Ledger is considering a major fundraising round or U.S. listing in 2026 after record-breaking sales.
The company’s expansion into New York reflects where crypto capital is now concentrated.
Soaring security breaches and kidnappings have intensified demand for hardware wallets.
Ledger now secures roughly $100 billion in Bitcoin and remains one of Europe’s most valuable crypto firms.
After a blockbuster year of sales, the company is preparing for its next big leap: raising fresh capital and potentially shifting part of its focus to the United States.
Sources familiar with the matter told the Financial Times that Ledger is weighing a private funding round or even a U.S. stock listing sometime next year. The company’s chief executive, Pascal Gauthier, has already begun spending more time in New York, signaling where the future of crypto money may now lie.
“Capital for crypto has migrated to the U.S.,” Gauthier said in the interview. “New York is where the action is.”
A Record Year Amid a Crisis of Trust
Ledger’s timing could not be better. The company’s revenue for 2025 has already soared into the hundreds of millions — its strongest performance since launch — and the holiday season, traditionally its biggest sales window, is still ahead.
The surge comes in the wake of a brutal year for digital asset security. Blockchain analytics firm Chainalysis reported more than $2.17 billion stolen in the first six months of 2025 alone — already surpassing the total from all of last year. Hacks, scams, and phishing attacks have driven thousands of investors toward self-custody solutions like Ledger’s Nano wallets, which allow users to store crypto assets offline, away from online exploits.
Beyond Paris: Building a Global Base
Founded in 2014, Ledger has long been a cornerstone of the self-custody movement. It now safeguards an estimated $100 billion worth of Bitcoin for its clients and has grown into one of Europe’s most valuable crypto firms, reaching a $1.5 billion valuation in its 2023 funding round backed by 10T Holdings and True Global Ventures.
While Ledger remains headquartered in France, its shift toward New York reflects a deeper strategic pivot. With institutional money increasingly concentrated in the U.S., the company is strengthening its corporate presence in the city — effectively betting that America will drive the next phase of crypto adoption.
Product Expansion and Industry Headwinds
This year, Ledger rolled out several new features aimed at enterprise and retail users, including an iOS app and integration for the TRON network. Yet not all upgrades have been well received. Its new multisignature wallet tool — intended to improve security and usability — drew mixed reactions from developers, with some questioning the balance between accessibility and technical control.
The company’s competitors — notably Trezor in the Czech Republic and Tangem in Switzerland — are also benefiting from the heightened focus on security. Hardware wallets have become a rare growth segment in a crypto industry still recovering from exchange bankruptcies and regulatory battles.
The Human Cost of Crypto Wealth
The rising demand for physical security has coincided with a darker trend: a wave of violent crimes targeting crypto holders. Ledger co-founder David Balland became a high-profile victim in January after being kidnapped by criminals demanding a €10 million ransom in cryptocurrency. He survived the attack but lost a finger during the ordeal.
Police later arrested a 24-year-old suspect in Tangier, Morocco, believed to be behind several crypto-related abductions in France. The case underscored an unsettling reality — as digital assets gain value, their holders face increasingly real-world dangers.
Positioned for the Next Chapter
Ledger’s next move will likely determine whether it remains a European giant or becomes a truly global player. As investor capital and institutional partnerships cluster around the United States, Gauthier’s bet on New York could give Ledger a front-row seat to the next phase of crypto adoption.
For a company that has built its reputation on protecting digital wealth, the new challenge may be equally strategic: proving that security innovation can evolve as fast as the risks it’s designed to prevent.