Ledger Booms As Security Fears Grip Crypto Markets

Facing a historic wave of cyberattacks shaking the crypto ecosystem, a French company captures global attention. Ledger, a pioneer of physical wallets, records rapid growth as individuals and institutions seek safe havens. Driven by this explosive demand, the company now plans a stock market debut in New York, a strategic decision embraced, described by its CEO as the new epicenter of crypto capital.

Revenue Boosted by Insecurity

In a context of alarming rise in cyberattacks targeting crypto holders, Ledger experiences an unprecedented acceleration of its activity, especially after the launch of its crypto card in the USA.

Its CEO, Pascal Gauthier, confirmed this in a statement, declaring that 2025 is “the best year” since the company’s creation in 2014. He specifies that annual revenue reached hundreds of millions of dollars, without giving an exact amount.

The reason is the explosion of demand for cold storage solutions, considered a reliable shield against cyber threats. “We are attacked more and more every day… whether it is your bank accounts or your cryptos, the trend will not reverse next year, nor the year after”, he stated, highlighting the growing urgency felt by users.

The security context justifies this rush to physical wallets. Here are the key data that illuminate this dynamic :

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  2.2 billion dollars were stolen in the crypto sector in the first half of the year, more than the entire year 2024 ;

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  23 % of recorded attacks specifically targeted individual wallets, reinforcing the relevance of hardware devices like those offered by Ledger ;

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  To date, Ledger secures about 100 billion dollars in bitcoin, demonstrating its status as a global reference in crypto protection.

Facing a constantly evolving threat, Ledger positions itself as a strategic player in securing crypto assets, attracting both individuals and institutions seeking reliable solutions. The climate of fear generated by these attacks acts as a growth catalyst for the French company.

Heading for Wall Street: Offensive Strategy and Internal Controversies

Beyond organic growth, Pascal Gauthier revealed a major strategic shift: Ledger is preparing a fundraising round for 2026, which could take the form of a stock market listing in New York.

This choice, far from being trivial, reflects a deliberate repositioning. “Money is in New York today for crypto, it’s nowhere else in the world, and certainly not in Europe”, he stated bluntly.

The company is also reinforcing its staff on site, thereby consolidating its presence in a market perceived as more mature and responsive to financial issues. This strategy follows a valuation estimated at 1.5 billion dollars in 2023, supported notably by 10T Holdings and True Global Ventures.

However, this economic momentum is not unanimous. The recent launch of a new multisignature (multisig) interface triggered criticism within the community. The introduction of an aggressive pricing model, 10 dollars per transaction and 0.05 % variable fees on token transfers, was seen as a break with the company’s original ethics.

Influential developers, such as pcaversaccio, accused Ledger of becoming a centralization point, calling the new app a “choke point” used to maximize revenues at the expense of Cypherpunk principles.

In this context, Ledger’s future is written between two forces: technological credibility strengthened by demand and the need to generate sustainable revenue, versus a crypto community vigilant against any centralizing drift. If the IPO in New York is confirmed, it could represent both a financial consecration and a test of acceptance for a demanding public. Ledger will have to prove that it can grow without renouncing the decentralized trust ideals that founded its success.