Ledger Charges Toward NY IPO Amid Hardware Wallet Frenzy—Wall Street Finally Wakes Up to Crypto Security
Crypto's cold storage king eyes Wall Street debut as retail and institutional investors scramble for self-custody solutions.
## The Irony of Institutional Adoption
After years of dismissing hardware wallets as 'nerd jewelry,' traditional finance now can't get enough—just as Bitcoin flirts with new all-time highs. Ledger's rumored IPO filing smells like the 11th-hour FOMO play it is.
## Security Meets Speculation
The Paris-based company reportedly hired Morgan Stanley to navigate its public offering, timing it perfectly with:
- Record-breaking Q3 sales of Nano devices
- SEC-mandated custody rules pushing institutions toward cold storage
- That sweet spot where fear of exchange collapses meets greed for bull market gains
## The Punchline
Watch bankers who mocked 'USB stick money' now underwrite its infrastructure—all while taking their customary 7% cut. Some decentralization.
TLDR
- Ledger is planning an IPO in New York or a private fundraising round for 2026
- The company manages approximately $100 billion worth of bitcoin for customers
- Ledger reported triple-digit million revenues in 2025, its best year on record
- CEO Pascal Gauthier says crypto financing is concentrated in New York, not Europe
- Rising crypto thefts and hacking incidents are driving demand for hardware wallets
Ledger, the French cryptocurrency hardware wallet manufacturer, is preparing to raise capital through either a New York IPO or private financing round in 2026. CEO Pascal Gauthier revealed the plans to the Financial Times, marking a potential move for the Paris-based company.
LATEST: ⚡ Ledger is considering an IPO in New York following triple-digit million-dollar revenues in 2025, driven by escalating crypto security threats, CEO Pascal Gauthier told the Financial Times. pic.twitter.com/xj7grmeg4J
— CoinMarketCap (@CoinMarketCap) November 9, 2025
Gauthier told the publication he is spending more time in New York because “money is in New York today for crypto; it’s nowhere else in the world, certainly not in Europe.” The CEO’s comments highlight the company’s strategic shift toward the American financial market.
The fundraising plans come as Ledger experiences its strongest financial performance to date. The company has generated triple-digit million revenues in 2025, setting a new record for the business.
Ledger currently manages custody of approximately $100 billion worth of Bitcoin for its clients. The company was last valued at $1.5 billion in 2023 during a funding round that included investors 10T Holdings and Singapore’s True Global Ventures.
Security Concerns Drive Growth
The increased demand for Ledger’s products stems from rising security threats in the cryptocurrency space. Criminals stole $2.17 billion in the first half of 2025 alone, according to Chainalysis estimates.
This figure surpasses the total amount stolen during all of 2024. Gauthier addressed the security concerns directly, stating “We’re being hacked more and more every day . . . hacking of your bank accounts, of your crypto.”
Company Expansion and Competition
Ledger recently expanded its offerings with an iOS app for enterprise customers and launched native TRON support. The company also introduced a native multisig wallet feature, though it received mixed feedback from developers and longtime users.
The hardware wallet manufacturer competes with Czech Republic-based Trezor and Switzerland-based Tangem in the secure crypto storage market. The company is expanding its presence in New York as it prepares for potential fundraising activities.
The timing aligns with Ledger’s strongest sales period during Black Friday and the holiday shopping season. Physical attacks on cryptocurrency holders have increased throughout 2025.
Ledger co-founder David Balland was kidnapped in January 2025 by criminals who demanded a 10 million euro cryptocurrency ransom and severed one of his fingers. A 24-year-old French-Moroccan citizen suspected of orchestrating multiple crypto-related kidnappings in France, including Balland’s, was later arrested in Tangier, Morocco.
