Ledger is weighing a New York listing after revenues hit triple-digit millions in 2025, driven by record crypto hacks and growing demand for cold storage wallets.
French crypto hardware wallet provider Ledger is considering a New York listing as surging cyberattacks drive record demand for its hardware devices, sending revenues soaring into the triple-digit millions in 2025.
CEO Pascal Gauthier recently told the Financial Times that the company, founded in Paris in 2014, is seeing its best year yet as both individuals and companies rush to protect their digital assets from increasingly sophisticated hackers.
“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,” he said.
The boom comes amid a record year for crypto-related thefts. Hackers stole $2.2 billion worth of digital assets in the first half of 2025, surpassing the total for all of 2024. About 23% of these attacks targeted individual wallets, the FT reported, citing Chainalysis.
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Gauthier said Ledger secures about $100 billion worth of Bitcoin (BTC) for customers, and might further benefit from seasonal spikes during Black Friday and Christmas.
He added that the company is preparing to raise funds next year, either through a private round or a US listing. He added that Ledger is expanding its New York headcount, noting that “money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe.”
Competitors such as Trezor and Tangem also offer “cold storage” wallets, but Ledger remains the most prominent name in the market. The company was last valued at $1.5 billion in 2023, backed by 10T Holdings and True Global Ventures.
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Last month, Ledger launched a new multisignature (multisig) interface, drawing mixed reactions from users. While many praised the upgrade as a solid technical step forward, the new fee structure, including a $10 flat fee per transaction and a 0.05% variable fee for token transfers, triggered criticism from parts of the crypto community.
Developers like pcaversaccio accused the company of straying from its Cypherpunk roots, claiming Ledger is turning its app into a centralized “choke point” to extract revenue from users.
