Ledger Prepares for New York IPO

10th November 2025 – Ledger is looking to New York for its next chapter. The hardware wallet maker is planning either a public listing or a private funding round in 2026.

The timing is not random. Crypto theft is rising. So is the need for secure self-custody. As more users seek safety, Ledger’s business is growing.

Theft Pushes Users Toward Cold Storage

Security concerns are everywhere. In the first six months of 2025, hackers stole more than 2.2 billion dollars. Chainalysis confirmed this already beats all of 2024.

Criminals are now focusing less on exchanges and more on individual users. That shift is pushing retail investors toward hardware wallets like Ledger.

As a result, the company now secures around 100 billion dollars worth of bitcoin. It continues to lead the cold storage market, ahead of Trezor and Tangem.

There are also physical risks. So-called “wrench attacks” are becoming more common. In January, Ledger co-founder David Balland was kidnapped. Attackers demanded crypto ransom and cut off one of his fingers. A suspect was later arrested in Morocco.

Ledger Shifts Focus to New York

Ledger’s CEO Pascal Gauthier is spending more time in New York. He says that is where the capital is. According to him, institutional money has moved out of Europe and into the U.S.

In 2023, Ledger was valued at 1.5 billion dollars. Now, with revenue in the hundreds of millions and strong holiday sales expected, the company sees an opportunity to scale further.

It is now deciding between an IPO in New York or a major funding round.