Crypto hardware wallet company Ledger is reportedly preparing for an initial public offering (IPO) in New York or may alternatively seek to raise funds through a private financing round next year, as detailed by the Financial Times. Ledger’s CEO, Pascal Gauthier, emphasized the strategic shift toward New York, stating that “money is in New York today for crypto; it’s nowhere else in the world, certainly not in Europe.”
This move comes on the heels of Ledger’s record revenues, which reportedly reached triple-digit millions this year. The surge in demand for secure custody solutions is largely driven by increasing incidences of crypto theft, a challenge that Gauthier acknowledges is becoming more prevalent. “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 told the Financial Times.
Currently, Ledger oversees approximately $100 billion worth of bitcoin for its clients. The company’s latest valuation stands at $1.5 billion, achieved during a funding round in 2023 featuring prominent investors such as 10T Holdings and Singapore’s True Global Ventures. The emphasis on security and the rise of cyber threats are likely to play a significant role in guiding Ledger’s financial strategy as it explores public fundraising avenues.
