Ledger Considers New York IPO as Crypto Theft Surge Boosts Wallet Sales

French crypto security company Ledger is weighing a New York stock market listing after a surge in cyberattacks pushed demand for its cold-storage devices to record highs in 2025.

CEO Pascal Gauthier told the Financial Times that the firm is having its strongest year since launching in 2014, with revenues now in the hundreds of millions as individuals and institutions race to safeguard their crypto holdings.

“Every day, hacking attempts are increasing – on your bank accounts, your crypto, everything,” Gauthier said. “And it’s not going to get better next year or the one after that.”

Ledger’s boom comes amid a wave of crypto thefts totaling $2.2 billion in just the first half of 2025, already surpassing all of 2024, according to Chainalysis data cited by the FT. Roughly 23% of those attacks targeted individual wallets, underlining the growing urgency for secure hardware storage.

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Currently, Ledger protects about $100 billion worth of Bitcoin and is expecting further sales spikes during Black Friday and the holiday season. The company plans to raise capital next year – either through a private round or by going public in the U.S., as Gauthier emphasized that “the money is in New York today, not in Europe.”

Founded in Paris, Ledger has become the global leader in cold wallet technology, ahead of rivals like Trezor and Tangem. The company last held a valuation of $1.5 billion in 2023, backed by 10T Holdings and True Global Ventures.

However, the company’s latest multisignature (multisig) app release drew mixed reactions. While some praised its functionality, others criticized its new fee model – a $10 flat fee plus 0.05% per transaction – accusing Ledger of drifting from its Cypherpunk roots. Critics, including developer pcaversaccio, argued the new model introduces centralized choke points that contradict Ledger’s early open-source philosophy.

Despite the backlash, Ledger’s trajectory suggests that security remains the ultimate growth driver in crypto’s next phase — and the company appears determined to capitalize on that momentum through Wall Street’s front door.