Kraken, Consensys et Ledger se préparent pour des introductions en Bourse majeures en 2026

Trois géants de la crypto se rangent sur la ligne de départ. L'année 2026 pourrait marquer un tournant pour l'industrie, avec des introductions en Bourse qui testeront enfin l'appétit des marchés traditionnels.

Le plan de match des poids lourds

Kraken, l'une des plus anciennes bourses, vise une valorisation qui ferait pâlir ses rivaux déjà cotés. Consensys, le bras droit des développeurs Ethereum avec MetaMask, pourrait révéler la valeur réelle des infrastructures derrière les applications décentralisées. Quant à Ledger, son hardware est déjà dans des millions de portefeuilles ; il s'agit maintenant de convaincre les actionnaires.

Un timing qui ne doit rien au hasard

2026 n'est pas une date choisie au hasard. Cela laisse le temps aux régulateurs, comme l'AMF en France, de clarifier leur position et aux marchés de digérer les cycles précédents. C'est une fenêtre stratégique pour capitaliser sur une adoption plus large et une maturité réglementaire accrue.

Le vrai test pour l'écosystème

Ces IPO ne seront pas qu'une simple levée de fonds. Elles serviront de baromètre : les investisseurs institutionnels sont-ils prêts à parier sur la pérennité des modèles d'affaires crypto, au-delà de la simple spéculation sur les actifs ? Une réussite pourrait déclencher une vague, tandis qu'un échec serait un sérieux coup de frein.

Le marché traditionnel, toujours à l'affût d'une nouvelle narrative pour justifier des valorisations, pourrait bien trouver son prochain jouet dans ces dossiers. À moins que la crypto ne finisse par avaler la Bourse, et non l'inverse.

Kraken leads the charge with a $20 billion valuation.

US crypto exchange Kraken is set to become one of the biggest IPOs in the digital asset sector after filing an S-1 with the Securities and Exchange Commission in November 2025. The firm is targeting a public debut in the first half of 2026, according to PEOPLE familiar with the matter.

Kraken secured a $20 billion valuation following an $800 million funding round led by institutional investors, including Jane Street, DRW Venture Capital, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital. This also includes $200 million from Citadel Securities.

The firm’s compliance-first strategy has been central to its expansion, including obtaining a Markets in Crypto-Assets (MiCA) license in Europe and launching derivatives trading. 

Kraken has also entered the decentralized finance space through strategic acquisitions, one of which is the $1.5 billion purchase of trading platform NinjaTrader, and another is the $100 million acquisition of Small Exchange. The firm also recently agreed to acquire Backed Finance, the tokenized asset issuer behind its xStocks product, bringing the issuer in-house ahead of its planned 2026 listing.

Consensys eyes mid-year debut with Wall Street backing

Consensys, the blockchain infrastructure firm behind MetaMask wallet, has enlisted JPMorgan and Goldman Sachs to lead a potential IPO targeting mid-2026, according to reports.

Founded in 2014 by Ethereum co-founder Joseph Lubin, Consensys operates MetaMask, which serves more than 30 million monthly users, alongside Infura node infrastructure and the Linea layer 2 network. The company was last valued at $7 billion in a 2022 funding round that raised $450 million.

Consensys has moved away from being just another software studio to a high-margin infrastructure provider, with MetaMask adding native bitcoin support to consolidate its position as a multi-chain wallet.

Ledger explores New York listing

French hardware wallet manufacturer Ledger is preparing to raise capital through either a New York IPO or a private financing round in 2026. Chief Executive Officer Pascal Gauthier said the Paris-based firm generated triple-digit million-dollar revenues in 2025 as demand for crypto security devices went up.

Ledger currently safeguards roughly $100 billion worth of Bitcoin for clients, according to the CEO, and was last valued at $1.5 billion in a 2023 funding round that was led by 10T Holdings and saw participation from investors such as Cathay Innovation, Draper Esprit, Draper Associates, and Tekne Capital, among others.

In November, Gauthier told the Financial Times that he is spending more time in New York because “money is in New York today for crypto; it’s nowhere else in the world, certainly not in Europe.”

Ledger faces competition from Czech Republic-based Trezor and Switzerland-based Tangem in the hardware wallet market. The company recently expanded its offerings with an iOS app for enterprise customers and launched native tron support.

The success of 2025 listings by stablecoin issuer Circle and trading platform Bullish, which both raised over $1 billion, has further validated investor appetite for crypto-related equities.

Other notable IPO candidates include BitGo, the Goldman Sachs-backed crypto custodian that filed an updated S-1 in late 2025, aiming for a first-quarter 2026 listing.

Hong Kong-based Animoca Brands is also in the race and is expected to list on Nasdaq via a reverse merger with Currenc Group. There is also the South Korean crypto exchange Bithumb, which plans to list on the South Korean stock exchange.

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