Ledger Considers IPO in New York as Crypto Thefts Surge and Wallet Sales Boom in 2025
- Why Is Ledger Planning a 2025 IPO?
- How Bad Is the 2025 Crypto Crime Wave?
- What’s Behind Ledger’s Revenue Explosion?
- Will Wall Street Embrace a Crypto Security Play?
- The Fee Controversy: Innovation or Betrayal?
- FAQ: Your Ledger IPO Questions Answered
French crypto security giant Ledger is eyeing a blockbuster IPO in New York amid record-breaking demand for its cold storage wallets, fueled by a $2.2 billion wave of crypto thefts in 2025. CEO Pascal Gauthier reveals the company’s revenue has skyrocketed to "several hundred million dollars" as institutions and retail investors scramble to secure their digital assets. This deep dive explores Ledger’s market dominance, its controversial new fee structure, and why Wall Street is calling.
Why Is Ledger Planning a 2025 IPO?
Ledger, the Paris-based cold wallet pioneer, is riding an unprecedented wave of demand as crypto hacks hit a staggering $2.2 billion in just the first half of 2025—already surpassing 2024’s total losses. CEO Pascal Gauthier told analysts, "Hacking attempts are increasing daily—targeting bank accounts, crypto holdings, everything. This won’t improve next year or the year after." The company, last valued at $1.5 billion in 2023, now safeguards $100 billion in bitcoin alone and expects Black Friday 2025 to smash sales records. "The money is in New York now, not Europe," Gauthier emphasized, hinting at a US listing.
How Bad Is the 2025 Crypto Crime Wave?
Chainalysis data reveals a chilling trend: 23% of 2025’s attacks targeted individual wallets, sparking a gold rush for Ledger’s Nano devices. Compare this to the "quiet" year of 2024, when total thefts barely crossed $1.8 billion. A BTCC market analyst noted, "We’re seeing institutions buy Ledgers by the pallet—it’s like doomsday prepping for crypto." The stats don’t lie:
| Year | Crypto Thefts | Private Wallet Attacks |
|---|---|---|
| 2024 | $1.8B | 18% |
| 2025 (H1) | $2.2B | 23% |
What’s Behind Ledger’s Revenue Explosion?
Beyond hardware sales, Ledger’s new multisig app—despite its controversial $10 flat fee + 0.05% transaction charge—has become a cash cow. Critics like developer pcaversaccio argue it betrays crypto’s decentralized ethos, but Gauthier counters: "Security isn’t free." The company’s 2025 revenue reportedly dwarfs competitors Trezor and Tangem combined, thanks to what industry insiders call "the Fort Knox effect."
Will Wall Street Embrace a Crypto Security Play?
Ledger’s IPO timing is no accident. With Bitcoin ETFs now mainstream and institutions holding 27% more crypto than in 2024 (per CoinMarketCap), Gauthier’s "security-first" narrative resonates. "Imagine if your bank vaults started walking away—that’s crypto without cold storage," quipped a BTCC trader. The company’s backers, including 10T Holdings, predict a $5B+ valuation if it lists post-Black Friday.
The Fee Controversy: Innovation or Betrayal?
Ledger’s new pricing model has split the crypto community. While enterprises applaud the multisig features, old-school cypherpunks mourn what they call "the death of open-source ideals." Gauthier’s response? "Try getting hacked and then talk to me about fees."
FAQ: Your Ledger IPO Questions Answered
When will Ledger go public?
While unconfirmed, insider reports suggest Q2 2026, following a potential $500M pre-IPO raise.
How does Ledger compare to Trezor?
Ledger dominates with 62% market share (TradingView 2025 data), but Trezor leads in open-source purity.
Are hardware wallets still safe?
Yes—but only if purchased directly from manufacturers. Third-party sellers have been caught seeding compromised devices.
