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Paris-based crypto hardware wallet giant Ledger is exploring a New York initial public offering (IPO) or private fundraising round in 2026, as skyrocketing demand for secure self-custody solutions drives its strongest financial year ever. CEO Pascal Gauthier revealed the plans in a Financial Times interview on November 9, 2025, citing New York’s dominance in crypto capital: “Money is in New York today for crypto; it’s nowhere else in the world, certainly not in Europe.”
Explosive Growth Fueled by Security Crisis
Ledger’s revenues have soared into triple-digit millions in 2025—its best performance since founding in 2014—ahead of peak holiday sales during Black Friday and Christmas. The surge stems from escalating cyber threats: Hackers stole $2.17–$2.2 billion in digital assets in the first half of 2025 alone, surpassing all of 2024, per Chainalysis. About 23% targeted individual wallets, pushing retail and institutional investors toward offline “cold storage” devices like Ledger’s Nano series.
The company now secures approximately $100 billion in Bitcoin for clients, outpacing rivals Trezor and Tangem. Physical “wrench attacks” on crypto holders have also risen, underscoring the need for hardware security.
Strategic Shift to U.S. Markets
Gauthier is expanding Ledger’s New York presence to tap institutional liquidity, contrasting Europe’s slower crypto funding environment. Valued at $1.5 billion in 2023 (backers included 10T Holdings and True Global Ventures), a NYSE listing could elevate visibility and attract broader investors amid Bitcoin ETFs’ $25.9 billion inflows year-to-date.
Broader Crypto Security Implications
Ledger’s move signals maturing self-custody demand, balancing innovation with protection in a hack-plagued industry. As thefts intensify—”We’re being hacked more and more every day,” Gauthier warned—the firm eyes product expansions while staying focused on private key security.
Ledger’s potential 2026 New York debut caps a banner year, highlighting crypto’s shift toward robust security amid volatility. With revenues booming and hacks unrelenting, the hardware wallet leader is poised to bridge traditional finance and digital assets—investors should watch for fundraising details as holiday demand peaks.
