Ledger Hardware Wallet IPO Plans Take Shape Amid Security Crisis
French hardware wallet manufacturer Ledger is exploring a New York Stock Exchange listing or a private fundraising round in 2026. The company has achieved triple-digit million-dollar revenues in 2025, marking its strongest performance since launching in 2014. CEO Pascal Gauthier confirmed the move comes during an unprecedented surge in cryptocurrency-related cyberattacks.
Criminals have stolen $2.17 billion worth of digital assets in the first half of 2025 alone, surpassing the total for all of 2024. This security crisis has driven massive demand for cold storage solutions. Ledger currently secures approximately $100 billion in Bitcoin for customers worldwide.
Rising Crypto Theft Drives Ledger IPO Consideration
The hardware wallet producer was last valued at $1.5 billion in 2023, backed by investors including 10T Holdings and True Global Ventures. Gauthier told the Financial Times that deciding between an IPO and private fundraising depends on market conditions.
The CEO emphasized that “money is in New York today for crypto, it’s nowhere else in the world”. Ledger is actively expanding its New York headcount to strengthen its presence in the financial hub. The strategic positioning reflects where institutional capital flows concentrate.
Hardware wallets provide offline storage, significantly reducing the risks of remote hacking. Ledger competes with other manufacturers, including Czech Republic-based Trezor and Switzerland-based Tangem, in the growing secure crypto storage market. The company manufactures USB-style devices that store cryptocurrencies outside internet-connected systems.
Record Revenues Position Ledger for Stock Market Debut
The timing for a potential Ledger IPO aligns with broader market trends. Several crypto-native firms have entered public markets in 2025, including lender Figure and the Gemini cryptocurrency exchange. Gauthier expects additional sales spikes during Black Friday and the holiday season.
North Korean-linked groups, including Lazarus and Tradetraitor, were behind over 60% of crypto thefts in 2024. Major incidents included the $300 million hack of Japan’s DMM Bitcoin exchange. These attacks have pushed both retail and institutional investors toward cold storage solutions.
Physical threats have escalated alongside digital attacks. Ledger co-founder David Balland was kidnapped in January 2025 by criminals who demanded a 10 million euro cryptocurrency ransom and severed one of his fingers. A suspect was later arrested in Morocco for orchestrating high-profile crypto-related kidnappings in France.
New York Listing Could Value Hardware Wallet Leader Higher
The company has expanded its product line, launching an iOS app for enterprise users and adding native TRON support. However, its new multisig wallet feature has drawn mixed feedback from developers over transaction fees.
Institutional interest in crypto security infrastructure continues growing. Ledger’s expansion strategy focuses on capturing enterprise demand alongside retail customers. The company aims to maintain its leadership position as global digital asset adoption accelerates.
Whether Ledger pursues an IPO in New York or opts for private fundraising, the move signals confidence in the crypto security market growth. The hardware wallet sector benefits from persistent security threats that show no signs of diminishing. According to Chainalysis, illicit cryptocurrency activity surged to at least $40.9 billion in 2024.
Conclusion
Ledger’s IPO consideration reflects the critical role hardware wallets play in cryptocurrency adoption. The security crisis driving demand positions the company for continued growth. Whether through public listing or private fundraising, Ledger appears poised to capitalize on rising security concerns.
