Ledger, the Paris-based {hardware} pockets supplier, is contemplating a New York itemizing following speedy income progress pushed by a pointy enhance in bitcoin thefts and cyberattacks.
In 2025, Ledger’s revenues soared into the triple-digit thousands and thousands as each people and firms sought to safe their bitcoin and digital property from more and more subtle hackers.
Surge in cyberattacks boosts {hardware} pockets demand
CEO Pascal Gauthier informed the Monetary Instances that the corporate is experiencing its greatest yr since its founding in 2014.
Gauthier highlighted the persistent risk panorama:
“We’re being hacked an increasing number of each day … hacking of your financial institution accounts, of your crypto, and it’s not going to get higher subsequent yr and the yr after that.”
In accordance with Chainalysis knowledge cited by the FT, hackers stole $2.2 billion in digital property in simply the primary half of 2025, already surpassing the full for all of 2024.
Notably, 23% of those assaults focused particular person wallets, fueling demand for chilly storage options like Ledger’s units.
Ledger secures $100 billion in bitcoin property
The corporate now secures roughly $100 billion in bitcoin for patrons worldwide.
Gauthier famous that Ledger could profit from seasonal gross sales spikes, equivalent to throughout Black Friday and Christmas.
The agency, final valued at $1.5 billion in 2023, can be getting ready for a brand new funding spherical or a US itemizing within the coming yr.
Multisig app launch sparks person criticism
Final month, Ledger launched a brand new multisignature (multisig) pockets app.
Whereas some customers praised the technical enhancements, a brand new charge construction—together with a $10 flat charge per transaction and a 0.05% variable charge—drew backlash.
Some builders argue these adjustments transfer Ledger away from its unique Cypherpunk ethos, with considerations that the app may change into a centralized “choke level” for extracting income from customers.
Ledger and the broader {hardware} pockets market
Regardless of competitors from suppliers like Trezor and Tangem, Ledger stays the main title within the {hardware} pockets market.
With the rising sophistication and frequency of cyberattacks, the demand for safe, dependable storage options for bitcoin continues to rise.