Crypto hardware wallet giant Ledger is eyeing a potential New York stock market listing, drawn by the gravitational pull of U.S. capital markets. CEO Pascal Gauthier didn’t mince words about the company’s motivation: “Money is in New York today for crypto.” Simple as that.
The timing couldn’t be better. Ledger’s 2025 revenues have already hit triple-digit millions, riding a wave of paranoia as crypto hacks reached a staggering $2.17 billion in just the first half of the year. Nothing drives sales like fear, apparently.
Ledger’s dominance in the North American market — controlling a whopping 68.9% of hardware wallet share — makes the U.S. listing strategy a no-brainer. The company’s expanding its New York presence, hiring staff and planting its flag firmly in American soil. They’re going where the money is.
With approximately $100 billion in bitcoin assets under its protection, Ledger’s growth parallels the rising tide of cyberattacks. Hackers targeted individual wallets in nearly a quarter of all attacks this year. Surprise, surprise — people suddenly care about secure storage.
The company was last valued at $1.5 billion in 2023, with investments from heavy hitters like 10T Holdings. Now they’re gearing up for a new fundraising round in 2026, weighing private options versus the public listing route.
Not everything’s rosy, though. Recent product developments have hit some snags. Their multisig wallet feature drew criticism from developers who accused Ledger of prioritizing revenue over principles. Centralization accusations in a decentralized world? Awkward.
Ledger isn’t alone in the hardware wallet arena, battling it out with Trezor and Tangem. The company’s recent introduction of the Nano Gen5 with Secure Element chips and biometric unlocking aims to solidify its market leadership. But the U.S. market offers a unique blend of retail investors and institutional players increasingly mandated to use cold storage for compliance reasons. The growing preference for cold wallets stems from their ability to store private keys offline, significantly reducing vulnerability to online threats.
As exchange hacks continue to dominate headlines, the hardware wallet industry is poised for exponential growth. The company is anticipating a significant surge in demand ahead of Black Friday and the holiday shopping season. The message is clear: not your keys, not your crypto.
