Ledger’s Potential IPO and Rising Demand
Ledger, a French company specializing in cryptocurrency hardware wallets, is exploring the possibility of going public on the New York Stock Exchange. This move is prompted by an unprecedented rise in cyberattacks that has significantly boosted demand for its products. As reported by the Financial Times, CEO Pascal Gauthier noted that the firm is on track for its most successful year yet, with revenues projected to reach into the hundreds of millions by 2025 as both individuals and enterprises seek ways to safeguard their digital holdings against a wave of sophisticated hacks.
Cybersecurity Threats and Cryptocurrency Theft
The increase in demand coincides with a grim record in cryptocurrency thefts, where hackers managed to steal $2.2 billion in digital assets in just the first half of 2025, surpassing the theft total for the entirety of the previous year. Chainalysis indicates that personal wallets were the target of 23% of these cyberattacks. In a statement, Gauthier emphasized the escalating frequency of cyber threats, asserting:
“We’re being hacked more and more every day… and it’s not going to get better next year and the year after that.”
Current Operations and Future Plans
Currently, Ledger is responsible for safeguarding approximately $100 billion in Bitcoin for its customers. The company anticipates further increases in sales during the upcoming holiday season, including Black Friday and Christmas. As Ledger prepares to raise capital, possibly through either private funding or a public listing in the United States next year, Gauthier pointed out the concentration of financial resources in New York, asserting that the city is currently the primary hub for cryptocurrency investment, a position he feels Europe has not maintained.
Market Position and Community Backlash
Despite the competition from other hardware wallet providers like Trezor and Tangem, Ledger remains the leading name in the sector. The company was last valued at $1.5 billion in 2023, supported by investors such as 10T Holdings and True Global Ventures.
However, Ledger faced backlash last month upon the release of its new multisignature application, which drew mixed reviews. While the technical enhancements were appreciated, the introduction of new fees—comprising a flat $10 charge per transaction along with a 0.05% fee for token transfers—sparked discontent within parts of the cryptocurrency community. Developers like pcaversaccio have criticized Ledger for moving away from its original decentralized ethos, claiming this new approach turns the app into a centralized “choke point” for monetization at the expense of its users.
