Ledger considers New York IPO due to growing demand for secure crypto storage
French hardware wallet maker Ledger, known for devices that store bitcoin and other crypto securely offline, is considering going public in New York next year. If that fails, they want to raise additional funds through a private investment round. So reports the Financial Times.
CEO Pascal Gauthier says he is increasingly in New York because “the money for crypto is there, nowhere else in the world, certainly not in Europe.”
Hacking increases, demand for security grows
According to data from Chainalysis, 2.2 billion worth of crypto was stolen in the first six months of this year, more than in all of 2024. About 23 percent of the attacks targeted individual wallets, a form of theft that is becoming increasingly common.
Gauthier says, “We get hacked more every day, both banks and crypto, and it’s not going to get any less in the coming years.” He emphasizes that smartphones and computers were never made for maximum security, but for communication and entertainment. As a result, the need for dedicated security devices such as Ledger’s is growing.
Ledger books record sales
The demand for secure storage devices is giving Ledger an exceptionally good year. The company is achieving sales of hundreds of millions this year, mainly due to the popularity of cold wallets, devices that store your crypto offline. “The growth comes from the realization that hackers are becoming more aggressive and you need to upgrade your security,” says Gauthier.
Ledger currently manages about 100 billion in bitcoin for clients and was valued at 1.5 billion in 2023. Then it raised money from investors such as 10T Holdings and Singapore’s True Global Ventures.
Hazards increase
The rising value of bitcoin and other tokens is making crypto holders increasingly targets of criminals. In addition to hacks, there are also cases of kidnappings of traders who could pay their crypto as ransom.
Ledger’s own co-founder and his wife were kidnapped in France earlier this year. The criminals demanded ransom in crypto, but were arrested and the funds were traced and frozen. Chainalysis warns that higher crypto prices are likely to lead to more opportunistic physical attacks on known crypto holders.
Other players and the future
Not only Ledger is benefiting from this trend. Other companies such as Czech Trezor and Swiss Tangem offer similar cold wallets. Gauthier expects demand for secure storage to continue to rise in the coming years, in part due to Black Friday and Christmas sales that always spike.
Ledger’s plan to raise capital or go public is tied to this growth. Gauthier is already expanding the team in New York to better respond to investment opportunities in the United States. According to him, that’s where the money for crypto is today, while Europe lags behind.
Ledger is responding to a growing market of investors who want to securely store their digital currencies offline, without depending on exchanges such as Coinbase, Bitvavo or Binance.
