Key Highlights
- Ledger plans new funding or a New York IPO as demand for hardware wallets hits record highs.
- 2025 is Ledger’s strongest year yet, with revenues in the hundreds of millions.
- Crypto hacks topped $2.17 billion in early 2025, driving more users to offline storage.
Ledger, the French company known for making hardware wallets that store cryptocurrencies offline, is preparing a major capital raise and public listing next year. The move comes as demand for secure storage devices reaches record highs.
In a Financial Times report, CEO Pascal Gauthier said the company is exploring options, including a possible public listing in New York or a new private funding round. Ledger is also expanding its presence in the U.S., with Gauthier noting that “money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe.”
Moreover, Ledger is reportedly having its strongest financial year yet, with 2025 revenues already reaching hundreds of millions. Ari Redbord, global head of policy at blockchain intelligence firm TRM Labs, said 2025 has been a record year for both legitimate and illegal crypto activity.
The company expects further growth during the upcoming Black Friday and holiday shopping season, traditionally its busiest period. Founded in Paris in 2014, Ledger shared it now secures around $100 billion worth of Bitcoin and other digital assets for customers. The company was last valued at $1.5 billion in 2023, after raising money from investors including 10T Holdings and True Global Ventures.
More hacks, more hardware wallets
Interest in hardware wallets has grown sharply this year as crypto thefts hit new highs. Ledger says it has sold more than 7.5 million hardware wallets since its launch, reflecting the growing demand for secure ways to store cryptocurrencies.
Data from Chainalysis shows that hackers stole about $2.17 billion in the first half of 2025, already more than in all of 2024.
In February, crypto exchange Bybit suffered a major breach when hackers exploited its Ethereum multisig cold wallet, stealing about $1.5 billion in digital assets. The U.S. Federal Bureau of Investigation later accused North Korea’s Lazarus Group, also known as “TraderTraitor,” of orchestrating the attack and laundering the stolen funds through thousands of blockchain addresses.
Much of this year’s losses have affected individual investors rather than large institutions, prompting more users to move their crypto holdings offline.
Ledger’s warning
In October, Ledger Chief Technology Officer Charles Guillemet issued a warning to users to halt on-chain transactions after a supply chain attack resulted in the compromise of a trusted developer’s NPM account. The breach allowed hackers to inject malicious code that would redirect crypto transfers into their wallets.
The incident affected widely used software packages downloaded more than a billion times, and its discovery alarmed developers throughout the crypto community; it echoed methods seen in hacks linked to North Korea.
Balancing growth and trust
While Ledger continues to expand and launch new products-including an iOS app and support for the TRON blockchain, all the updates have been welcomed.
As Ledger moves into its next chapter, the big test will be keeping user trust in a world where security threats are constantly evolving. It’s possible New York listing and expansion plans highlight how traditional finance and crypto security are coming closer than ever before.
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