Ledger is
exploring a public itemizing in New York or a non-public financing spherical in 2026 as
crypto buyers rush to safe their holdings amid a surge in digital asset
thefts.
Crypto Theft Epidemic
Fuels Ledger’s IPO Ambitions
The French
firm, which manufactures USB-style gadgets that retailer cryptocurrencies
offline, reported revenues within the triple-digit tens of millions for 2025, its strongest
efficiency since launching in 2014. Chief govt Pascal Gauthier mentioned the
agency at present safeguards roughly $100 billion value of Bitcoin (BTC) throughout
its buyer base.
Crypto
thefts reached $2.2 billion within the first six months of 2025, already
exceeding the whole for all of 2024, in keeping with blockchain analytics agency
Chainalysis. Particular person pockets holders accounted for roughly 23% of those
assaults, a class that Chainalysis described as rising.
“We’re
being hacked increasingly day-after-day … hacking of your financial institution accounts, of your
crypto, and it isn’t going to get higher subsequent yr and the yr after
that,” Gauthier advised the Monetary Occasions.
If the preliminary public providing materializes, Ledger
would be part of this yr’s wave of crypto companies coming into public markets, following
related strikes by lender
Determine and the Gemini cryptocurrency alternate. The digital asset buying and selling
platform Bullish
additionally not too long ago started buying and selling on Wall Avenue.
Income Jumps Earlier than
Vacation Buying Season
Ledger’s progress
accelerated forward of its typical gross sales peaks throughout Black Friday and the
vacation interval. Gauthier attributed the rise to what he known as a
realization amongst customers that cybersecurity threats are intensifying.
The
firm’s gadgets compete with choices from Trezor, based mostly within the Czech
Republic, and Switzerland’s Tangem within the so-called chilly storage market. These
wallets enable token holders to maintain their belongings offline slightly than storing
them on exchanges like Coinbase or Binance.
Trezor has launched its newest Protected
7 gadget throughout an October occasion in Prague. The mannequin encompasses a 2.5-inch
colour touchscreen that’s 62 p.c bigger than the earlier model, an
anodized aluminum physique, and full wi-fi performance, together with Bluetooth
5.1 and Qi2 magnetic charging.
North Korean Hackers
Goal Exchanges and People
Alternate
platform Bybit misplaced
roughly $1.5 billion value of tokens to North Korean hackers in
February, the most important heist on file. The FBI attributed the theft to actors
it tracks as “TraderTraitor,” noting that stolen belongings had been shortly
transformed to Bitcoin and unfold throughout 1000’s of blockchain addresses.
Crypto-related
kidnappings have additionally elevated as costs climb. Ledger’s personal co-founder and
his spouse had been kidnapped in France earlier this yr when criminals demanded a
ransom paid in cryptocurrency. French authorities later arrested the suspects
and froze the funds.
Chainalysis
warned that greater token valuations will seemingly set off extra bodily
assaults concentrating on recognized holders.
New York Focus Displays
Capital Focus
Gauthier
mentioned Ledger plans to broaden its New York headcount and is spending extra time in
the town as a result of “cash is in New York at present for crypto, it is nowhere else
on this planet, it is definitely not in Europe”.
The corporate
raised cash from buyers together with 10T Holdings and Singapore-based True
World Ventures in
2023, when it was valued at $1.5 billion. Whether or not Ledger pursues an IPO or
personal fundraising will depend upon market situations and investor urge for food for
crypto-related listings.
{Hardware}
pockets adoption amongst cryptocurrency holders stays beneath 15%, suggesting room
for market growth as digital asset possession turns into extra mainstream.
Nonetheless, Ledger faces questions on income sustainability past one-time
gadget gross sales, with some latest fee-based options drawing criticism from customers
involved about centralization.
This text was written by Damian Chmiel at www.financemagnates.com.
