXBT flagged past data breaches on X that leaked customer contact information — most notably a widely reported 2020 incident. Ledger has acknowledged those incidents; while the company says no private keys were compromised, the leaks have remained a sore point for a firm that sells itself on trust and protection. Community members have also pointed to reported hardware flaws, including some battery-related complaints, as reminders that physical devices carry operational risks.

Complicating the optics further are changes to Ledger’s monetization plans. The company has introduced fees connected to a “clear signing” feature — a tool intended to make transaction details easier for users to understand before they approve a transfer. While Ledger positions the feature as a safety enhancement, critics argue the timing of new customer fees ahead of an IPO raises questions over whether the company is accelerating revenue extraction from its existing user base.

Ledger has not formally confirmed an IPO timetable. If it proceeds, public-market investors will almost certainly probe both the market opportunity for self-custody tools and Ledger’s historical security issues as they price risk and growth potential.

Note: This article is informational and not investment advice. Cryptocurrency trading is high-risk; readers should do their own research before making decisions. © 2026 AMBCrypto

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