TL;DR
- Ledger targets 2026 New York IPO or private funding amid record revenue growth.
- $100 billion in Bitcoin assets secured globally as 2025 revenues surge sharply.
- $2.17 billion stolen in crypto heists during first half 2025 exceeds prior year.
Ledger prepares for a potential stock market debut as record revenues highlight growing demand for cryptocurrency security devices. The Paris-based hardware wallet producer reported triple-digit million-dollar revenues during 2025. This performance marks its strongest financial year since founding in 2014. Ledger now secures approximately $100 billion in Bitcoin for global clients. Its valuation reached $1.5 billion following a 2023 funding round led by 10T Holdings and True Global Ventures.
Chief Executive Pascal Gauthier confirmed active evaluation of a New York listing or additional private funding in 2026. He emphasized shifting financial momentum toward U.S. markets. “Today the money for the crypto sector is in New York, not elsewhere, certainly not in Europe,” Gauthier stated. The company focuses on peak seasonal demand between Black Friday and year-end holidays when security device sales typically surge.
Rising Theft Volumes Drive Cold Storage Adoption
Chainalysis data reveals $2.17 billion in digital assets stolen during the first half of 2025 alone. This figure already exceeds the total thefts recorded throughout 2024. Hardware wallet providers like Ledger, Trezor, and Tangem benefit from accelerated retail and institutional interest. Offline storage solutions offer protection against persistent hacking threats.
Total cryptocurrency-related illicit activities reached $40.9 billion in 2024. Security breaches accounted for $2.2 billion in stolen funds, a 21% year-over-year increase. North Korean-affiliated groups Lazarus and Tradetraitor orchestrated over 60% of major thefts including a $300 million attack on Japan’s DMM Bitcoin exchange.
Ledger continues product development alongside financial preparations. Recent updates include an iOS application for corporate clients and native TRON blockchain support. However, its new multisig wallet feature drew criticism regarding transaction fee structures from developers and long-term users. Security challenges extend beyond digital vulnerabilities.
In 2025, co-founder David Balland survived a kidnapping attempt in France where perpetrators demanded a €10 million cryptocurrency ransom. This incident preceded another near-kidnapping involving Paymium’s CEO family members in Paris on May 13, 2025. Physical threats reinforce the complex security environment surrounding digital asset custody.
