Ledger, a hardware wallet manufacturer, is considering a public listing on the New York Stock Exchange or a private fundraising round next year, as per CEO Pascal Gauthier in his interview with the Financial Times. The decision aligns with the Paris-based firm’s meteoric rise and is the outcome of the most successful financial year of the company, which is mainly due to the increasing global demand for secure crypto storage solutions.
According to Gauthier, the company has been able to generate “triple-digit millions” of revenue so far in 2025, with further sales growth expected during the Black Friday and holiday shopping seasons. “Money is in New York today for crypto,” he said to the paper, pointing out that the company’s growing footprint in the U.S. is a result of a strategic move towards global capital markets.
The main reason for Ledger’s success this year is the increased concern for crypto security due to a rise in cyberattacks and thefts in the digital asset industry. The company, which is believed to be the custodian of around $100 billion worth of bitcoin for its users, was last valued at $1.5 billion in 2023, after a funding round supported by 10T Holdings and True Global Ventures.
In order to beef up its enterprise solutions, Ledger has recently released an iOS app for institutional clients and enabled native TRON blockchain support. However, its multisig wallet feature was met with indifference by developers and long-time users; thus, the company was faced with the challenge of balancing innovation with ease of use.
By expanding in New York, the company is indicating its desire to access deeper pools of venture and institutional capital and at the same time, strengthen its relationships with the U.S. crypto ecosystem.
In addition, Ledger’s expansion is consistent with a terrible year of security breaches for crypto. As per Chainalysis data, the value of digital assets stolen in the first half of 2025 amounts to $2.17 billion, which is more than the total losses recorded in 2024. The rise in hacks and “wrench attacks” – which are attacks on individuals for their crypto holdings – has helped consumer interest in self-custody hardware wallets to grow.
This problem became very obvious when, earlier this year, the co-founder of Ledger, David Balland, was kidnapped in France by criminals who demanded a €10 million ransom. Later, the police arrested a 24-year-old suspect in Morocco who was involved in several high-profile crypto-related abductions. As competition from Trezor and Tangem, who are competing for customer loyalty in the rapidly growing global market for secure digital asset storage, increases, Ledger can keep up with product development and fundraising plans of a strategic nature.
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