Ledger IPO countdown! Listed in New York with a valuation of 1.5 billion USD, safeguarding hundreds of billions in crypto assets

Hardware wallet manufacturer Ledger is preparing to raise more funds next year, considering an IPO or private placement in New York. Ledger CEO Pascal Gauthier stated that the company’s revenue so far in 2025 has reached tens of millions of dollars, setting a new record, and currently holds approximately $100 billion worth of Bitcoin for customers. The company was valued at $1.5 billion after its 2023 financing and is actively expanding its New York operations.

Ledger’s Strategic Considerations for Choosing a New York IPO

(Source: The Financial Times, UK)

Ledger CEO Pascal Gauthier told the Financial Times that the Paris-based company is considering listing in New York or conducting a private placement, and is actively expanding its business in New York City. “The reason I spend more time in New York is because I know that today, cryptocurrency funding is concentrated in New York—there’s nowhere else in the world, certainly not in Europe,” Gauthier told the UK media.

This statement reveals the core logic behind Ledger’s choice of IPO location. As a global financial hub, New York has become a new hotspot for the crypto industry following the Trump administration’s push for crypto-friendly policies. The approval of Bitcoin ETFs in the US, the SEC’s withdrawal of lawsuits against several crypto companies, and the CFTC’s efforts to legalize leveraged trading have all contributed to making the US, especially New York, the most concentrated center of crypto capital worldwide.

In contrast, Europe has introduced the MiCA (Markets in Crypto-Assets) framework, but the overall market size and capital depth are far less than those of the US. As a French company, Ledger’s decision to list in New York rather than Paris or London demonstrates a strong recognition of the US market’s potential. The New York Stock Exchange (NYSE) and Nasdaq offer the deepest liquidity pools and the most mature institutional investor networks globally, which are crucial for Ledger’s future valuation growth and stock liquidity.

Ledger’s valuation reached $1.5 billion after its 2023 financing, with investors including 10T Holdings and Singapore-based True Global Ventures. If successful in an IPO in New York, Ledger could become the first hardware wallet manufacturer listed on a US main board, boosting its brand recognition and market trust.

The Record-Breaking Performance Driven by Surging Demand

Reports indicate that Ledger’s financing coincides with its record-high performance, with revenue reaching tens of millions of dollars so far in 2025. This growth occurs just before the company’s typically strongest sales season—the Black Friday and holiday shopping period—suggesting that annual performance could far exceed current figures, as year-end shopping often accounts for 30% to 40% of annual revenue.

The company currently safeguards approximately $100 billion worth of Bitcoin for its customers. This figure alone is compelling, demonstrating Ledger’s dominant position in the hardware wallet market. $100 billion represents about 5% of Bitcoin’s total market cap (around $2 trillion). Considering not all Bitcoin holders use hardware wallets, this market share is quite significant.

Recent product innovations have also driven performance growth. The company launched an iOS app for enterprise clients, enabling institutional investors to manage large-scale crypto assets more conveniently. Additionally, native support for TRON was introduced, expanding the supported blockchain ecosystems. However, its native multi-signature wallet feature has received mixed reactions from developers and long-term users, indicating that product innovation still needs to balance technical complexity and user experience.

Three Major Drivers of Ledger’s Performance Growth

Crypto Bull Market: Bitcoin price surpassing $100,000 attracts new investors, increasing demand for hardware wallets

Rising Security Awareness: Frequent hacking and scam incidents lead investors to prioritize self-custody security

Accelerated Institutional Adoption: Companies and funds are increasingly using hardware wallets to manage large crypto holdings, boosting sales of high-end products

Crypto Security Crisis Fuels Hardware Wallet Demand

According to Chainalysis, 2025 is expected to be one of the most severe years for crypto security breaches. In the first half of 2025 alone, criminals stole $2.17 billion, exceeding the total losses of 2024. This staggering figure provides strong demand support for the hardware wallet market. As investors become aware of the risks associated with exchange custody and software wallets, hardware wallets become the last line of defense for asset protection.

The so-called “hand-to-hand attacks,” targeting individuals believed to hold crypto wealth, are also on the rise. Ledger co-founder David Balland was kidnapped in January this year by criminals demanding a ransom of 10 million euros in crypto and severing one of his fingers. This shocking incident shocked the entire crypto community and highlighted the personal safety threats faced by crypto asset holders.

A 24-year-old French-Moroccan citizen suspected of orchestrating a series of high-profile crypto-related kidnapping cases in France, including Balland’s, was later arrested in Tangier, Morocco. Although this incident caused some impact on the Ledger brand, it also indirectly demonstrated the enormous value of crypto assets and the importance of protecting them.

Hardware wallets’ main advantage over software wallets and exchange custody is the offline storage of private keys. Even if hackers breach a user’s computer or mobile device, they cannot directly steal assets stored in hardware wallets. This “cold storage” mechanism is currently the most secure self-custody solution, especially suitable for long-term holding of large assets.

Competitive Landscape and Market Outlook

Ledger faces increasing competition from other hardware wallet manufacturers such as Czech Trezor and Swiss Tangem. Each has its own strengths: Ledger leads in product diversity and brand recognition; Trezor is known for open-source transparency and community support; Tangem emphasizes card-style design and low-cost strategies.

If Ledger successfully completes its IPO, it will become the first listed hardware wallet company, providing a significant competitive advantage. Being a publicly traded company means greater financial transparency and corporate governance standards, which are important trust factors for security product providers. The funds raised from the IPO will be used for product R&D, market expansion, and acquisitions, accelerating its market share growth.

The long-term outlook for the hardware wallet market remains highly optimistic. As crypto assets become mainstream, more individuals and institutions need secure self-custody solutions. It is estimated that over 500 million people worldwide hold cryptocurrencies, but the penetration rate of hardware wallets remains below 10%, indicating huge growth potential. If penetration increases to 20%, the hardware wallet market could reach tens of billions of dollars.

Potential Valuation Path for Ledger’s IPO

Current valuation: $1.5 billion (2023 financing)

IPO target valuation: $2 to $3 billion (based on performance growth and market expansion)

Long-term valuation potential: over $5 billion (if it becomes a standard provider of crypto security infrastructure)

For investors, Ledger’s IPO offers an opportunity to participate in the infrastructure layer of the crypto industry. Unlike direct investments in Bitcoin or Ethereum, investing in Ledger is akin to betting on the long-term growth of the entire crypto market without exposure to the price volatility of specific tokens. This “selling shovels” strategy has historically yielded more stable returns than “digging for gold.”