Ledger's Planned Fundraising and Potential New York Listing Amidst Record Demand for Crypto Wallets

French hardware wallet manufacturer Ledger is considering a listing in New York as it prepares for a new capital raise in the upcoming year, following an unprecedented surge in demand for its crypto security devices. This trend is pushing the company toward what could be its most successful financial year ever.

Key Takeaways:

Ledger is contemplating a New York listing or a private fundraising initiative next year due to record-high demand for its crypto security solutions.
In 2025, the company has achieved revenues in the triple-digit millions and secured approximately $100 billion in Bitcoin for its global customers.
A rise in crypto thefts, exceeding $2.1 billion this year, is driving investors to choose Ledger’s cold storage wallets for enhanced asset protection.

According to a report from the Financial Times, Chief Executive Pascal Gauthier stated that Ledger is exploring the possibility of a US stock market listing and a private funding round, particularly as the company looks to expand its footprint in New York. “The investment landscape for crypto is in New York today; it's not anywhere else in the world, especially not in Europe,” he mentioned, highlighting the stronger interest in digital asset infrastructure within the United States.

Ledger Plans Fundraise, Weighs New York Listing Amid Record Demand for its Crypto Wallets

Record Revenue and Security Growth

Ledger's revenue for 2025 has already reached triple-digit millions, marking its strongest performance to date. This number is expected to rise further as the company approaches the busy shopping seasons of Black Friday and the holidays.

Founded in 2014 and based in Paris, Ledger now secures around $100 billion of Bitcoin for its customers and was valued at $1.5 billion after a funding round in 2023, backed by firms like 10T Holdings and True Global Ventures.

Investor interest in crypto security has significantly increased due to a troubling rise in digital thefts. As per Chainalysis, criminals stole $2.17 billion in digital assets during the first half of 2025 alone, surpassing the total thefts from all of 2024.

This escalating threat of cyber crime has prompted more retail and institutional investors to opt for cold storage wallets like those offered by Ledger, Trezor, and Tangem to ensure the safety of their assets.

Additionally, Ledger has been diversifying its product offerings by launching an iOS app for enterprise customers and incorporating native support for TRON. However, feedback on its new multisig wallet feature has been mixed, particularly regarding transaction fee structures.

Concerns over security are not limited to cyber threats. Earlier this year, Ledger co-founder David Balland was kidnapped in France, with assailants demanding a €10 million crypto ransom before being apprehended in Morocco.

Despite these challenges, Gauthier emphasizes that Ledger’s mission remains consistent: to safeguard users' digital wealth as global cryptocurrency adoption continues to accelerate.

Rise in Crypto-Related Crime

The landscape of illicit cryptocurrency activities experienced a sharp increase, reaching approximately $40.9 billion in 2024, as reported by Chainalysis. This figure is expected to rise further as more wallets linked to criminal activities are uncovered.

Hacks alone accounted for $2.2 billion in stolen assets—a 21% increase from the prior year. Groups associated with North Korea, such as Lazarus and Tradetraitor, were responsible for over 60% of the thefts, including significant incidents like the $300 million hack of Japan's DMM Bitcoin exchange.

Furthermore, the threats associated with cryptocurrency extend beyond digital theft. Criminal organizations are increasingly utilizing crypto to finance a broader array of illicit activities, ranging from investment fraud and AI-driven romance scams to drug trafficking and even physical violence.

In an alarming incident on May 13, 2025, the daughter and grandson of Paymium's CEO were nearly kidnapped in Paris by armed individuals.

As crypto-related crimes continue to evolve, the need for secure storage solutions like those offered by Ledger becomes even more crucial for safeguarding digital assets.