French hardware wallet maker Ledger is weighing a New York listing as it prepares to raise new capital next year, with surging demand for crypto security devices pushing the company toward its strongest financial year on record.
Key Takeaways:
Ledger is planning a New York listing or private fundraise next year as demand for crypto security devices reaches record highs. The company’s 2025 revenues hit triple-digit millions, securing about $100 billion in Bitcoin for customers worldwide. Rising crypto thefts exceeding $2.1 billion this year are driving investors toward Ledger’s cold storage wallets for safer asset protection.Chief executive Pascal Gauthier said Ledger is exploring both a potential US listing and a private funding round, as the company expands its presence in New York, according to a report from the Financial Times.
“Money is in New York today for crypto, it’s nowhere else in the world, certainly not in Europe,” Gauthier told the paper, noting that investor appetite for digital asset infrastructure remains stronger in the United States.
Ledger Revenue Hits Triple-Digit Millions as It Secures $100B in Bitcoin
Ledger’s revenues have already hit triple-digit millions in 2025, marking its best performance to date — and that figure is expected to grow further as the company enters its peak season during Black Friday and the holiday shopping period.
The Paris-based firm, founded in 2014, currently secures around $100 billion worth of Bitcoin on behalf of customers and was last valued at $1.5 billion following a 2023 funding round backed by 10T Holdings and True Global Ventures.
The renewed investor interest in crypto security comes amid an alarming rise in digital thefts. Criminals stole $2.17 billion worth of digital assets in the first half of 2025 alone, surpassing the total for all of 2024, according to data from Chainalysis.
As the wave of cybercrime intensifies, more retail and institutional investors are turning to cold storage wallets like those produced by Ledger, Trezor, and Tangem for protection.
Ledger has also been expanding its product line, launching an iOS app for enterprise users and adding native TRON support.
However, its new multisig wallet feature has drawn mixed feedback from developers and long-time customers over transaction fees.
The rise in security concerns extends beyond the digital realm. Earlier this year, Ledger co-founder David Balland was kidnapped in France, with attackers demanding a €10 million crypto ransom before being captured in Morocco.
Despite the risks, Gauthier says Ledger’s mission remains unchanged: securing users’ digital wealth as crypto adoption accelerates globally.
Crypto Crime Turns Violent as Illicit Transactions Top $40B in 2024
Illicit cryptocurrency activity surged to at least $40.9 billion in 2024, according to Chainalysis, with the number likely to grow as more criminal-linked wallets are identified.
Hacks alone accounted for $2.2 billion in stolen assets, a 21% increase from the previous year.
North Korean-linked groups, including Lazarus and Tradetraitor, were behind over 60% of those thefts, with major incidents like the $300 million hack of Japan’s DMM Bitcoin exchange among their hits.
However, the threats go beyond online exploits. Criminal groups are using crypto to fund and conceal a wider range of crimes, from investment scams and AI-enhanced romance frauds to drug trafficking and even physical violence.
In one alarming case on May 13, 2025, the daughter and grandson of Paymium’s CEO were nearly kidnapped in Paris by masked men.
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