Ledger Targets U.S. IPO as Crypto Wallet Adoption Soars

Hardware wallet giant Ledger is reportedly eyeing a U.S. public listing—just as retail investors scramble for self-custody solutions amid regulatory crackdowns on exchanges.

The move comes amid surging demand for cold storage options, with Ledger's devices seeing record sales during recent market volatility. No word yet on whether the IPO will be as overhyped as most crypto SPACs.

More hacks, more hardware wallets

Interest in hardware wallets has grown sharply this year as crypto thefts hit new highs. Ledger says it has sold more than 7.5 million hardware wallets since its launch, reflecting the growing demand for secure ways to store cryptocurrencies.

Data from Chainalysis shows that hackers stole about $2.17 billion in the first half of 2025, already more than in all of 2024.

In February, crypto exchange Bybit suffered a major breach when hackers exploited its Ethereum multisig cold wallet, stealing about $1.5 billion in digital assets. The U.S. Federal Bureau of Investigation later accused North Korea’s Lazarus Group, also known as “TraderTraitor,” of orchestrating the attack and laundering the stolen funds through thousands of blockchain addresses.

Much of this year’s losses have affected individual investors rather than large institutions, prompting more users to move their crypto holdings offline. 

Ledger’s warning 

In October, Ledger Chief Technology Officer Charles Guillemet issued a warning to users to halt on-chain transactions after a supply chain attack resulted in the compromise of a trusted developer’s NPM account. The breach allowed hackers to inject malicious code that WOULD redirect crypto transfers into their wallets.

The incident affected widely used software packages downloaded more than a billion times, and its discovery alarmed developers throughout the crypto community; it echoed methods seen in hacks linked to North Korea.

Balancing growth and trust

While Ledger continues to expand and launch new products-including an iOS app and support for the TRON blockchain, all the updates have been welcomed. 

As Ledger moves into its next chapter, the big test will be keeping user trust in a world where security threats are constantly evolving. Its possible New York listing and expansion plans highlight how traditional finance and crypto security are coming closer than ever before.

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