Ledger’s $4B New York IPO Play: Why Crypto’s Quietest Giant Is Suddenly Making Noise
Key Takeaways:Ledger Targets a New York IPO Above $4 BillionInstitutional Capital and the Custody TradeIPO Momentum Returns to Crypto Infrastructure
“The news from Ledger follows closely on the heels of BitGo’s IPO on the New York Stock Exchange, where the crypto custody firm began trading for more than $2 billion. Investors saw BitGo’s IPO as an important test to gauge investors’ renewed interest in crypto as an asset class despite past disappointments from numerous crypto IPOs that failed to meet expectations and have ultimately been flat performers on the market.”
More broadly, we’re also seeing several crypto-native players queueing up to list into US public markets. Unlike last year’s crop of exchange and consumer platforms, this batch is heavily skewed towards infrastructure and compliance players.
This trend reflects what we’ve learned from past cycles. For one, public investors have become more selective. They now value predictable revenue, enterprise clients, and being aligned with regulations. Within this framework, Ledger’s business model aligns much more closely with the story than do those of those over-the-counter trading platforms.
Potential IPO of Ledger’s a development that seems symbolic of the shift that is occurring. No longer do crypto companies try to sell investors on the growth trajectory akin to token prices. Hardware wallets might not be the glitziest piece of kit, but they sit at the very base of self-sovereignty in finance. As more money goes into crypto and bad actors remain drawn to it too.
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