Ledger Considers US Listing as Cyberattacks Fuel Demand for Hardware Wallets
French crypto hardware wallet provider Ledger is weighing a New York stock market listing, driven by soaring demand for secure cold storage solutions amid a surge in cyberattacks targeting digital assets. CEO Pascal Gauthier shared in a recent Financial Times interview that the company is experiencing unprecedented growth as both consumers and businesses seek protection from increasingly sophisticated hackers.
Surge in Crypto-Related Thefts Drives Record Sales
Cyberattacks in the crypto industry have intensified in 2025. Hackers stole $2.2 billion in digital assets during the first half of the year�surpassing the total for all of 2024, according to data cited by Chainalysis. Around 23% of these attacks targeted individual wallets, highlighting a rising threat to personal and institutional investors alike.
This environment has fueled demand for Ledger's hardware wallets, with the company securing about $100 billion worth of Bitcoin for its customers. Revenue forecasts for 2025 have entered the triple-digit million range, reflecting what Gauthier calls Ledger's most successful year to date. He noted that seasonal shopping periods like Black Friday and Christmas could further boost sales.
Strategic Moves: US Expansion and Funding
Ledger is considering raising funds next year, potentially through a private round or a US public listing. The company has increased its staff presence in New York, signaling a strategic push into the United States. Gauthier emphasized that, from a capital-raising perspective, "money is in New York today for crypto; it�s certainly not in Europe." Ledger was last valued at $1.5 billion in 2023, backed by investors including 10T Holdings and True Global Ventures.
Product Updates and Community Response
Last month, Ledger introduced a new upgrade featuring a revised fee structure: a $10 flat fee per transaction and a 0.05% variable fee for token transfers. While some users applauded the technical improvements, others raised concerns. Critics, including developers, argued that the changes signal a move away from Ledger's founding Cypherpunk principles, suggesting the company is transforming its app into a more centralized service focused on revenue generation.
Competitive Market
The hardware wallet sector also includes competitors such as Trezor and Tangem. However, Ledger remains the most recognized provider, continuing to shape the evolution of crypto asset security as the demand for safeguarding digital wealth intensifies.
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