Record Demand Fuels Expansion
Ledger, the Paris-based crypto hardware wallet provider, is exploring a listing in New York after a surge in cyberattacks sent sales to record levels this year. Chief executive Pascal Gauthier told the Financial Times that 2025 is shaping up to be the company’s strongest year as both retail and institutional customers seek stronger security for digital assets. “We’re being hacked more and more every day ... hacking of your bank accounts, of your crypto, and it’s not going to get better next year and the year after that,” Gauthier said. The company, founded in 2014, now generates revenues in the triple-digit millions as investors shift funds into self-custody devices. The growth comes against the backdrop of a sharp rise in crypto-related crime. Hackers stole $2.2 billion worth of digital assets in the first half of 2025, surpassing all of 2024, according to Chainalysis data cited by the FT. Around 23% of those losses involved individual wallets — Ledger’s core market.
Investor Takeaway
New York Listing Under Review
Ledger, which manages the security of about $100 billion in Bitcoin for customers, is preparing to raise capital next year. Gauthier said the firm could pursue either a private funding round or a U.S. public listing, citing investor appetite in New York. “Money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe,” he said. The company is expanding its local presence, hiring more staff in New York ahead of a possible listing. Ledger was last valued at $1.5 billion in 2023, backed by 10T Holdings and True Global Ventures. Analysts say a U.S. listing could attract deeper institutional interest, though the company has not disclosed a timetable. Ledger’s devices — known for their cold storage security — compete with rivals including Trezor and Tangem. But Ledger remains the most recognized brand in the hardware wallet segment, used by both individual holders and institutional custodians.
Product Changes Stir Debate
Last month, the firm introduced a multisignature (multisig) app designed to simplify how users manage keys and authorize transactions. The update was met with mixed reactions: while some users welcomed the technical improvements, others criticized the new fee model — a $10 flat charge per transaction plus a 0.05% variable transfer fee — as excessive. Developers including pcaversaccio accused Ledger of drifting from its Cypherpunk roots, calling the new system a “centralized choke point” designed to extract fees from users. The backlash underlined a wider tension between profitability and decentralization in the crypto hardware space.
Investor Takeaway
Security Concerns Push Hardware Adoption
Ledger’s momentum reflects a broader shift in crypto behavior after a string of high-profile hacks and exchange failures. The record $2.2 billion in thefts this year — driven by phishing attacks, smart contract exploits, and wallet-draining malware — has revived interest in hardware-based security. The firm expects another sales spike during the holiday season, traditionally one of its busiest periods. Gauthier said the company’s focus will remain on safeguarding private keys rather than expanding into custodial services or exchange operations. “Our mission is to keep digital assets secure, period,” he told the FT. Ledger’s strong revenue growth in 2025 suggests that message is resonating with users unnerved by an increasingly hostile cybersecurity landscape.