Ledger is weighing an initial public offering (IPO) on the New York Stock Exchange, driven by surging profits and escalating cyberattack risks in 2025. As demand for hardware wallet solutions spikes, Ledger stands at a potential inflection point for both growth and industry influence.
Strategic Drivers of the Ledger IPO
CEO Pascal Gauthier told Financial Times that Ledger is exploring a New York listing or an alternative fundraising round by 2026. The company, as per the report, has experienced its strongest year on record, with revenues reaching several hundred million dollars and customer assets under custody surpassing $100 billion in Bitcoin alone.
Institutional capital flows guide the choice of New York, as Gauthier described the city as “the money center for crypto,” a stark contrast to funding environments in Europe.
Ledger’s last known valuation was $1.5 billion in 2023, based on investments from 10T Holdings and True Global Ventures. The firm’s newest product launches, such as the Ledger Flex wallet and a secure Multisig interface, have cemented its position ahead of market rivals like Trezor and Tangem.
The IPO or fundraising decision reflects Ledger’s ambitions to lead in secure crypto storage solutions, not only for individual users but also for institutions that demand robust custody infrastructure.
Surging Profits Despite Increased Security Threats
The surge in crypto thefts, totaling $2.2 billion in the first half of 2025, according to Chainalysis, spotlights Ledger’s growth prospects. With attacks increasingly targeting individuals rather than exchanges, the need for cold wallets and advanced device security has never been greater.
Still, Ledger’s latest Multisig update has sparked debate about its business direction and fee model, as some long-term users question its balance between security and decentralization. Yet, record-breaking Black Friday sales and strong seasonal demand suggest the company’s momentum is likely to continue into 2026, even as new regulations and product launches shape its next chapter.
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