Ledger has never sold more physical wallets, and it shows. The French company, a global pillar of crypto security, is gearing up to raise new capital, perhaps even to go public in New York. A strategic decision as demand for hardware wallets skyrockets, driven by an increasing mistrust towards centralized platforms.
IPO? A decisive moment for the French champion
According to Pascal Gauthier, its CEO, Ledger is experiencing “its best year since its inception“. Sales have already reached hundreds of millions of dollars in 2025, even before the traditional Black Friday and year-end holidays peak. As a result, the company wants to accelerate. And it’s in New York, not Paris, where everything is happening.
The money in the crypto business is now in New York, not in Europe.
Paul Gauthier, CEO of Ledger, in the Financial Times
Gauthier now spends a significant amount of time in the American metropolis. A clear sign that Ledger is preparing for a major move: either a private fundraising round or a public listing on American soil.
A growth driven by the fear of hacks
The increase in sales is no coincidence. In 2025, hacks in the crypto space reached an alarming level: over 2.1 billion dollars stolen in just the first semester, according to Chainalysis. Faced with this digital hemorrhage, both individual and institutional investors are flocking to cold storage solutions.
Ledger, which currently safeguards over 100 billion dollars in bitcoins and other digital assets, directly benefits from this awareness. Its products have become synonymous with security, to the extent that the brand is now part of the basic vocabulary of every crypto investor.
Ledger, a company reinventing itself
Valued at 1.5 billion dollars in 2023, Ledger is not resting on its laurels. This year, the company launched an iOS application for its institutional clients and integrated the TRON network into its ecosystem. A modernization aimed at enhancing its appeal in the face of fiercer competition than ever before, notably Trezor (Czech Republic) and Tangem (Switzerland).
Recently, Ledger unveiled its new secure screen device. The Nano Gen5 aims to end the debate with its competitors, offering a more than affordable price to provide an entry point to Ledger for investors still using a screenless signer.
A sector under pressure
The rise in physical attacks against crypto holders further emphasizes the need for secure solutions. Ledger‘s co-founder, David Balland, was himself a victim of a kidnapping in January, with a ransom demand in crypto of 10 million euros. The highly publicized incident left a mark and served as a reminder that security is no longer limited to the digital realm. Many similar incidents have since followed, greatly worrying crypto investors in France and Europe.
If Ledger makes the leap to Wall Street, it would be a strong symbol: that of a European company that, despite the headwinds, establishes itself as the global face of crypto security. An IPO in New York for a company born in Paris, the contrast is strong, but terribly logical in a market where trust is now worth more than gold.
