Ledger, the Paris-based crypto hardware wallet provider, is exploring a potential initial public offering (IPO) in New York, driven by a surge in cyberattacks that has sent sales to record levels in 2025. Chief Executive Pascal Gauthier told the Financial Times that this year is shaping up to be the company's strongest, with revenues reaching triple-digit millions as both retail and institutional customers seek enhanced security for digital assets.
Gauthier highlighted the escalating threat, stating, "We’re being hacked more and more every day ... hacking of your bank accounts, of your crypto, and it’s not going to get better next year and the year after that." This is supported by Chainalysis data, which revealed that hackers stole $2.2 billion worth of digital assets in the first half of 2025, surpassing the total for all of 2024. Approximately 23% of these losses involved individual wallets, underscoring Ledger's core market.
The company, founded in 2014, now manages the security of about $100 billion in Bitcoin for customers. Gauthier indicated that Ledger is preparing to raise capital next year, potentially through a private funding round or a U.S. public listing, citing strong investor interest in New York. "Money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe," he said, adding that the firm is expanding its local presence and hiring more staff in the city ahead of a possible listing.
Ledger was last valued at $1.5 billion in 2023, backed by 10T Holdings and True Global Ventures. It competes with rivals like Trezor and Tangem in the cold storage wallet segment but remains the most recognized brand. In a recent product update, the company introduced a multisignature (multisig) app to simplify key management, but it faced backlash over a new fee structure that includes a $10 flat charge per transaction plus a 0.05% variable transfer fee. Critics, including developer pcaversaccio, accused Ledger of straying from its Cypherpunk roots and creating a "centralized choke point" for fee extraction.
Despite the controversy, Ledger's growth reflects a broader trend toward self-custody amid rising security concerns, with the firm anticipating a sales spike during the holiday season and maintaining focus on securing private keys without expanding into custodial services.
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