Ledger Prepares For New York Listing Amid Record Demand For Hardware Wallets
Rising fears over cryptocurrency theft are driving unprecedented demand for hardware wallets, and French company Ledger is at the forefront of this surge.
The Paris-based firm is exploring options to raise additional capital next year, considering either a private funding round or a listing in New York, as it experiences its strongest financial performance since its 2014 launch.
CEO Moves To New York Reflect Investor Focus
Ledger’s chief executive, Pascal Gauthier, told the Financial Times,
“Me spending more time in New York is with the understanding that money is in New York today for crypto, it's nowhere else in the world, it's certainly not in Europe.”
The company is expanding its local presence, hiring staff in the city in preparation for potential fundraising.
Analysts say a U.S. listing could attract deeper institutional interest, with investors keen to back security-focused crypto infrastructure.
Revenues Surge As Threats Increase
Ledger reports triple-digit million revenue this year, driven by both retail and institutional demand for self-custody devices.
The company secures roughly $100 billion worth of bitcoin for its customers.
Gauthier emphasised the persistent threat:
“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.”
The surge coincides with a record wave of crypto-related crime.
According to Chainalysis data cited by the FT, $2.2 billion in digital assets were stolen in the first half of 2025, already surpassing total thefts for 2024.
About 23% of losses involved individual wallets—the core market for Ledger’s products.
High-profile attacks have included so-called “wrench attacks,” physical assaults targeting crypto holders.
Ledger co-founder David Balland was kidnapped in January, with criminals demanding a €10 million ransom and severing one of his fingers.
French-Moroccan authorities later arrested a suspect believed to have orchestrated multiple similar kidnappings.
Ledger Competes While Remaining The Most Recognised Brand
The company faces competition from Czech-based Trezor and Switzerland-based Tangem but maintains the largest global presence in the hardware wallet sector.
Ledger’s devices are trusted by both individual investors and institutional custodians, and the firm recently introduced an iOS app for enterprise users and added native TRON support.
Multisig App Sparks Debate
Ledger’s newly launched multisignature (multisig) application, designed to simplify key management and transaction authorisation, has drawn mixed reactions.
While some users welcomed its functionality, others criticised the new fee model—a $10 flat charge per transaction plus a 0.05% variable transfer fee.
Developer pcaversaccio warned the system introduced a “centralized choke point,” arguing it strayed from Ledger’s early Cypherpunk ideals.
Rising Crime Drives Hardware Adoption
The company’s growth reflects a broader trend: security concerns are increasingly shaping crypto behaviour.
Ledger’s focus remains on safeguarding private keys rather than expanding into custodial or exchange services.
Gauthier stated,
“Our mission is to keep digital assets secure, period.”
The company expects another sales spike during Black Friday and the holiday season, reinforcing the link between heightened security threats and hardware wallet adoption.
US Listing Seen As Strategic Move
A New York listing offers Ledger access to the largest pool of crypto-focused institutional capital.
With Bitcoin ETFs recording $25.9 billion in inflows through October 2025, the U.S. market provides the liquidity and investor base that European exchanges currently lack.
Ledger’s revenue is largely dollar-denominated, making the move a pragmatic financial decision.
Revenue Model And Market Potential Under Scrutiny
While device sales drive initial revenue, investors are closely watching Ledger’s recurring income potential.
The new multisig fee model represents a step toward subscription-like revenue, though it has met resistance from the community.
Hardware wallets remain underpenetrated, with less than 15% of crypto holders using them, suggesting a significant opportunity for market expansion.
Ledger last raised funds in 2023 at a $1.5 billion valuation, backed by 10T Holdings and True Global Ventures.
The company now appears poised to capitalise on rising security concerns, combining strong brand recognition, record sales, and growing institutional interest in its upcoming fundraising initiatives.
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