Ledger, the French maker of hardware wallets for crypto assets, is reportedly moving ahead with plans for a potential initial public offering (IPO) in New York, signaling continued momentum in public market interest for digital asset companies. 

The listing would place Ledger among a growing group of crypto firms seeking access to US capital markets, following the recent public debut of BitGo earlier this week.

Ledger Taps Wall Street Giants For US IPO

The move comes amid a broader initial public offering wave that gained strong traction throughout 2025, when several major crypto-native companies either went public or began laying the groundwork to do so. 

Firms such as Circle (CRLC), Bullish (BLSH), eToro (ETOR), Figure (FIGR), and Gemini (GEMI) have already gone public in the US, while Grayscale and Kraken remain part of the renewed IPO push, with filings submitted and preparations still underway.

According to a report by the Financial Times, Ledger has engaged investment banks including Goldman Sachs and Barclays to advise on its initial public offering in the United States. 

People familiar with the matter say the offering could value the company at more than $4 billion. While the IPO could take place as soon as this year, sources cautioned that the plans remain subject to change.

Ledger’s reported IPO ambitions come as BitGo opened trading on Thursday with its shares jumping 24.6%, giving the company a valuation of approximately $2.59 billion. 

BitGo and several of its existing shareholders sold 11.8 million shares priced above the initially marketed range of $15 to $17, raising $212.8 million in the process.

BitGo Sets Tone For 2026 Crypto IPOs

Market experts have pointed to BitGo’s performance as an important signal for the broader crypto IPO landscape. Lukas Muehlbauer, an IPOX research associate, described BitGo’s listing as the first major test of investor demand for crypto-related offerings in 2026. 

He noted that while Gemini went public near the peak of the crypto market last year, BitGo entered the market during a period of recent selloffs, making its reception particularly telling. 

Muehlbauer added that BitGo’s positioning as a profitable and regulated “digital asset infrastructure company,” rather than a business tied directly to token price movements, helped insulate it from “Bitcoin’s (BTC) day-to-day volatility.”

Beyond Ledger, expectations are building that the pipeline of crypto IPOs will continue to grow. In addition to Kraken and Grayscale, industry experts believe the coming year could bring an even larger number of crypto-related IPOs in the US. 

“2025 marked the professionalization of crypto, and the public markets noticed,” said Mike Bellin, a partner at PwC who leads the firm’s US IPO practice. 

Some offerings, however, have faced delays. Elliot Han, chief investment officer at C1 Fund, said that the fourth quarter could have seen an even higher number of IPOs. 

He pointed to the federal government’s prolonged shutdown as a key factor that pushed several listings into the first quarter of 2026. Han also noted that heightened stock market volatility toward the end of the third quarter added further complications.

Featured image from DALL-E, chart from TradingView.com 

Changpeng Zhao-backed YZi Labs has announced an investment in BitGo as the crypto custodian made its debut on the New York Stock Exchange. “BitGo has maintained a hack-free security record for over a decade, a testament to the technical foundation,”…

French hardware wallet manufacturer Ledger is reportedly planning a US initial public offering (IPO) in collaboration with some of the top Wall Street banks.

Financial Times reported Friday that the crypto security firm is looking for a New York listing that could value the company over $4 billion.

Further, Ledger is partnering with Goldman Sachs, Jefferies, and Barclays to facilitate the deal, which is expected to be finalized this year. Sources familiar with the IPO moves told the publication that the plans are subject to change.

Money is in New York Today for Crypto: Ledger CEO

Pascal Gauthier, Ledger’s CEO, touted its IPO plans in November 2025, emphasizing New York’s importance for crypto financing.

“Me spending more time in New York is with the understanding that money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe.”

Per an FT report at the time, Gauthier said that the company has secured about $100 billion worth of Bitcoin for its customers. Besides, Ledger was last valued at $1.5 billion in 2023 during a funding round.

Exclusive: The French cryptocurrency group, which sells devices that allow investors to securely store tokens, is working with bankers at Goldman Sachs, Jefferies and Barclays on an initial public offering that could take place as soon as this year. https://t.co/SLDJma0xX1 pic.twitter.com/FdoOGh6B58

— Financial Times (@FT) January 23, 2026

The fundraising comes after revenues hit triple-digit millions in 2025 due to surging demand for secure custody solutions amid a sharp rise in crypto thefts.

Per Chainalysis report, around $17 billion was stolen in crypto scams and fraud in 2025, compared to $13 billion in 2024.

The post Crypto Hardware Wallet Firm Ledger Plans US IPO With Over $4B Valuation appeared first on Cryptonews.

BitGo Holdings marked a milestone on January 22 celebrating its debut as a publicly traded company on the New York Stock Exchange under the ticker symbol BTGO.

Members of BitGo’s leadership team rang the NYSE Opening Bell at 9:30 a.m. ET formally ushering the digital asset infrastructure provider into the public markets.

“Today marks a defining moment for BitGo,” said Mike Belshe, chief executive officer and co-founder of the company. “Our entry into the public markets will enable us to further accelerate the financial system’s transition toward a transparent and credible digital asset economy, while continuing to deliver exceptional security, custody and liquidity solutions for our clients.”

pic.twitter.com/ofRN4yNyLm

— Mike Belshe (@mikebelshe) January 22, 2026

Building Institutional Crypto Infrastructure

BitGo’s public debut follows more than a decade of growth focused on secure and compliant digital asset services. The company began as a pioneer of multi-signature security and institutional-grade wallets before expanding its offering to include regulated custody, trading and infrastructure services.

Over time, BitGo established BitGo Bank & Trust, a nationally chartered digital asset bank, and launched BitGo Prime Trading alongside an OTC trading desk.

The company has also expanded into Stablecoin-as-a-Service and Crypto-as-a-Service offerings, positioning itself as a core infrastructure provider for institutions operating in digital assets.

Scale and Global Reach

As of September 30, 2025, BitGo served more than 4,900 clients across over 100 countries and supported more than 1,550 digital assets. Its client base spans digital asset ecosystems, financial institutions, technology platforms, corporations and government entities.

From its origins in safety and security, BitGo has developed a comprehensive product suite covering self-custody wallets, qualified custody, liquidity and prime brokerage services, and infrastructure-as-a-service for builders and investors across the crypto economy.

Positioning for the Next Phase of Digital Finance

Headquartered in Sioux Falls, BitGo has built its reputation around regulatory compliance and institutional trust at a time when digital asset markets are increasingly intersecting with traditional finance.

As a newly listed company, BitGo said it plans to leverage its public market profile to further strengthen its infrastructure and expand its role within the evolving digital financial system.

Belshe said the company’s next chapter will focus not only on BitGo’s own growth, but also on supporting the broader resilience of the digital asset ecosystem. “We believe the opportunity ahead is significant and that we are uniquely positioned to help institutions navigate the road ahead,” he said.

BitGo’s listing comes amid renewed interest in crypto-related equities, as investors look for regulated, infrastructure-led exposure to the digital asset economy.

The post BitGo Debuts on New York Stock Exchange Trading Under Ticker BTGO appeared first on Cryptonews.

The debut signals a shift for digital asset infrastructure, with Goldman Sachs and Citigroup leading the underwriting syndicate. 

The post BitGo Shatters Expectations With $212M Crypto IPO appeared first on TechRepublic.

The debut signals a shift for digital asset infrastructure, with Goldman Sachs and Citigroup leading the underwriting syndicate. 

The post BitGo Shatters Expectations With $212M Crypto IPO appeared first on TechRepublic.

Tiger Global and Microsoft are offering up their full stakes in the company, while Walmart is choosing to retain its majority stake and selling up to 45.9 million shares.

BitGo Holdings has priced its initial public offering at $18 per share, which would value the offering at approximately $212.8 million and place its valuation at over $2 billion on a fully diluted basis. BitGo will be offering 11,026,365 Class…

BitGo Holdings has priced its initial public offering marking a huge milestone for the crypto industry as one of the first digital asset infrastructure firms to go public in 2026.

In a statement released Wednesday, BitGo said it had priced its upsized IPO at $18.00 per share offering an aggregate of 11,821,595 shares of Class A common stock. The offering reflects strong investor demand as public market appetite for crypto-related infrastructure shows signs of recovery.

Offering Structure and Share Allocation

The IPO consists of 11,026,365 shares of Class A common stock offered by BitGo and 795,230 shares sold by certain existing stockholders. The company said it will not receive any proceeds from the sale of shares by selling stockholders.

BitGo has also granted underwriters a 30-day option to purchase up to 1,770,000 additional shares of Class A common stock at the public offering price, less underwriting discounts and commissions.

NYSE Listing and Trading Timeline

BitGo’s shares are expected to begin trading on the New York Stock Exchange on January 22, 2026, under the ticker symbol BTGO. The offering is expected to close on January 23, subject to customary closing conditions.

The listing positions BitGo among a small but growing group of crypto-native firms accessing public equity markets amid improving investor sentiment.

Backbone of Institutional Crypto Infrastructure

Founded as a crypto custody and infrastructure provider BitGo has become a core service provider for institutional participants in digital assets. Its offerings span custody, wallet infrastructure, settlement, staking and treasury management, supporting exchanges, asset managers and corporate clients.

The public debut comes as interest in crypto-related equities shows signs of recovery, driven by stabilising markets and renewed institutional engagement.

Banks and Regulators Involved

The IPO is being led by Goldman Sachs & Co. LLC as lead book-running manager, with Citigroup acting as a book-running manager.

Additional book-running managers include Deutsche Bank Securities, Mizuho, Wells Fargo Securities, Keefe, Bruyette & Woods, Canaccord Genuity and Cantor. Clear Street, Compass Point, Craig-Hallum, Wedbush Securities, Rosenblatt and SoFi are acting as co-managers.

A registration statement relating to the offering was declared effective by the U.S. Securities and Exchange Commissionon January 21 with the offering being made solely by means of a prospectus.

Market participants view BitGo’s IPO as a potential bellwether for the 2026 crypto IPO pipeline with its post-listing performance likely to influence whether other digital asset infrastructure and services firms pursue public listings in the months ahead.

BitGo Expands Institutional OTC Platform

Earlier this month, BitGo expanded its institutional over-the-counter (OTC) trading platform to support derivatives trading, strengthening its push to offer full-service, regulated infrastructure for sophisticated digital asset strategies.

BitGo has expanded its institutional OTC trading platform to support derivatives, strengthening its push to offer regulated infrastructure for digital asset strategies.#BitGo #Derivatives https://t.co/UoFz5hyLcd

— Cryptonews.com (@cryptonews) January 13, 2026

The move allows institutions to trade OTC derivatives directly with a BitGo trading entity while keeping client collateral in separately regulated BitGo custody.

The expansion comes as institutional participation in crypto markets continues to mature, with growing demand for complex trading strategies executed alongside robust risk management and custody safeguards.

The post BitGo Prices IPO, Marking One of the First Crypto Listings of 2026 appeared first on Cryptonews.

Amagi shares debuted at a 12% discount, offering an early read on investor demand for a rare type of tech listing in India.

Ethos was backed by a who's who of VCs and celebs through 2021. It is currently profitable, it says.

Anchorage Digital, a New York–based crypto bank, is moving to raise fresh capital as it prepares to enter public markets. According to Bloomberg, people familiar with the matter say the firm is looking to secure between $200 million and $400 million in new funding.

Anchorage Seeks Major Funding

Reports say the Firm is exploring a $200M–$400 million round to strengthen its business before a possible public listing. The plan would put Anchorage among a small group of crypto-native companies that have tried to list on stock markets after building regulated services for institutions.

The company’s bank affiliate holds a federal charter, a status that gives it a different footing compared with many crypto firms. That federal backing is often cited by investors as a reason Anchorage can offer custody and other services seen as safer by big clients.

Based on reports, Anchorage last raised capital in a previous round that valued the business at over $3 billion, and the fresh funding is viewed as a runway toward a public debut.

Anchorage Digital, whose affiliate is the first federally chartered US digital-asset bank, is seeking to raise fresh capital as it explores a potential public listing, according to people with knowledge of the matter https://t.co/6xLNEJN54W

— Bloomberg (@business) January 16, 2026

Regulatory Edge And Product Push

Some reports say the bank is also growing teams tied to stablecoin work and exploring partnerships that would widen its product set for large customers. These moves appear aimed at making the company more attractive to public investors.

Market observers note that crypto firms have been considering public listings more often as regulation clears up in certain areas and as institutional demand for custody and regulated rails grows.

Anchorage’s timing comes while other custody and asset firms weigh similar steps, a trend that could reshape how big investors access crypto services. The atmosphere is cautious, but there is clear interest in regulated players.

Market Reaction And IPO Timing

According to market chatter, the bank could seek a listing as soon as next year, although some coverage says 2027 is also possible. Sources quoted by Bloomberg gave a range of potential timing, and Anchorage has not provided a public comment on the plans.

If Anchorage completes a successful raise and goes public, the event would signal confidence in firms that combine crypto services with bank-style oversight.

Investors will be watching how the company uses the proceeds — whether to build new products, hire staff, or boost its balance sheet ahead of scrutiny that comes with public ownership. The next few months are likely to reveal more details as underwriting and investor talks advance.

Featured image from Yellow, chart from TradingView

Evernorth CEO Ashish Birla said the firm is preparing for a Q1 2026 IPO on Nasdaq, pitching the listing as a simplified, public-markets route for institutions to gain exposure to XRP without building the custody, compliance, and security stack themselves.

Speaking on Nasdaq’s Live from MarketSite on Jan. 15 with host Kristina Ayanian, Birla framed the planned offering as a response to what he described as growing institutional readiness and a shifting regulatory backdrop. Ayanian said: “Evernorth is gearing up for a Q1 2026 IPO.”

Birla responded: “I’ve been waiting for this moment for a long time. I’ve been in blockchain since 2013,” Birla said. “The timing couldn’t be more perfect. We have the right kind of regulation. We have the right kind of administration and institutions are ready to adopt.”

XRP Gets A Wall Street Wrapper

At the center of Evernorth’s pitch is the XRP treasury strategy, which Birla described as “the digital asset underpinning Evernorth’s digital asset treasury.” In Birla’s telling, Evernorth’s equity is meant to function as an exposure vehicle for investors who prefer traditional market rails over direct token custody.

“Prior to Evernorth … you would have to go in, you know, custody digital assets on your own. You would have to worry about compliance. You’d have to worry about security,” he said. “But a large lion’s share just wants to buy a public stock. So we made it as easy as buying a public stock. And we’ll figure that stuff out for you.”

Birla also suggested Evernorth intends to brand that exposure explicitly through its stock identity, referring to “XRPN as the Evernorth stock,” and repeating that the proposition is to “just buy the stock … and we’ll take care of all that heavy lifting for you.” For investors, the value proposition is less about novel financial engineering than operational outsourcing: Evernorth claims it can package custody, compliance, and blockchain participation behind a public equity wrapper.

The executive tied the timing of Evernorth’s public-market push to what he described as rising demand for regulated exposure. Asked about “XRP ETFs … making a big splash,” Birla said the category had seen “a record breaking last few weeks,” arguing that it signaled appetite from traditional investors. “That shows that there is the demand from the public markets to gain exposure to XRP,” he said, adding that Evernorth intends to go beyond simple spot exposure by supporting the broader ecosystem.

That “beyond” hinges on yield generation and active treasury management. Birla said Evernorth expects to “be generating yield as well on the XRP asset,” and that the proceeds would be recycled into the treasury: “We’ll use [it] to go and buy more of the digital asset for the treasury. So we’ll be actively out there.” He positioned the company as an active participant in product development on-chain, saying Evernorth will “help develop that XRP ecosystem, help bring financial products to the blockchain.”

Pressed on what separates durable “digital asset treasury” strategies from the rest, Birla emphasized scale and activity. “One, you have to have scale. And Evernorth as of today is by far the largest XRP digital asset treasury out there,” he said. The second criterion, he argued, is avoiding a purely passive posture. “They can’t be passive. They have to be active stewards of helping the ecosystem flourish and develop,” Birla said, adding that he plans to continue “helping the XRP ecosystem develop” and that Evernorth could “generate yield for the for the treasury as well.”

Big move for XRP! @evernorthxrp CEO @ashgoblue on @NasdaqExchange sharing details on their Q1 2026 IPO – unlocking institutional XRP exposure like buying any public stock. No more custody hassles, just seamless access to XRP. https://t.co/Z7F4uTyH5g

— Leonidas (@LeoHadjiloizou) January 15, 2026

For prospective institutional buyers and public-market investors, the message was blunt: the company sees the last missing piece as capital access, and it is building a listed vehicle around it. “You’ve got regulation, you’ve got the products, and now you’ve got institutional capital,” Birla said. “I think timing is right to adopt blockchain for financial products.”

At press time, XRP traded at $2.07.

Bitcoin Magazine

Crypto Firm BitGo Eyes Near $2 Billion Valuation in US IPO

Crypto custody firm BitGo has launched its initial public offering, seeking to raise up to $201 million, according to a filing with the U.S. Securities and Exchange Commission.

The Palo Alto, California-based company is offering roughly 11.8 million shares of Class A common stock at an expected price range of $15 to $17 per share.

The offering includes 11 million shares sold by BitGo and about 821,600 shares offered by existing stockholders, with the company not receiving proceeds from those secondary sales. Underwriters will also have a 30-day option to purchase up to an additional 1.77 million shares.

Founded in 2013, BitGo is one of the largest crypto custody providers in the U.S., offering secure storage and infrastructure services for digital assets as institutional participation in crypto continues to expand.

The company plans to list on the New York Stock Exchange under the ticker symbol BTGO. Goldman Sachs is serving as lead book-running manager, with Citigroup and several other banks participating in the offering.

Bitgo receives nod from OCC

In December, Bitgo was one of five digital asset firms to receive conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to become a federally chartered national trust bank, alongside Ripple, Circle, Fidelity Digital Assets, and Paxos. 

The decision marked a significant step in bringing major crypto companies further into the U.S. federal banking system.

The conditional approvals allow the firms to convert from state-level trust charters to national trust bank status, pending the fulfillment of OCC requirements. Once finalized, the companies will join roughly 60 existing national trust banks overseen by the OCC, enabling them to offer fiduciary and custody services nationwide. 

Unlike full-service national banks, trust banks cannot take deposits or issue loans, but they can safeguard and manage customer assets, including digital assets.

BitGo’s IPO adds to the growing wave of crypto companies testing the public markets, but it stands apart from the usual exchange-led listings. Instead of relying on trading activity, BitGo makes its money by providing custody, compliance, and infrastructure services tied to safeguarding digital assets.

That difference could resonate with regulators and investors who have grown more cautious about trading-driven crypto businesses.

As attention shifts toward firms focused on compliance, settlement, and asset protection, BitGo’s debut fits a broader narrative gaining momentum in U.S. markets.

This post Crypto Firm BitGo Eyes Near $2 Billion Valuation in US IPO first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

• The fund targets infrastructure and scalable blockchain use cases, with a focus on emerging markets.
• Market makers have reduced activity since the Oct. 10 crash, while ETF flows signal lower institutional participation.
• The raise follows HashKey’s $206 million IPO on the Hong Kong stock exchange.

Institutional capital is taking a longer view of crypto markets as short-term liquidity thins out.

That shift is reflected in the first close of a new fund by HashKey Capital, which has secured $250 million in commitments despite choppier trading conditions.

The rise highlights how large investors are repositioning after a volatile period marked by heavy liquidations, ETF outflows, and retreating market makers.

Rather than chasing near-term price moves, capital is increasingly being directed toward infrastructure, financial technology, and real-world blockchain applications with longer-run potential.

Fund strategy and scale

HashKey Capital said its fourth crypto-focused vehicle, the HashKey Fintech Multi-Strategy Fund IV, exceeded expectations at its first close and is targeting a final size of $500 million.

The fund is designed to deploy capital across multiple strategies, with a focus on core infrastructure and scalable use cases aimed at broader adoption.

According to the firm, emerging markets are expected to play a central role, as these regions are increasingly acting as testing grounds for blockchain-based financial services and applications.

Institutional conviction on the back foot

The timing of the close is notable. Crypto markets have been adjusting after a sharp sell-off earlier in October, when a major liquidation event triggered widespread deleveraging.

In a Tuesday post on X, 10x Research said many traders and market makers had reduced activity following the Oct. 10 crash, contributing to thinner liquidity.

Since early November, the 30-day moving average of net flows into US spot Bitcoin and Ether ETFs has turned negative, suggesting that capital is being redeployed or held on the sidelines as conditions tighten.

Track record and expansion

Fund IV builds on HashKey Capital’s established presence in Asia’s digital asset sector.

Since launching in 2018, the firm has grown to manage more than $1 billion in assets and has invested in over 400 projects globally.

Its first fund recorded a distributed-to-paid-in ratio of more than 10x, underlining the scale of returns achieved in earlier cycles.

The firm is headquartered in Singapore and operates across Hong Kong and Japan.

It is part of the broader HashKey Group, which was among the first in Hong Kong to secure a crypto exchange licence.

The group has also been involved in launching the city’s first spot Bitcoin and Ether ETFs, adding to its regulatory and market footprint.

The fundraise comes shortly after HashKey’s entry into public markets.

Last week, the company made its trading debut on the Stock Exchange of Hong Kong following a $206 million initial public offering.

The listing adds another layer of visibility at a time when scrutiny of crypto firms remains high and access to traditional capital markets is becoming more selective.

The post HashKey raises $250M for new crypto fund on strong investor demand appeared first on CoinJournal.

• The $206 million IPO was heavily oversubscribed by both retail and international investors.
• Early trading was volatile, with shares dipping below the IPO price after an initial rise.
• The listing adds to a growing pipeline of crypto companies planning public market debuts in 2025.

Hong Kong’s push to position itself as a global hub for regulated digital assets took a visible step forward this week as HashKey, the city’s largest cryptocurrency exchange, began trading on the Stock Exchange of Hong Kong.

The debut followed a $206 million initial public offering that drew strong demand across retail and institutional channels.

While early trading was volatile, the listing placed HashKey at the centre of a growing wave of crypto firms seeking public market exposure in Asia and beyond.

The move also underlined Hong Kong’s ambition to blend capital markets depth with tighter digital asset oversight, at a time when global regulators are taking a more cautious stance on crypto activity.

Shares of HashKey Holdings listed on the HKEX main board on Wednesday, opening at 6.70 Hong Kong dollars, or about $0.86, according to exchange data.

The company confirmed in a blog post that the listing made it the first digital asset company in Asia to go public via an IPO in Hong Kong, setting a regional precedent for crypto firms pursuing traditional capital market routes.

Hong Kong listing milestone

HashKey’s IPO was launched on Dec. 9 and involved the sale of 240 million shares, raising a total of $206 million, based on its HKEX filings.

The structure reflected a split between local and international tranches, aligning with Hong Kong’s standard IPO framework while attracting a broad investor base.

The Hong Kong public offering component saw demand surge well beyond expectations. The retail tranche was oversubscribed by nearly 394 times, with 24 million shares allocated.

The international offering also drew solid interest, reaching 5.5 times subscription and accounting for 216.5 million shares sold.

The response highlighted continued appetite for crypto-linked equities despite recent market volatility in the sector.

Investor demand and structure

Nine cornerstone investors participated in the IPO, adding a layer of institutional credibility to the transaction.

These included Cithara Global Multi-Strategy SPC, UBS AM Singapore, Fidelity, and CDH.

Among them, Cithara and UBS emerged as the largest backers, receiving allocations of roughly 17.5 million shares and 11.7 million shares, respectively.

The presence of established asset managers suggested confidence in HashKey’s business model and regulatory positioning.

It also reflected investor interest in companies operating within Hong Kong’s licensing regime, which has been promoted as a framework for compliant digital asset trading and custody.

Volatile first trading session

Despite the strong fundraising outcome, HashKey’s first day of trading was marked by price swings.

During the morning session, shares briefly climbed about 5% above the opening price, reaching roughly $0.91, before reversing course and dropping to a low near $0.78.

By the afternoon, the stock was trading slightly below its IPO price, at around $0.84.

The movement underscored the cautious tone among investors toward newly listed crypto firms, even as demand for IPO allocations remained robust.

Market participants appeared to weigh long-term growth prospects against near-term uncertainties in the global digital asset market.

The post HashKey IPO marks milestone for Hong Kong’s regulated crypto market appeared first on CoinJournal.