The world of digital assets often feels like a high-stakes game, a place where fortunes can shift in moments. But beneath the flashing charts and speculative buzz, a quieter, more fundamental shift is happening. Companies focused on the bedrock of crypto, its security, are seeing unprecedented growth. One such player, Ledger, the hardware wallet giant, is now preparing for a significant capital raise, possibly even a listing on the New York stock exchange.
- Ledger, a major hardware wallet provider, is reportedly planning a significant capital raise or a New York Stock Exchange listing, driven by strong revenue growth and the increasing demand for crypto security.
- The surge in demand for hardware wallets is attributed to a significant rise in crypto theft, with billions stolen in the first half of 2025, highlighting the need for robust security measures beyond online solutions.
- The company’s strategic moves and growth reflect the increasing investor interest in the foundational infrastructure of the digital asset industry, moving beyond speculative tokens to focus on essential security solutions.
This news comes straight from Ledger CEO Pascal Gauthier, who recently spoke with the Financial Times. He indicated the Paris-based firm is weighing its options for next year, considering either a public offering in New York or a private funding round. It seems Gauthier is putting his money where his mouth is, too, actively expanding Ledger’s presence in the Big Apple.
Gauthier’s reasoning is quite direct. He told the British publication, “Me spending more time in New York is with the understanding that money is in New York today for crypto, it’s nowhere else in the world, it’s certainly not in Europe.” It is a candid assessment of where the serious capital for digital assets currently resides.
This strategic move is no surprise when you look at Ledger’s recent performance. The company is reportedly having its best year yet. Revenues for 2025 have already hit triple-digit millions. This surge happened even before the traditional holiday shopping season, a period typically strong for hardware wallet sales, including Black Friday.
Ledger currently stands as a significant guardian of digital wealth. It secures roughly $100 billion worth of bitcoin for its customers. The company was last valued at $1.5 billion in 2023, following a funding round that included investors like 10T Holdings and Singapore’s True Global Ventures. These numbers paint a picture of a company not just surviving, but thriving, in a sometimes turbulent market.
The Unseen Battle for Digital Safety
So, why this sudden, robust demand for hardware wallets? The answer, sadly, lies in the grim reality of crypto security. This year, 2025, has been particularly brutal for digital asset holders. Criminals have become more sophisticated, and the sheer volume of stolen funds is startling.
According to estimates from Chainalysis, a blockchain analysis firm, criminals stole $2.17 billion in the first half of 2025 alone. To put that in perspective, that figure surpasses the total amount stolen in the entire year of 2024. It is a stark reminder that while digital assets offer freedom, they also demand vigilance.
This rising tide of digital theft has pushed many to seek stronger defenses. A hardware wallet, for those unfamiliar, is a physical device, much like a secure USB stick. It stores the private keys to your cryptocurrency offline. This means your digital money is kept safe from online hackers, malware, and phishing attempts that plague software wallets and exchanges.
Think of it this way: your online bank account is convenient, but you would not keep your life savings under your mattress in a house with an open front door. A hardware wallet is like a personal, digital safe deposit box. It adds a crucial layer of physical security to your digital holdings, making it much harder for bad actors to reach your funds.
But the threats extend beyond the digital realm. A disturbing trend known as “wrench attacks” has also been on the rise. These are physical assaults targeting individuals believed to hold significant crypto wealth. It is a chilling evolution of crime, moving from the anonymous digital space to very real, physical danger.
Ledger itself has seen this threat hit close to home. David Balland, one of Ledger’s co-founders, was kidnapped in January of this year. His captors demanded a 10 million euro cryptocurrency ransom. In a horrifying turn, they severed one of Balland’s fingers. It is a stark, brutal example of the lengths criminals will go to for digital assets.
Fortunately, justice began to catch up. A 24-year-old French-Moroccan citizen, suspected of orchestrating a series of high-profile crypto-related kidnappings in France, including Balland’s, was later arrested in Tangier, Morocco. This incident, while tragic, underscores the very real, tangible risks that come with holding significant digital wealth, and why robust security solutions are not just a luxury, but a necessity.
Innovation and Competition in a Growing Market
Ledger is not alone in this expanding market for secure crypto storage. It faces competition from other notable hardware wallet manufacturers. These include Trezor, based in the Czech Republic, and Tangem, a Swiss company. Each offers its own approach to keeping digital assets safe, contributing to a healthy, competitive landscape.
The company has also been busy on the product front. Ledger recently rolled out an iOS app specifically for its enterprise customers. It also launched native TRON support, allowing users to manage TRON-based stablecoin transactions directly through their devices. These updates show a commitment to expanding functionality and reaching a wider user base.
However, not every new feature has been met with universal praise. Ledger’s new native multisig wallet feature, for instance, drew a mixed response from developers and long-time users. Some criticism focused on its fee model, sparking conversations about the balance between security, convenience, and cost.
The potential for a New York IPO or a substantial private funding round for Ledger speaks volumes about the maturity of the crypto industry. It signals that investors are increasingly interested in the foundational infrastructure that supports digital assets, not just the speculative tokens themselves. This move could provide Ledger with the capital needed to further innovate, expand its reach, and continue its mission of securing digital wealth.
As the digital asset landscape continues to evolve, so too will the methods of those who seek to exploit it. The story of Ledger, its growth, its challenges, and its strategic moves, offers a clear window into the ongoing, vital battle for digital safety. It is a reminder that in this fast-paced world, protecting what you own is as important as acquiring it.
