Ledger Eyes New York Listing as Crypto Thefts Surge

Ledger Contemplates New York IPO Amidst Rising Cybersecurity Concerns in Crypto

Ledger, the Paris-based provider of hardware wallets for cryptocurrencies, is reportedly evaluating a potential initial public offering (IPO) in New York. This strategic move comes as a surge in cyberattacks targeting digital assets fuels unprecedented demand for Ledger's security devices, potentially pushing revenues into the hundreds of millions of dollars in 2025. Pascal Gauthier, CEO of Ledger, stated to the Financial Times that the company is experiencing a banner year due to both individual and institutional investors seeking enhanced security solutions against increasingly sophisticated hacking attempts. Founded in 2014, Ledger has become a prominent player in the cryptocurrency security space.

Crypto Theft Spikes Drive Hardware Wallet Demand

"We’re being hacked more and more every day,” Gauthier explained, highlighting the growing threat to bank accounts and crypto holdings. He anticipates this trend to continue, underscoring the importance of robust security measures. The surge in demand for Ledger's hardware wallets coincides with a record year for cryptocurrency-related thefts. In the first half of 2025, hackers pilfered an estimated $2.2 billion in digital assets, exceeding the total amount stolen in all of 2024. Chainalysis reports that approximately 23% of these attacks specifically targeted individual cryptocurrency wallets.

Ledger Secures $100 Billion in Bitcoin

According to Gauthier, Ledger currently secures approximately $100 billion worth of Bitcoin (BTC) on behalf of its clients. The company anticipates further growth, potentially driven by seasonal peaks during Black Friday and the Christmas holiday season. Ledger is actively preparing for a fundraising round in the coming year, considering both private placement and a public listing in the United States. Gauthier emphasized the importance of New York as a financial hub for the crypto industry, stating, "Money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe."

Competition in the Hardware Wallet Market

While competitors such as Trezor and Tangem offer similar "cold storage" wallet solutions, Ledger maintains a leading position in the market. The company was last valued at $1.5 billion in 2023, with backing from investors including 10T Holdings and True Global Ventures.

Mixed Reactions to Ledger's New Multisig App

Ledger recently introduced a new multisignature (multisig) interface, which has elicited varied responses from users. While many praised the update as a significant technical advancement, the new fee structure, which includes a $10 flat fee per transaction and a 0.05% variable fee for token transfers, has drawn criticism from some segments of the crypto community. Developers, like pcaversaccio, have accused Ledger of deviating from its Cypherpunk principles, arguing that the company is transforming its app into a centralized point of control for revenue generation at the expense of its users.