Gauthier told the Financial Times that Ledger saw “its strongest year since 2014 with revenues now in the hundreds of millions” and that New York remains the capital the company wants to tap. Meanwhile, analytics firm Chainalysis estimates crypto theft hit US$2.2 billion in the first half of 2025 already exceeding full-year totals for 2024.
Why the surge in demand?
The sharp rise in hacks and breaches across exchanges, wallets and protocols has heightened demand for self-custody solutions. As hardware-wallet adoption grows, Ledger has positioned itself at the centre of the narrative. Analysts highlight the long-tail keyword trend: “hardware wallet demand 2025 crypto hacks”.
In a recent report, WRAL TechWire noted that hardware-wallet shipments have surged year-over-year, asserting that “devices from industry leaders like Ledger are experiencing an unprecedented surge in popularity.”
Strategic significance of a New York listing
A listing in New York would mark a pivotal shift for Ledger from private European standout to publicly traded global security business. Key motivations include:
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Capital access: U.S. markets offer deeper liquidity, stronger tech investor appetite, and broader valuations for security-tech companies.
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Brand confidence: A public listing would enhance trust among institutional clients and global partners.
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Growth pathway: With hardware wallet adoption accelerating, funds could now be deployed to scale R&D, enterprise services and custody partnerships.
Market and investor implications
For investors and the crypto ecosystem, this move has several implications:
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Security as infrastructure thesis: Ledger’s growth underscores the evolution of crypto from speculative frenzy to infrastructure and security discipline.
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Valuation momentum: With triple-digit million revenues and a potential IPO, long-tail keywords like “Ledger IPO valuation crypto security 2025” will gain traction.
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Sector spill-over: A successful listing may draw more institutional capital into security-focused crypto assets, custody solutions and wallet infrastructure.
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Risk considerations: Though bullish, this path carries regulatory, hardware-failure, and market-cycle risks if crypto asset prices collapse or sentiment turns.
What to monitor next
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Filing and listing timeline: Does Ledger file with the SEC or opt for a SPAC/private raise?
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Revenue disclosure: Will Ledger release audited figures indicating profitability or growth rate?
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Competitive landscape: How will rivals such as Trezor or Tangem respond?
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Regulatory scrutiny: Increased attention on hardware custody, AML/KYC compliance and security standards may impose obligations.
FAQs
Q1: Why is Ledger considering a New York listing?
Ledger is seeing record demand driven by rising crypto hacks and aims to tap U.S. capital markets for liquidity, valuation uplift and brand stature.
Q2: What triggered the boost in Ledger’s business?
A surge in crypto-asset theft estimated at $2.2 billion in the first half of 2025 has increased demand for cold storage and self-custody solutions.
Q3: How large are Ledger’s revenues?
The company states revenues are now in the “hundreds of millions” of dollars for 2025, marking its strongest year to date.
Q4: What does a listing mean for the crypto hardware wallet market?
It signals maturation: hardware wallets are no longer niche gadgets but strategic infrastructure assets with public-company pathways and institutional interest.
Q5: What risks does Ledger face with an IPO?
Regulatory regulatory risk, hardware-failure or recall risk, dependence on crypto-asset sentiment, and competitive pressure are key risks.
