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Hardware wallet provider 
Ledger is planning a capital raise next year amid record revenues from heightened demand for crypto storage devices, with CEO Pascal Gauthier telling the Financial Times the company is considering either a New York listing or a private funding round.
What's the scoop?
- Revenue Growth: The Paris-based firm reported triple-digit millions in revenues for 2025 so far, marking its strongest year ahead of holiday sales.
- New York Focus: Gauthier said the company is expanding its headcount in New York, where capital for crypto is concentrated compared to Europe.
- Asset Security: Ledger currently secures about $100 billion in BTC for customers and was last valued at $1.5 billion in 2023.
- Competitive Landscape: Ledger faces rivals including
Trezor and Tangem in the hardware wallet market, which has grown amid $2.17 billion in crypto thefts during the first half of 2025. - Security Incidents: Wrench attacks on crypto holders have increased, including the January kidnapping of Ledger co-founder David Balland, who faced a 10 million euro ransom demand.
Bankless Take:
What's interesting here is that an IPO or raise for Ledger would be an expansion of Wall Street's appetite for crypto, showing they've developed a taste for companies other than just exchanges or lenders. Also, in other note, while the impetus for hard wallet demand is awful, it's nice to see reports of self-custody trending in the right direction.
