Ledger considering New York IPO or fundraise as demand for hardware wallets climbs: FT

Hardware wallet manufacturer Ledger is preparing to raise additional capital, likely next year, as surging demand for crypto security devices propels the company to its strongest financial performance on record, according to a recent Financial Times report. 

Ledger CEO Pascal Gauthier told the FT the Paris-based company is considering either a listing in New York or a private funding round, and is actively expanding its presence in the city.

"Me spending more time in New York is with the understanding that money is in New York today for crypto, it's nowhere else in the world, it's certainly not in Europe," Gauthier told the British publication.

The fundraising plans come amid Ledger's best year yet, according to the report, with revenues hitting triple-digit millions so far in 2025. The surge comes ahead of the company's typically strongest sales period during Black Friday and the holiday shopping season.

The company currently secures about $100 billion worth of bitcoin for its customers and was last valued at $1.5 billion in 2023 after raising money from investors including 10T Holdings and Singapore's True Global Ventures. The firm recently rolled out an iOS app for its enterprise customers and launched native TRON support, though its native multisig wallet feature drew a mixed response from developers and long-time users. 

Ledger competes with other hardware wallet manufacturers including Czech Republic-based Trezor and Switzerland-based Tangem in the growing market for secure crypto storage solutions. 2025 has been one of crypto's worst years yet for security compromises, with criminals stealing $2.17 billion in the first half of 2025, according to a Chainalysis estimate, more than in the entire year of 2024. 

So-called "wrench attacks," or physical assaults on individuals believed to hold crypto wealth, have also been on the rise; Ledger co-founder David Balland himself was kidnapped in January of this year by criminals who demanded a 10 million euro cryptocurrency ransom and severed one of Balland's fingers. A 24-year-old French-Moroccan citizen suspected of orchestrating a series of high-profile crypto-related kidnappings in France, including Balland's, was later arrested in Tangier, Morocco.