Ledger hires Goldman Sachs, Barclays and Jefferies for a possible US IPO valued above $4B

Ledger

Ledger is working with Goldman Sachs, Barclays and Jefferies on a possible New York listing that could value it above $4 billion, more than double its 2023 valuation, the Financial Times reported. 2025 revenue reached the hundreds of millions of euros as crypto thefts pushed buyers toward holding their own keys. The plans were not final.

• Last primary valuation: $1.5B in 2023.
• 2025 revenue was in the triple-digit millions of euros, a record.
• CEO Pascal Gauthier said the money for crypto is in New York, not Europe.
• In Mar 2026 Ledger disclosed a $50M secondary share sale in Q4 2025 and said an IPO was possible but not imminent; in May 2026 it paused the US listing.