Crypto IPO Window Reopens: BitGo Debuts as Ledger Eyes a $4B+ U.S. Listing

The crypto IPO window may be reopening. The BitGo IPO debut and reports of a potential Ledger IPO point to renewed appetite for crypto infrastructure like crypto custody and security.

Crypto IPO window just cracked open. BitGo debuted on NYSE with shares jumping 246% on day one. Ledger reportedly eyes a U.S. listing at over 4 billion dollars valuation. These moves signal public markets warming to crypto infrastructure like custody and security, often a green light for broader risk appetite. If you want the bigger framework behind moves like this, start with what makes crypto move when capital rotates back into risk.

Hardware wallet maker Ledger is next in line. Sources say it plans a U.S. listing valuing the firm above 4 billion dollars. That would dwarf BitGo’s debut. Ledger last raised at 1.5 billion dollars in 2022. Self-custody demand never faded. Retail and institutions still want secure storage, and that demand sits at the heart of crypto infrastructure.

• Custody + hardware = resilient demand, even in bear phases.

• Public listings validate crypto as asset class infrastructure.

• Watch if follow‑ons dilute hype or build momentum.

Security plays thrive when volatility heats up. That’s why a Ledger IPO is often framed as a bet on security demand, not hype cycles. Traders hold keys tighter during dumps. Institutions demand audited cold storage. Ledger’s timing fits a market where crypto prop trading firms also scale up, pairing firm capital with client custody for bigger swings. If Ledger pulls it off, expect a flurry of infrastructure IPOs.

First, does BitGo hold gains after the opening rush, or fade once early demand cools. Second, do more crypto IPO filings follow, or does the window close again. Third, watch BTC and ETH reaction after the headlines. If majors hold higher lows as attention returns, risk appetite is improving. If they fade quickly, the IPO story is not strong enough to carry the tape.

Traders should note how custody IPOs often precede volatility spikes in BTC and ETH. When infrastructure firms like BitGo list big, it draws institutional eyes back to the asset class.

BitGo’s blowout and Ledger’s plans point to thawing sentiment. Public markets see value in crypto plumbing. But these are sentiment reads, not buy signals. Chasing IPO pops burns retail. Use them to gauge risk appetite instead.