Paris-Based Ledger Eyes IPO or Private Fundraising Amid Crypto Theft Surge
Paris-based hardware wallet maker Ledger is considering a public listing in New York or a private fundraising round in 2026, as crypto investors increasingly seek safer alternatives to exchange storage. The company reported revenue climbing into triple-digit millions for 2025—its strongest performance since launching in 2014—reflecting heightened demand amid a wave of digital asset thefts.
**Crypto Theft Epidemic Fuels Ledger’s IPO Ambitions**
Ledger manufactures USB-style devices that store cryptocurrencies offline, safeguarding approximately $100 billion worth of Bitcoin (BTC) across its customer base, according to CEO Pascal Gauthier. Chainalysis, a leading blockchain analytics firm, reports that crypto thefts reached $2.2 billion in the first half of 2025, already surpassing 2024’s total. Roughly 23% of these attacks targeted individual wallet holders—a rapidly growing 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,” Gauthier told the Financial Times.
Should its initial public offering materialize, Ledger would join a wave of crypto firms entering public markets this year, following similar moves by lender Figure and the Gemini cryptocurrency exchange. The digital asset trading platform Bullish also began trading on Wall Street recently.
**Revenue Jumps Ahead of Holiday Shopping Season**
Ledger’s growth accelerated in advance of typical sales peaks during Black Friday and the holiday shopping period. Gauthier attributes the surge to a growing awareness among users that cybersecurity threats are intensifying.
The company’s hardware wallets compete with offerings from Trezor, based in the Czech Republic, and Switzerland’s Tangem in the “cold storage” market. These wallets allow token holders to keep assets offline, rather than on exchanges like Coinbase or Binance. Trezor recently introduced its Safe 7 device, featuring a 2.5-inch color touchscreen, an anodized aluminum body, and full wireless functionality including Bluetooth 5.1 and Qi2 magnetic charging.
**North Korean Hackers Target Exchanges and Individuals**
Security threats aren’t limited to online attacks. In February, exchange platform Bybit lost about $1.5 billion worth of tokens to North Korean hackers—the largest heist on record. According to the FBI, the “TraderTraitor” group was responsible, with stolen assets rapidly converted to Bitcoin and spread across thousands of blockchain addresses.
Crypto-related kidnappings have also increased as asset prices climb. Ledger’s own co-founder and his wife were abducted in France earlier this year, with criminals demanding a cryptocurrency ransom. French authorities later arrested the suspects and froze the stolen funds. Chainalysis warned that higher token valuations will likely trigger additional physical attacks targeting known holders.
**New York Expansion Reflects Capital Concentration**
Gauthier noted Ledger’s plans to expand its New York headcount, explaining, “money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe.” Ledger’s investors include 10T Holdings and Singapore-based True Global Ventures; the company was valued at $1.5 billion in 2023.
Whether Ledger pursues an IPO or a private fundraising round will depend on market conditions and investor appetite for crypto-related listings. Hardware wallet adoption among cryptocurrency holders is still below 15%, suggesting significant room for expansion as mainstream interest in digital assets grows.
However, Ledger faces questions about revenue sustainability beyond one-time device sales, with some recent fee-based features drawing criticism from users concerned about increased centralization.
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**About the Author: Damian Chmiel**
Damian’s journey in financial markets began at the Cracow University of Economics, where he earned his MA in finance and accounting. Starting from a retail trader’s perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. Damian joined Finance Magnates in 2016, where he now works as a business intelligence analyst.
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https://www.financemagnates.com/cryptocurrency/ledger-weighs-new-york-ipo-as-crypto-security-breaches-hit-22-billion/
