Key Highlights
- •Ledger is planning a significant capital raise and a potential New York IPO, driven by record demand for its hardware wallets.
- •The company anticipates 2025 to be its strongest year, with revenues projected to reach hundreds of millions.
- •A substantial increase in cryptocurrency hacks, exceeding $2.17 billion in the first half of 2025, is a key factor boosting demand for offline storage solutions.
Company Growth and Market Strategy
Ledger, the French company renowned for its hardware wallets designed for offline cryptocurrency storage, is actively preparing for a substantial capital infusion and a public listing in the upcoming year. This strategic move is a direct response to the unprecedented surge in demand for secure digital asset storage devices.
In a report published by the Financial Times, Ledger's CEO, Pascal Gauthier, indicated that the company is evaluating various strategic options, including a potential initial public offering (IPO) on a New York stock exchange or pursuing a new round of private funding. Gauthier also emphasized Ledger's expanding footprint in the United States, stating that "money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe." This highlights the company's focus on the dominant financial hub for the cryptocurrency sector.
Furthermore, Ledger is experiencing its most financially successful year to date, with 2025 revenues already accumulating into the hundreds of millions. Ari Redbord, global head of policy at TRM Labs, a blockchain intelligence firm, noted that 2025 has been a landmark year for both legitimate cryptocurrency activities and illicit operations.
The company anticipates continued revenue growth during the upcoming Black Friday and holiday shopping season, periods that traditionally represent Ledger's busiest sales cycles. Established in Paris in 2014, Ledger has reported that it currently secures approximately $100 billion worth of Bitcoin and other digital assets for its global customer base. The company's last valuation stood at $1.5 billion in 2023, following a funding round that included investments from notable firms such as 10T Holdings and True Global Ventures.
Impact of Increased Crypto Hacks on Hardware Wallet Adoption
The heightened interest in hardware wallets has been significantly amplified this year due to a notable increase in cryptocurrency theft incidents. Ledger reports that it has distributed over 7.5 million hardware wallets since its inception, a figure that underscores the escalating market demand for secure methods of storing cryptocurrencies.
According to data compiled by Chainalysis, hackers managed to steal approximately $2.17 billion in the first half of 2025. This amount already surpasses the total losses incurred from crypto hacks throughout the entirety of 2024.
In February, the cryptocurrency exchange Bybit experienced a substantial security breach. Hackers exploited a vulnerability in its Ethereum multisig cold wallet, leading to the theft of approximately $1.5 billion in digital assets. The U.S. Federal Bureau of Investigation subsequently attributed the attack to North Korea's Lazarus Group, also known as "TraderTraitor," and identified their involvement in laundering the stolen funds through a vast network of blockchain addresses.
A significant portion of the financial losses recorded this year has impacted individual investors more severely than large institutional entities. This trend has prompted a greater number of users to seek more secure, offline storage solutions for their cryptocurrency holdings.
Ledger's Security Advisory
In October, Ledger's Chief Technology Officer, Charles Guillemet, issued a critical advisory to users, urging them to temporarily halt on-chain transactions. This recommendation followed a sophisticated supply chain attack that compromised the NPM account of a trusted developer. The breach enabled malicious code to be injected into widely used software packages, with the potential to redirect cryptocurrency transfers to unauthorized wallets.
The incident affected software packages that have been downloaded more than a billion times, causing widespread alarm among developers across the cryptocurrency ecosystem. The methods employed in this attack bore similarities to those previously linked to cyber activities associated with North Korea.
Navigating Growth and Maintaining User Trust
As Ledger continues its expansion trajectory and introduces new products, such as an iOS application and support for the TRON blockchain, these developments have been met with positive reception from its user base.
The company's progression into its next phase of growth will be critically tested by its ability to sustain user trust in an environment where security threats are continuously evolving. Ledger's potential listing in New York and its broader expansion plans underscore the increasing convergence between traditional financial markets and the realm of cryptocurrency security.