Ledger, the French hardware wallet manufacturer, has reached a valuation of $4 billion as it prepares for an IPO on the New York Stock Exchange. Despite Bitcoin's recent price drop from $126,000 to below $70,000, Ledger's business continues to thrive, underscoring the demand for secure storage solutions in the volatile crypto market. The company, which sells devices to securely store Bitcoin private keys, has sold over 7 million units in a decade. Ledger's success is attributed to its ability to provide security for crypto assets, regardless of market conditions. The firm has expanded its product line and services, including the Ledger Live app and Ledger Enterprise, catering to both individual and institutional clients. Ledger's IPO is part of a broader trend of crypto companies going public, with firms like Circle and BitGo also making significant market debuts. This shift towards institutionalization and compliance marks a new phase for the crypto industry, as companies seek traditional trust endorsements in global capital markets.