Ledger Targets NY IPO as Crypto Wallet Demand Explodes—Just as Hackers Go on a Record-Breaking Spree

Hardware wallets are having a moment—unfortunately, so are thieves.

Ledger, the Paris-based crypto security giant, is reportedly eyeing a blockbuster New York IPO. The move comes as demand for cold storage solutions skyrockets amid a brutal wave of exchange breaches and DeFi hacks. (Wall Street bankers, ever the opportunists, are already salivating over the fees.)

Safety first—until it’s profit o’clock.

The timing couldn’t be more ironic—or more perfect. As crypto’s gold rush continues, so does its Wild West phase. Last year’s $3.8B in stolen digital assets wasn’t a fluke; it was a wake-up call. Enter Ledger, positioning itself as the digital Fort Knox for a generation that’s learned the hard way.

But here’s the kicker: Can a company built on ‘not your keys, not your coins’ ethos thrive under the quarterly earnings microscope? IPO investors might soon find out.

Ledger, the Paris-based maker of cryptocurrency hardware wallets, is weighing a potential New York initial public offering or private fundraising next year as demand for secure offline storage rises amid record levels of crypto theft.

Chief executive Pascal Gauthier told the Financial Times on Sunday the company is expanding its presence in the United States, where he said investment capital for crypto businesses remains most accessible. “Money is in New York today for crypto — it’s not in Europe,” he said.

Founded in 2014, Ledger produces USB-style devices that store digital assets offline. The company secures about $100 billion worth of Bitcoin and other cryptocurrencies for customers and reported revenues in the “triple-digit millions” so far in 2025, according to Gauthier.

The surge comes as digital asset thefts hit new highs. Blockchain analytics firm Chainalysis estimates $2.2 billion in crypto was stolen in the first half of 2025, already surpassing the total for 2024, with roughly 23% of incidents targeting individual wallets.

Gauthier said rising cybercrime is driving adoption of offline wallets. “Hacking is becoming more frequent, whether it’s your bank account or your crypto,” he said.

Ledger was valued at $1.5 billion in 2023 after raising funds from 10T Holdings and Singapore’s True Global Ventures. The company typically sees higher sales during the holiday season.

Earlier this year, one of Ledger’s co-founders and his spouse were kidnapped in France in a failed crypto ransom attempt. Authorities arrested the suspects and recovered the funds.