Financial Performance and Market Ambitions
Ledger is preparing for a potential stock market debut, with its sights set on a New York listing or securing private funding in 2026. This strategic move is bolstered by record revenue growth, highlighting the increasing demand for cryptocurrency security devices. The Paris-based hardware wallet producer reported triple-digit million-dollar revenues during 2025, marking its strongest financial year since its founding in 2014. Currently, Ledger secures approximately $100 billion in Bitcoin for its global clientele. The company's valuation reached $1.5 billion following a 2023 funding round that was led by 10T Holdings and True Global Ventures.
Chief Executive Pascal Gauthier confirmed that the company is actively evaluating a New York listing or additional private funding for 2026. He emphasized a strategic shift toward U.S. markets, stating, “Today the money for the crypto sector is in New York, not elsewhere, certainly not in Europe.” Ledger focuses its efforts on capitalizing on peak seasonal demand, particularly between Black Friday and the year-end holidays, periods when sales of security devices typically surge.
Rising Theft Volumes Drive Cold Storage Adoption
Data from Chainalysis indicates that $2.17 billion in digital assets were stolen during the first half of 2025 alone. This figure already surpasses the total amount stolen throughout the entirety of 2024. Hardware wallet providers, including Ledger, Trezor, and Tangem, are experiencing accelerated interest from both retail and institutional investors. Offline storage solutions are increasingly sought after as a means of protection against persistent hacking threats.
In 2024, total cryptocurrency-related illicit activities amounted to $40.9 billion. Security breaches were responsible for $2.2 billion in stolen funds, representing a 21% increase year-over-year. North Korean-affiliated groups, Lazarus and Tradetraitor, were identified as orchestrating over 60% of major thefts, including a significant $300 million attack on Japan’s DMM Bitcoin exchange.
Product Development and Security Challenges
Alongside its financial preparations, Ledger continues to advance its product development. Recent updates include the introduction of an iOS application designed for corporate clients and native support for the TRON blockchain. However, the company's new multisig wallet feature has faced criticism regarding its transaction fee structures from developers and long-term users. These operational challenges are compounded by broader security concerns that extend beyond digital vulnerabilities.
In a stark reminder of the physical risks involved, Ledger co-founder David Balland survived a kidnapping attempt in France in 2025, during which perpetrators demanded a €10 million cryptocurrency ransom. This incident was followed by another near-kidnapping involving the family members of Paymium’s CEO in Paris on May 13, 2025. These physical threats underscore the complex and multifaceted security environment surrounding the custody of digital assets.