After the BitGo IPO, Ledger hires Goldman Sachs to go public

The closely-watched BitGo IPO concluded on Thursday, with the stock rising by 2% and its market capitalization moving to over $2.1 billion. Now, Ledger has hired banks as it explores going public in New York.

Ledger hires banks to go public 

Ledger, a French company that sells devices that help clients to store their cryptocurrencies, has hired banks in its bid to go public in New York. 

The listing, which will likely happen this year, will value the company at over $4 billion, making it one of the top companies in the crypto industry. Its valuation has jumped as its last funding valued it at $1.5 billion.

Ledger is working with top banks like Goldman Sachs, Barclays, and Jefferies to execute this listing. 

According to its website, Ledger has sold over 7 million hardware wallets since its founding in 2014 and has 700 customers around the world. It sells its products on its website and uses over 100 resellers globally.

People use Ledger’s products to store their coins safely and avoid the risk of hacks. Recent data shows that hacks have become more common, with crypto holders losing billions of dollars annually.

Crypto IPOs are expected to rise this year 

Wall Street analysts believe that more companies in the crypto industry will go public in the United States this year as management teams take advantage of Trump's policies.

Circle, the company behind USDC, went public in 2025 after Trump signed the GENIUS Act into law. Gemini, the crypto exchange owned by the Winklevoss Twins, also went public.

Other cryptocurrency companies like Figure Technology and Bullish are also listed. BitGo stock rose slightly after its $2 billion IPO.

However, while most of their stocks jumped after the listing, they all plunged because of the ongoing crypto market crash.

Circle Internet stock has dropped from the all-time high of $298 to the current $71, while Bullish has moved from $117 to $38, and Gemini Space Station has cratered from $45 to $10.

Other potential crypto companies that may go public this year are Consensys, which created MetaMask and Linea, Kraken, and Aninoca Brands, Chainalysis, Upbit, Certik, and Grayscale. Kraken, a top crypto exchange, has also filed its papers to go public in New York.

However, the main risk for potential IPOs in the crypto industry is that Bitcoin and most altcoins remain in a bear market, with all potential rebounds facing substantial resistance.