French cryptocurrency hardware wallet company Ledger is reportedly preparing for a major fundraising move in 2025, either through an initial public offering (IPO) in New York or a private financing round, according to the Financial Times. The potential capital raise comes at a time of surging demand for secure cryptocurrency custody solutions, amid rising incidents of hacks and thefts in the crypto ecosystem. Ledger’s plans underscore the growing importance of New York as a global hub for crypto finance and the increasing mainstream adoption of digital assets.
Ledger Global Reach and Market Leadership
Founded in 2014, Ledger has become one of the world’s leading providers of hardware wallets, devices that allow cryptocurrency users to store their private keys offline securely. Ledger’s hardware products, including the Ledger Nano X and the more recent Ledger Stax, are widely regarded as among the safest ways to hold cryptocurrencies, from bitcoin to Ethereum and a variety of other digital assets.
Ledger currently manages custody of approximately $100 billion worth of bitcoin for its clients. This substantial figure demonstrates the company’s dominant position in the secure custody market and highlights the level of trust it has built among retail and institutional users alike. The company’s last valuation, in 2023, placed it at $1.5 billion following a funding round involving investors such as 10T Holdings and Singapore-based True Global Ventures.
Ledger’s CEO, Pascal Gauthier, told the Financial Times that the company is spending increasing amounts of time in New York. He emphasized that the city has become the center of crypto investment capital, far surpassing Europe in attracting funding for blockchain and digital asset ventures.
“Money is in New York today for crypto; it’s nowhere else in the world, certainly not in Europe,” Gauthier said.
This statement reflects broader industry trends, as many blockchain and crypto companies increasingly view the U.S., and New York in particular, as a primary gateway to both capital and institutional legitimacy. Ledger’s consideration of a U.S. listing aligns with the strategic positioning many European crypto firms are now adopting.
Record Revenues Driven by Rising Crypto Theft Concerns
The company’s fundraising ambitions come amid record revenues this year, reportedly reaching triple-digit millions. Much of this growth is driven by heightened awareness of crypto security threats, as hacking incidents targeting both retail and institutional investors continue to rise globally.
Gauthier noted that the security landscape is becoming increasingly dangerous for crypto holders:
“We’re being hacked more and more every day hacking of your bank accounts, of your crypto and it’s not going to get better next year or the year after that.”
This alarming trend has fueled demand for Ledger’s hardware wallets and custody solutions, including Ledger Enterprise, which caters to institutional clients such as banks, hedge funds, and corporate treasuries. These services offer secure storage, regulatory compliance, and operational scalability critical for professional investors managing significant digital asset holdings.
Ledger’s technology ensures private keys are stored offline, providing a layer of protection that “hot wallets” connected to the internet cannot offer. As institutional adoption of cryptocurrencies grows, Ledger’s solutions are becoming increasingly indispensable for entities seeking to minimize risk and protect assets in a volatile market.
The Strategic Importance of a New York Listing
While Ledger has not made a final decision, an IPO in New York would represent a major milestone for the company and the European crypto ecosystem. U.S. exchanges provide deep liquidity, institutional access, and global visibility — advantages that are harder to achieve through European listings. A U.S. listing could also help Ledger establish itself as a major player in the broader fintech space, bridging the gap between traditional financial services and the emerging digital asset economy.
Alternatively, Ledger could opt for a private fundraising round, allowing the company to secure capital while maintaining flexibility and control. Given the uncertain regulatory landscape surrounding digital assets, some analysts suggest that staying private may be the safer short-term strategy until U.S. and European regulations stabilize.
In either scenario, Ledger is positioned to capitalize on a rapidly growing market. As cryptocurrencies gain mainstream adoption and investors increasingly demand secure storage, the company’s hardware and institutional solutions could see exponential growth.
Industry Trends Fueling Ledger Growth
Ledger’s fundraising plans are supported by several macro trends in the cryptocurrency market:
- Rising Crypto Adoption: Bitcoin and other cryptocurrencies have gained significant traction among retail and institutional investors. Corporations and hedge funds are increasingly diversifying into digital assets, boosting demand for reliable custody solutions.
- Security Concerns: With billions of dollars lost annually to hacks and cyberattacks, secure storage has become a non-negotiable requirement for investors. Hardware wallets, offline cold storage, and enterprise custody solutions are critical to minimizing exposure.
- Institutional Investment Growth: New York and other financial hubs are seeing increased investment from venture capitalists, private equity firms, and asset managers focused on blockchain and Web3 ventures. Ledger’s presence in New York positions it to tap into this capital efficiently.
- Regulatory Clarity (Slowly Emerging): While crypto regulations remain fragmented globally, there are signs of growing clarity in the U.S. market. This regulatory oversight may attract larger institutional investors seeking compliant custody solutions, benefiting companies like Ledger.
Ledger Product and Technology Roadmap
Ledger continues to innovate across both consumer and enterprise products:
- Ledger Nano X and Nano S Plus: Popular hardware wallets for retail users, featuring secure chips and user-friendly interfaces.
- Ledger Stax: A premium, touchscreen wallet aimed at a more tech-savvy consumer base.
- Ledger Enterprise: A scalable, institutional-grade custody solution for banks, hedge funds, and corporate treasuries, offering regulatory compliance and multi-signature support.
- Ledger Vault: A service that allows organizations to manage digital assets with flexible control structures while mitigating operational risk.
These products demonstrate Ledger’s commitment to secure, versatile, and scalable solutions, appealing to both individual crypto holders and large financial institutions.
Looking Ahead Opportunities and Challenges
Ledger’s potential IPO or fundraising round could define the company’s next phase of growth. A successful public listing could:
- Increase access to capital for expansion and research & development.
- Strengthen brand recognition and credibility among institutional clients.
- Enable potential acquisitions or strategic partnerships to broaden product offerings.
However, challenges remain. Regulatory uncertainty in both Europe and the U.S., as well as ongoing competition from other wallet providers and crypto custody firms, could impact growth. Moreover, maintaining security at scale is a continuous challenge, given the sophistication of modern cyberattacks.
Still, Ledger’s strong market position, robust technology, and $100 billion in client assets make it one of the most promising companies in the global cryptocurrency ecosystem. Pascal Gauthier’s strategic focus on New York and institutional markets suggests that Ledger is preparing to seize opportunities in a maturing and increasingly mainstream digital asset space.
“People will always need security — whether it’s for their money, their identity, or their data. That’s what Ledger is built for,” Gauthier concluded.
Ledger’s upcoming moves, whether an IPO or private fundraising round, will be closely watched by investors, regulators, and the broader cryptocurrency community. As the market continues to grow, and as digital assets become an integral part of global finance, Ledger’s role as a trusted custodian may become more critical than ever.
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