Hardware wallet manufacturer Ledger is evaluating a New York listing following triple-digit million revenues in 2025 driven by escalating cryptocurrency security threats. CEO Pascal Gauthier told the Financial Times the Paris-based company is experiencing record performance as individuals and institutions prioritize cold storage solutions.
Strategic Expansion and Fundraising Plans
Capital for crypto businesses is concentrated in New York rather than Europe, Gauthier stated, explaining his increased time spent in the city. The company plans to raise funds next year through either private rounds or U.S. public markets while expanding its New York presence. Ledger was valued at $1.5 billion in 2023 with backing from 10T Holdings and True Global Ventures.
Record Revenue Linked to Increased Theft Activity
The firm secures approximately $100 billion in Bitcoin for customers and anticipates seasonal demand spikes during Black Friday and Christmas shopping periods. Revenue growth coincides with record theft activity as hackers stole $2.2 billion in digital assets during the first half of 2025, exceeding 2024's full-year total according to Chainalysis data.
Individual wallets accounted for 23% of successful attacks, the Financial Times reported, citing the blockchain analytics firm. Gauthier warned that hacking that targets both bank accounts and crypto holdings will intensify in the coming years as criminals deploy increasingly sophisticated methods.
Escalating Physical Threats Against Crypto Holders
Physical violence targeting crypto holders has also escalated, including the January kidnapping of Ledger co-founder David Balland. Criminals demanded 10 million euros in cryptocurrency ransom and severed one of Balland's fingers before a 24-year-old French-Moroccan suspect was arrested in Tangier, Morocco, for orchestrating multiple high-profile crypto kidnappings in France.
Competitive Landscape and Recent Product Launches
Ledger competes with Czech Republic-based Trezor and Switzerland-based Tangem in the expanding secure storage market. The company maintains a leading market position despite competition and recently launched iOS enterprise applications plus native TRON support.
Community Reaction to New Fee Structure
Last month's multisignature interface launch drew a mixed community response. Technical improvements received praise, but the fee structure, including $10 flat fees per transaction and 0.05% variable fees for token transfers, sparked criticism. Developer pcaversaccio accused Ledger of abandoning Cypherpunk principles by creating centralized revenue extraction mechanisms.
The backlash highlights tension between commercial expansion and crypto community expectations around decentralization and minimal fees. Ledger's growth trajectory and fundraising plans signal confidence in sustained hardware wallet demand despite ongoing debate over its fee implementation and platform control approaches.