Ledger is gearing up for its next phase of expansion as demand for secure digital asset storage accelerates across the crypto market.
According to a Nov. 9 Financial Times report, the Paris-based company is considering a potential public listing in New York after recording its strongest year since launch — a performance fueled by heightened concerns over asset protection.
Rising demand as thefts increase
Founded in 2014, Ledger has seen a sharp rise in hardware wallet sales in 2025, as escalating attacks on personal wallets and exchanges drive more users to store their assets offline.
Data from Chainalysis supports this trend: crypto-related thefts hit $2.2 billion in the first half of 2025, already surpassing total losses from 2024. A growing share of these attacks targeted individual users rather than large platforms, reinforcing the appeal of secure, self-custody solutions. Ledger now safeguards an estimated $100 billion in Bitcoin on behalf of its customers.
The company expects demand to remain strong through the holiday season and into 2026, when it may move forward with either an IPO or a private funding round. Its strategy includes expanding operations in New York, where CEO Pascal Gauthier says institutional capital and crypto infrastructure are increasingly concentrated.
Growth brings new challenges
Valued at $1.5 billion in 2023, Ledger continues to dominate the cold storage market, outpacing competitors such as Trezor and Tangem. However, the firm is also contending with internal debates about product direction.
Some long-term users have criticized recent updates that introduced transaction fees to its multisignature interface, arguing that the company is straying from its original decentralization-first ethos. Others defend the move as a pragmatic shift toward service reliability, sustainability, and institutional-grade support.
The discussion underscores a broader tension between the ideological roots of cryptocurrency and the realities of scaling a global security company.
As Ledger looks ahead, its success will hinge on balancing rapid growth with user trust in a market defined by both rising adoption and escalating risk.
