French cryptocurrency hardware wallet manufacturer Ledger is considering an initial public offering (IPO) in New York or potentially pursuing a fundraising round. This exploration comes amid a surge in demand for self-custody solutions driven by an alarming rise in digital asset theft. The decision also reflects a growing confidence in the sector’s ability to monetize its offerings amidst heightened security concerns and evolving regulatory landscapes.
Recent industry data highlights the pressing challenges within the cryptocurrency space, revealing that approximately $2.17 billion in crypto was stolen during the first half of 2025—already surpassing the total amount stolen in all of 2024. Reports emphasize that as criminal efforts intensify, bad actors are now spending significantly more on transaction fees to obscure their activities, further underlining the necessity for robust security solutions.
Ledger’s move to capitalize on this momentum aligns with the recurring themes in the cryptocurrency market. The growing optimism comes as the market shows signs of recovery, alongside expectations for clearer regulatory frameworks under the current U.S. administration. Unlike Coinbase, which went public in April 2021 during what was perceived as a market peak, Ledger’s strategy appears tailored to benefit from ongoing institutional adoption rather than being swayed by the highs and lows of retail speculation. Notably, the penetration of hardware wallets among cryptocurrency holders remains below 15%, indicating substantial room for growth as digital asset ownership becomes more mainstream.
While Ledger’s hardware sales have generated significant initial revenue, potential investors are likely to scrutinize the company’s prospects for recurring income and unit economics. Currently, Ledger manages around $100 billion in Bitcoin for its users, with its cold-storage wallets driving revenue into the triple-digit millions, marking its most successful year to date. However, turning this relationship into a sustainable revenue model beyond one-time device purchases presents its own set of challenges. Recent initiatives to implement transaction-based fees, including a multisig application that charges $10 plus a 0.05% fee per transaction, have faced criticism from users concerned about centralization.
In terms of market positioning, comparable publicly traded crypto infrastructure companies typically trade at revenue multiples of 5-8x, while hardware-focused models command lower valuations due to factors like inventory risk and margin compression. Demonstrating customer lifetime value will be crucial for Ledger moving forward. The firm could explore avenues such as software upgrades, premium features, or enterprise custody services to enhance its valuation and appeal to potential investors.
Opting for a New York IPO, rather than listing on a European exchange, reflects a pragmatic strategy by the firm. This decision takes into account the greater liquidity and institutional investor composition in U.S. markets, which have absorbed considerable amounts of capital into crypto-focused investments—such as the $25.9 billion in inflows recorded for Bitcoin ETFs year-to-date through October 2025. In contrast, European exchanges suffer from fragmented liquidity and a lack of depth in crypto-specialized investors.
A U.S. listing also makes sense from a currency alignment perspective, given that Ledger generates a substantial portion of its revenue in dollars. However, the firm will need to navigate the intricate landscape of SEC disclosure requirements and the ongoing evolution of regulatory classifications for digital assets, challenges that have previously discouraged some European fintech firms from attempting to enter the U.S. market. As Ledger evaluates its prospective IPO, these factors will play a significant role in shaping its strategy and future trajectory within the competitive cryptocurrency environment.
