Ledger eyes IPO as crypto hacks fuel demand for hardware wallets

Crypto hardware wallet manufacturer Ledger is the latest to vie for a spot on the public markets as demand for its secure storage solution has surged over recent months due to the growing wave of hacks and scams.

During an interview with the Financial Times, Ledger CEO Pascal Gauthier said the move is being considered mainly as the company pushes through its best year yet, with revenues climbing and institutional interest picking up.

Founded in 2014, Ledger offers physical security devices and software integrations that allow individuals and institutions to safely store their digital assets offline. 

Although hardware wallets or other cold storage solutions are not completely foolproof, they significantly reduce the risk of remote hacks by making it much harder for attackers to access private keys.

According to Gauthier, the key driver behind the company’s sales growth has been the sharp surge in hacks and targeted attacks that aim to solicit funds directly from crypto users.

Separate data provided by blockchain analytics firm Chainalysis shows that over $2.2 billion had been stolen from the crypto market in just the first half of 2025.

Much of this activity has been directed at retail users who are less likely to rely on secure custody solutions.

“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 added.

By 2023, Ledger was valued at $1.5 billion after it closed a funding round backed by investors including 10T Holdings and True Global Ventures.

According to Gauthier, the company may also pursue a fresh private capital raise next year in case it decides not to go public right away.

The company is currently on a hiring spree in New York as it looks to strengthen its presence in the city.

“Me spending more time in New York is with the understanding that money is in New York today for crypto; it’s nowhere else in the world, it’s certainly not in Europe,” Gauthier said.

High-profile crypto IPOs hit Wall Street

2025 can be considered a breakout year for crypto listings, as it has been marked by a steady stream of major players tapping public markets for growth.

Since the start of the year, several crypto-native firms have grabbed headlines with their stock market debuts.

Some of the key launches include Circle, which raised over $1 billion in its June IPO, and Bullish, which joined the public markets after an extended buildup that began in late 2024.

However, some crypto native firms like Ripple and Tether have taken a different route and have downplayed or deferred IPO plans for now.

As previously reported by Invezz, Ripple president Monica Long said the company has no timeline for a listing and sees little value in going public at this stage, especially as it remains well capitalised and able to fund its expansion plans independently.