Crypto hardware provider Ledger has appointed former Circle executive John Andrews as chief financial officer and opened a New York office as part of its US expansion. Andrews previously led capital markets and investor relations at Circle.
According to Friday’s announcement, the New York office is part of a multi-million-dollar investment in Ledger’s US operations and will create dozens of roles across enterprise and marketing teams. It will serve as a hub for the company’s institutional business, including its Ledger Enterprise platform, which provides custody and governance tools for digital assets.
The expansion comes as the company says demand is growing from banks, asset managers, custodians and stablecoin issuers seeking secure digital asset infrastructure.
In January, reports indicated that Ledger was exploring a US initial public offering that could value the French company at more than $4 billion, with discussions involving Goldman Sachs, Jefferies and Barclays. In 2025, the company reported a record year in terms of revenue.
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Crypto IPOs expected in 2026
Ledger’s expansion comes as a growing number of crypto companies explore public listings in 2026.
In November, Animoca Brands founder Yat Siu told Cointelegraph the company is targeting a public listing through a reverse merger this year, positioning it as a vehicle for exposure to the broader crypto market.
In March, digital asset wealth platform Abra announced plans to go public via a reverse merger with special purpose acquisition company New Providence Acquisition Corp. III, valuing the company at $750 million.
Kraken, one of the larger US-based crypto exchanges, has been the subject of IPO speculation since 2024. On Nov. 18, the company reached a $20 billion valuation following an $800 million funding round, and less than a day later, confidentially filed a draft registration statement with the Securities and Exchange Commission for a potential public offering.
However, the filing came less than a week after co-CEO Arjun Sethi said the exchange was not “racing” to go public. This week, Reuters reported that Kraken has paused its IPO plans until market conditions improve.
In 2025, crypto and AI-related IPOs returned 13.9% on a weighted average basis, underperforming the S&P 500’s 16% gain.
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