Ledger, a French company specializing in manufacturing USB-style devices for storing cryptocurrencies offline, is reportedly contemplating a public listing in New York or a private financing round in 2026. This decision comes as the crypto industry faces a surge in security breaches, with crypto thefts reaching $2.2 billion in the first half of 2025, surpassing the total for the entire previous year.
Ledger’s CEO, Pascal Gauthier, revealed that the company’s revenues for 2025 were in the triple-digit millions, marking its strongest performance since its establishment in 2014. Currently, Ledger safeguards approximately $100 billion worth of Bitcoin for its customers. Gauthier emphasized the escalating cybersecurity threats, stating that hacking incidents targeting bank accounts and cryptocurrencies are on the rise and are expected to continue in the coming years.
If Ledger proceeds with an IPO, it will join a recent trend of crypto firms entering public markets, following the footsteps of companies like Figure and Gemini. Ledger’s revenue growth accelerated ahead of the holiday shopping season, driven by increasing awareness among users about cybersecurity risks in the digital asset space.
The company faces competition from other players in the cold storage market, such as Trezor and Tangem. Trezor recently unveiled its latest Safe 7 device with enhanced features, highlighting the competitive landscape in the hardware wallet segment.
Amidst the rise in crypto-related crimes, including hacks and kidnappings for ransom, Ledger’s potential IPO or fundraising round reflects the growing importance of secure storage solutions for digital assets. The company’s focus on New York signifies the concentration of capital in the city for crypto-related activities, indicating a strategic move to tap into the financial hub’s resources and investor base.
Ledger’s decision on whether to pursue an IPO or private fundraising will depend on market conditions and investor appetite for crypto-related listings. As hardware wallet adoption remains relatively low among cryptocurrency holders, there is room for market expansion as digital asset ownership becomes more mainstream. However, Ledger must address concerns about revenue sustainability beyond device sales and navigate criticisms related to recent fee-based features.
In conclusion, Ledger’s potential IPO plans underscore the evolving landscape of the crypto industry, where security and regulatory compliance are becoming paramount for investors and users alike. The company’s strategic moves reflect a proactive approach to addressing cybersecurity challenges and capitalizing on the growing demand for secure crypto storage solutions.
Sources:
1. Coindesk: Ledger Eyes New York IPO or Fund Raise: Report
2. Financial Times: Ledger Weighs New York IPO as Crypto Security Breaches Hit $2.2 Billion
3. Finance Magnates: Ledger Considers New York IPO Amid Rising Crypto Security Breaches
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