French crypto hardware wallet provider Ledger is exploring a potential listing in New York as demand for its devices surges due to escalating cyberattacks. The company, founded in Paris in 2014, has reported record revenues in 2025, reaching triple-digit millions, driven by both individual and institutional demand. CEO Pascal Gauthier told the Financial Times that this year has been the company’s strongest yet, as hackers increasingly target digital assets. “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 and the year after that,” he said. Crypto Thefts Hit New Highs The surge in Ledger sales coincides with a record year for crypto-related thefts. According to Chainalysis, hackers stole $2.2 billion worth of digital assets in the first half of 2025, surpassing the total losses recorded in all of 2024. Approximately 23% of these attacks targeted individual wallets, highlighting the growing need for secure hardware solutions. Ledger Secures $100 Billion in Bitcoin Gauthier revealed that Ledger currently secures around $100 billion worth of Bitcoin for its customers. He also suggested that the company may benefit from seasonal spikes in sales during Black Friday and the Christmas period. Looking ahead, Ledger plans to raise funds in 2026, either through a private funding round or a US listing. The company is increasing its New York headcount, with Gauthier noting, “money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe.” Competitors such as Trezor and Tangem offer similar “cold storage” wallets, but Ledger remains the market leader. The company was last valued at $1.5 billion in 2023, with backing from 10T Holdings and True Global Ventures. Multisig App Upgrade Sparks Debate Last month, Ledger launched a new multisignature (multisig) interface, receiving mixed reactions from its user base, as reported by Bitzuma . While many praised the upgrade as a technical improvement, the new fee structure—including a $10 flat fee per transaction and a 0.05% variable fee for token transfers—drew criticism. Developers such as pcaversaccio accused Ledger of moving away from its Cypherpunk roots, arguing the app has become a centralized “choke point” aimed at extracting revenue from users.
