Ledger, a leading French company in the production of hardware wallets for cryptocurrency security, is gearing up for a standout IPO on the international financial stage.
The company is considering a listing in New York or a new round of private capital raising in 2026, driven by an unprecedented demand for its security devices. The surge in digital thefts and the growing focus of investors on the protection of digital assets are propelling Ledger towards its strongest financial year ever.
Summary
Ledger’s Record Numbers: Revenue and Protected Assets
In 2025, Ledger achieved triple-digit million-dollar revenues, marking the best performance in its history. The company, founded in Paris in 2014, now safeguards approximately 100 billion dollars in Bitcoin on behalf of its clients worldwide. The last funding round in 2023, backed by 10T Holdings and True Global Ventures, had already brought Ledger’s valuation to 1.5 billion dollars.
Investor interest in crypto security has decisively increased, driven by the alarming rise in digital thefts. In just the first half of 2025, according to Chainalysis data, $2.17 billion in digital assets were stolen, surpassing the total for the entire year of 2024.
The Epicenter of Crypto Finance Shifts to New York
The CEO of Ledger, Pascal Gauthier, stated that the company is exploring both the possibility of a listing in the United States and a new round of private capital raising, while strengthening its presence in New York.
“Today the money for the crypto sector is in New York, not elsewhere, certainly not in Europe,” explained Gauthier, emphasizing how investors’ appetite for digital asset infrastructure is particularly strong in the United States.
The company is thus preparing to tackle the peak season, between Black Friday and the holiday season, a period when the demand for security devices reaches an all-time high.
The wave of cybercrime fuels the demand for cold wallets
The rise in cybercrime is driving both retail and institutional investors towards cold storage solutions like those offered by Ledger, Trezor, and Tangem. These devices, which allow for offline storage of cryptocurrencies, have become an essential tool for those looking to protect their assets from hackers and fraudsters.
In 2024, illicit activities related to cryptocurrencies reached at least $40.9 billion, according to Chainalysis, and the figure is expected to rise as new wallets linked to crimes are identified. Hacks alone accounted for $2.2 billion in stolen assets, marking a 21% increase compared to the previous year.
Groups linked to North Korea, such as Lazarus and Tradetraitor, are responsible for over 60% of these thefts, including high-profile attacks like the $300 million heist on the Japanese exchange DMM Bitcoin.
Innovation and New Challenges for Ledger Beyond the IPO
Ledger not only consolidates its position but continues to innovate its offerings. Recently, it launched a iOS app dedicated to enterprise users and introduced native support for the TRON blockchain. However, the new multisig wallet feature has sparked mixed reactions among developers and long-standing clients, particularly concerning transaction fees.
Security Under Attack Even in the Real World
The threat to the security of digital assets is not confined to the virtual world. In 2025, Ledger co-founder David Balland was a victim of a kidnapping in France: the kidnappers demanded a ransom in cryptocurrencies worth 10 million euros before being arrested in Morocco. An episode that highlights how crypto-related crime can also take on violent and direct forms.
This is not an isolated case. On May 13, 2025, the daughter and grandson of the CEO of Paymium were nearly kidnapped in Paris by masked men, confirming an escalation of threats that goes well beyond cyberspace.
Ledger’s Mission: Protecting Digital Wealth
Despite the increasing risks, Gauthier reiterates that Ledger’s mission remains unchanged: to ensure the security of users’ digital wealth, in a context of rapidly accelerating global cryptocurrency adoption. The company is now at the heart of a monumental transformation, where the protection of digital assets has become an absolute priority for both large and small investors.
The Future of Ledger Amid IPO and New Global Challenges
The potential IPO in New York represents not only a growth opportunity for Ledger but also a signal of the central role that crypto security has assumed in the financial world. With record revenues, constant innovation, and growing demand, Ledger positions itself as one of the key players in the new era of digital finance, where trust and asset protection are more crucial than ever.
In a landscape marked by risks, attacks, and rapid changes, Ledger’s story demonstrates how security can become the true driving force for the development of the entire cryptocurrency sector.
