Ledger, the crypto hardware provider, has named John Andrews as its new chief financial officer and established a New York office as part of a broader push into the US market. Andrews previously held a senior role overseeing capital markets and investor relations at Circle. The moves were announced on Friday and signal a significant strategic shift for the French company.
The new New York office is backed by a multi-million-dollar investment in Ledger’s US operations and is expected to generate dozens of positions across enterprise and marketing functions. It will act as the central hub for the company’s institutional business, anchored by its Ledger Enterprise platform. That platform offers custody and governance tools designed for institutions managing digital assets.
Ledger says the expansion is driven by rising demand from banks, asset managers, custodians, and stablecoin issuers looking for secure digital asset infrastructure. The company reported a record year in revenue in 2025, underscoring the momentum behind its growth. Reports from January suggested Ledger was exploring a US initial public offering that could value the company at more than $4 billion, with Goldman Sachs, Jefferies, and Barclays involved in early discussions.
Ledger’s US expansion arrives at a time when a growing number of crypto firms are weighing public listings in 2026. Animoca Brands founder Yat Siu told Cointelegraph in November that the company is targeting a public listing through a reverse merger, positioning it as a vehicle for broader crypto market exposure. Separately, digital asset wealth platform Abra announced in March plans to go public via a reverse merger with special purpose acquisition company New Providence Acquisition Corp. III, at a valuation of $750 million.
Kraken, one of the larger US-based crypto exchanges, has also been the subject of IPO speculation since 2024. The exchange reached a $20 billion valuation in November following an $800 million funding round and shortly after filed a draft registration statement confidentially with the Securities and Exchange Commission for a potential public offering. The filing came less than a week after co-CEO Arjun Sethi stated the company was not rushing toward a listing.
Reuters reported this week that Kraken has since paused its IPO plans, citing a preference to wait for more favorable market conditions. The broader environment for crypto-related public offerings has shown mixed results, with crypto and AI-linked IPOs returning 13.9% on a weighted average basis in 2025, falling short of the S&P 500‘s 16% gain over the same period. These dynamics are shaping how companies like Ledger time and structure their own potential market debuts.
Originally reported by CoinTelegraph.
