French crypto hardware wallet provider Ledger is reportedly considering a New York Stock Exchange listing as its revenues have surged into the triple-digit millions for 2025. This significant growth is attributed to a sharp increase in demand for its security devices, fueled by a rise in sophisticated cyberattacks targeting digital assets. CEO Pascal Gauthier highlighted the company's best year yet, driven by both individual and corporate clients seeking to safeguard their cryptocurrencies.
Key Takeaways
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Ledger is experiencing record demand and revenue growth due to increased hacking concerns.
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The company is exploring a potential listing on the New York Stock Exchange.
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A recent product update has drawn mixed reactions from the crypto community.
Soaring Demand Amidst Cyber Threats
CEO Pascal Gauthier stated that the company is witnessing an unprecedented surge in demand, directly correlating with the escalating frequency and sophistication of cyberattacks. "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," Gauthier told the Financial Times. This trend is amplified by a record year for crypto-related thefts, with hackers stealing billions in digital assets, a significant portion of which targeted individual wallets.
Financial Performance and Future Prospects
Ledger's revenues have reportedly reached triple-digit millions in 2025, marking its most successful year. The company is preparing to raise additional funds in the coming year, with options including a private funding round or a US-based public offering. Gauthier emphasized New York's central role in the crypto financial landscape, noting the company's expansion of its New York headcount. Ledger currently secures approximately $100 billion worth of Bitcoin for its customers and anticipates further seasonal boosts in demand around events like Black Friday and Christmas.
Competitive Landscape and Recent Developments
While competitors like Trezor and Tangem also offer hardware wallets, Ledger remains a dominant player in the market. The company was last valued at $1.5 billion in 2023. Recently, Ledger launched a new multisignature (multisig) interface, which received praise for its technical advancements but also faced criticism regarding its new fee structure. Some developers expressed concerns that the fees could centralize the platform and create a revenue extraction point, potentially diverging from the company's Cypherpunk origins.
Sources
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Ledger eyes NY listing as revenue hits triple-digit millions amid surge in hacks: FT — TradingView News, TradingView.
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