Ledger is positioning itself for a potential public debut in 2026 following its strongest financial year to date. The Paris-based hardware wallet manufacturer reported triple-digit million-dollar revenues in 2025, marking its best performance since the company was founded in 2014.
The company now secures roughly $100 billion in Bitcoin on behalf of users across the globe. Ledger’s valuation reached $1.5 billion during a 2023 funding round led by 10T Holdings and True Global Ventures, and its recent financial growth has renewed investor interest in the firm’s long-term strategy.
Evaluating a New York Listing
CEO Pascal Gauthier confirmed that Ledger is actively assessing either a New York IPO or additional private funding in 2026. He noted that capital flows within the crypto sector have increasingly shifted toward the United States.
“Today the money for the crypto sector is in New York, not elsewhere, certainly not in Europe,” CEO Pascal Gauthier said.
Ledger expects strong sales during the Black Friday and holiday season, historically one of its most important periods for hardware wallet demand.
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Rising Theft Drives Self-Custody Adoption
A surge in digital asset theft is contributing to greater interest in cold-storage devices. Chainalysis data shows that $2.17 billion in crypto was stolen in the first half of 2025 — already surpassing total theft volumes recorded in 2024.
Illicit crypto activity reached $40.9 billion in 2024, including $2.2 billion lost to hacks, a 21% year-over-year increase. North Korea-linked groups Lazarus and Tradetraitor were responsible for more than 60% of major theft incidents, including the $300 million breach of Japan’s DMM Bitcoin exchange.
As a result, hardware wallet providers such as Ledger, Trezor, and Tangem are seeing heightened demand from both retail and institutional customers seeking stronger protection against cyberattacks.
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Product Updates and Customer Feedback
Alongside its financial preparations, Ledger continues to expand its product suite. Recent updates include:
A new iOS application for enterprise clients
Native support for the TRON blockchain
An updated multisig wallet feature, which has received mixed feedback from developers regarding fee structures
These additions reflect the company’s effort to broaden its ecosystem while maintaining a focus on security enhancements.
Security Challenges Extend Beyond Cyber Threats
The broader crypto security landscape has also faced real-world threats. In 2025, Ledger co-founder David Balland survived a kidnapping attempt in France, during which attackers demanded a €10 million cryptocurrency ransom.
A separate incident occurred on May 13 involving the family of Paymium’s CEO, who narrowly avoided a similar kidnapping attempt in Paris.
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These cases underscore the rising physical risks associated with digital asset wealth and the increasing importance of secure custody solutions.
