Ledger Eyes New York Listing After Record Year for Crypto Wallet Sales: Report
Hardware wallet manufacturer Ledger is reportedly preparing to raise fresh capital in 2025, as soaring demand for crypto security devices drives the Paris-based company toward its strongest financial performance on record, according to a recent Financial Times report.
Ledger Considers New York Listing or Private Funding
Ledger CEO Pascal Gauthier told the FT that the firm is exploring multiple fundraising options, including a potential listing in New York or another private funding round. The company has been expanding its presence in the U.S. financial hub, with Gauthier himself spending increasing time in the city.
“Me spending more time in New York is with the understanding that money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe,†Gauthier said, underscoring the company’s intent to tap into the region’s deeper pools of venture and institutional capital.
Ledger’s renewed fundraising ambitions follow a period of record-breaking business performance. The firm’s revenues have reached triple-digit millions so far in 2025, with even stronger results expected during the year-end Black Friday and holiday shopping season — historically its busiest period.
Surging Demand for Crypto Security Devices
The surge in Ledger’s sales comes as crypto investors increasingly seek secure storage solutions following a spate of high-profile thefts and cyberattacks this year. According to Chainalysis, criminals have stolen $2.17 billion worth of digital assets in the first half of 2025 alone — surpassing total losses for all of 2024.
Crypto theft metrics in first half of 2025 (Source: Chainalysis)
That alarming trend has renewed attention on hardware wallets — physical devices that store crypto assets offline, away from internet-based vulnerabilities. Ledger currently safeguards around $100 billion worth of bitcoin for its global user base.
The company’s growing influence in crypto custody has made it one of the industry’s most recognizable brands, with a valuation of $1.5 billion following a 2023 funding round backed by 10T Holdings and Singapore’s True Global Ventures.
Product Expansions and Mixed Reception
Ledger has also expanded its product suite in 2025, launching a new iOS application for enterprise customers and adding native support for the TRON network.
However, not all recent developments have been universally welcomed. Its introduction of a native multisig wallet feature sparked debate among developers and long-time users, some of whom expressed concerns about usability and implementation details.
The company faces fierce competition in the rapidly growing hardware wallet market, notably from Trezor, based in the Czech Republic, and Tangem, headquartered in Switzerland.
All three firms are capitalizing on a global push for self-custody, as users move away from centralized exchanges and custodians following several high-profile bankruptcies and hacks.
Rising Physical Risks Amid Digital Threats
Ledger’s success story has also unfolded against a darker backdrop of increasing physical risks for crypto holders. The so-called “wrench attacks†— physical assaults or kidnappings targeting individuals suspected of holding large amounts of crypto — have seen a disturbing uptick.
In one shocking incident earlier this year, Ledger co-founder David Balland was kidnapped in January by criminals demanding a €10 million cryptocurrency ransom. The attackers reportedly severed one of Balland’s fingers during the ordeal.
Authorities later arrested a 24-year-old French-Moroccan citizen in Tangier, Morocco, suspected of orchestrating the series of crypto-related kidnappings in France.
Positioned for Growth Despite Industry Turmoil
Despite the volatility and risks in the digital asset industry, Ledger’s strong financials and product diversification have positioned it as a leading player in crypto security. Its decision to pursue a funding round or public listing in New York could mark a pivotal moment — both for the company and for the broader European crypto sector seeking access to U.S. capital markets.
With billions in digital assets now lost to hacks and an increasing number of investors seeking secure self-custody solutions, Ledger’s record-breaking year may be just the beginning of a larger shift toward safety-first crypto infrastructure.
