Ledger Eyes New York Listing As Revenue Soars

Ledger, the French hardware crypto wallet manufacturer, is considering a New York listing as it prepares to raise new capital in 2026 amid surging demand for security devices.

That’s according to a Financial Times report that said Ledger CEO Pascal Gauthier is exploring both a potential listing in the US and a private funding round for the next capital raise. 

“Money is in New York today for crypto, it’s nowhere else in the world, certainly not in Europe,” Gauthier said, adding that investor appetite for digital asset infrastructure remains stronger in the US.

Ledger Posts Its Strongest Financial Year On Record

If Ledger does score a listing in New York, it will come following what Gauthier said is the company’s strongest year on record.

Already, revenues for 2025 have hit triple-digit millions, and they are expected to grow even more as Ledger enters its peak season during Black Friday sale and the holiday shopping period. 

Ledger was founded in 2014, and currently secures approximately $100 billion worth of crypto on behalf of customers. Following a funding round that took place in 2023, which was led by 10T Holdings and True Global Ventures, the crypto hardware wallet company was valued at $1.5 billion.

Multiple Crypto Firms Go Public Amid Friendlier Regulatory Climate

A friendly regulator environment in the US has prompted a series of crypto firms to go public.

USDC stablecoin issuer Circle raised $1.05 billion in its New York Stock Exchange (NYSE) listing earlier this year while digital trading firm Bullish, backed by former PayPal executive Peter Thiel, also raised over $1 billion. 

Crypto exchange Gemini listed on the NASDAQ under the ticker symbol “GEMI” in September, raising around $425 million at a valuation of about $3.33 billion.

Crypto Investors Are Turning To Cold Storage Solutions Amid Surge In Crypto Crime

Ledger’s record-breaking year comes as more crypto investors shift toward cold storage solutions to safeguard their assets amid a surge in digital theft.

In the first half of 2025 alone, criminals have stolen $2.17 billion worth of crypto, more than the total in 2024, according to Chainalysis. 

Over $2.17 billion stolen from crypto in the first half of 2025 (Source: Chainalysis)

“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 FT.

The growing security concerns extend beyond the digital realm. Earlier this year, Ledger co-founder David Balland was kidnapped in France with his captors demanding a €10 million crypto ransom before being captured in Morocco. 

Amid the growing demand for cold storage solutions, Ledger has been expanding its product line. It recently launched an iOS app for enterprise users and also added native support for the TRON blockchain. 

4. @Ledger Enterprise has integrated with the TRON network.

More details from @ledger_business 👇https://t.co/tpeJfqwP87

— TRON DAO (@trondao) October 16, 2025

However, not all of Ledger’s new products have impressed the market. The company’s multisig wallet feature, for instance, has drawn mixed feedback from developers and long-time customers over its transaction fees. 

Ledger also faced backlash earlier this year when it started phasing out support for its Nano S device, which is retired in 2022. 

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