Ledger Targets $4 Billion IPO as Crypto Hardware Wallet Demand Skyrockets

Cold storage just got hot. Ledger, the heavyweight champion of hardware wallets, is reportedly gearing up for a blockbuster public offering. The rumored valuation? A cool $4 billion.

Why the Street is Suddenly Paying Attention

For years, hardware wallets were the unsexy, utilitarian backbone of crypto—the safe deposit box in a world obsessed with flashy trading floors. Now, with institutional capital flooding in and regulatory scrutiny intensifying, securing digital assets isn't just best practice; it's a non-negotiable line item. Ledger's devices, which keep private keys offline, are seeing demand jump as both retail and corporate players look to lock down their holdings.

The Bull Case in a Black Box

The move signals a major maturation phase for crypto infrastructure. An IPO of this magnitude would be one of the largest pure-play hardware offerings in recent memory, betting big that self-custody will remain a cornerstone of digital finance. It's a direct play on the 'not your keys, not your crypto' ethos finally going mainstream—and Wall Street wanting a piece of the action.

A Cynical Footnote for the Finance Bros

Of course, nothing makes traditional finance embrace a technology faster than the prospect of slapping a hefty fee on it. The same institutions that once dismissed crypto as a fad now see a lucrative opportunity to securitize... well, the very tools designed to bypass them. The irony is almost too rich.

Ledger's potential debut isn't just a listing; it's a litmus test. Can the fundamental need for security translate into sustainable, old-school market value? The market will decide if this vault is truly worth billions.

Several crypto firms go public through an IPO in the US 

Ledger designs and manufactures hardware devices, similar in appearance to USB drives, that enable cryptocurrency investors to store digital tokens offline securely.

Founded in Paris in 2014 by a group of eight specialists in cryptocurrencies, embedded security, and entrepreneurship, the company reached a valuation of about $1.5 billion in 2023 under chief executive Pascal Gauthier, following investment from backers including Singapore-based True Global Ventures and 10T Holdings.

More broadly, demand for crypto-related companies has risen amid expectations of a more supportive policy environment in the United States, which has encouraged renewed investor interest in the sector.

Some of the efforts undertaken include supporting businesses managing digital assets and establishing cryptocurrency as the key focus in the US, thereby encouraging many firms to go public in the country.

To support this claim, sources indicate that crypto custodian BitGo is an example. This was after the report revealed that the digital asset company secured its position as the first firm to go public this year through an IPO, seeking a valuation of about $2 billion.

Apart from BitGo, Circle, a major financial technology firm known for issuing the USDC stablecoin, and the cryptocurrency exchange Gemini, which also went public in the United States last year. 

Ledger’s CEO, Gauthier, weighed on this finding. He admitted that he was eyeing a US listing, alleging that, “Money for crypto is in New York today; it isn’t anywhere else in the world, especially not in Europe.”

Gauthier added that Ledger is seeing record growth, with annual revenues exceeding $100 million as concerns over security breaches drive demand for its hardware wallets.

Data from blockchain analytics firm Chainalysis shows that losses from cryptocurrency-related scams and fraud totaled about $17 billion last year, up from roughly $13 billion in 2024.

Crypto investors raise concerns about the rise in crime cases in the industry 

The rising number of crimes in the crypto industry comes as BTC and other cryptocurrencies hit new highs, driven by growing support for digital assets in the US. Some of the most significant incidents include the case of North Korean hackers who transferred around $1.5 billion from the exchange Bybit to their wallets, raising tensions among crypto investors.

Ari Redbord, the Global Head of Policy & Government Affairs at TRM Labs, commented on this matter. Known for his heightened focus on crypto-related financial crimes, the industry executive stated that while legitimate digital asset use is accelerating, criminal activity in the crypto industry is also increasing.

Gauthier affirmed that the heightened interest in Ledger’s devices among investors underscores the growing urgency for greater security, arguing that smartphones and computers were designed to prioritize convenience over asset protection.

In the meantime, analysts conducted research and found that rival firms such as Trezor (from the Czech Republic) and Tangem (from Switzerland) offer cold-storage wallets, providing a safer alternative to storing funds on crypto exchanges like Binance or Coinbase.

Another issue that increases tensions in the crypto industry is that criminal organizations and individuals have shown growing interest in wealthy investors. Notably, this trend also coincides with the rise in crypto prices. For instance, reports revealed that Ledger’s co-founder and his wife were kidnapped earlier this year during a failed ransom attempt in France. This news triggered analysts to caution that, “as cryptocurrency values rise, we can expect more opportunistic attacks on investors.”

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