Ledger Eyes New York IPO or Fund Raise: Report
Ledger, the French maker of cryptocurrency hardware wallets, is weighing a New York IPO or a private fundraising round next year, CEO Pascal Gauthier told the Financial Times. The company is benefiting from a wave of security-conscious investors after a spike in crypto thefts this year.
Ledger says it secures roughly $100 billion worth of bitcoin for customers and generated triple-digit-million revenue in 2025. The firm’s last reported valuation was $1.5 billion in 2023.
This introduction includes the exact keyword once: Ledger New York IPO
Market Context and What’s Proposed
Gauthier said he is spending more time in New York because “money is in New York today for crypto; it’s nowhere else in the world, certainly not in Europe.” He also warned: “We’re being hacked more and more every day… and it’s not going to get better next year,” underscoring demand for secure self-custody devices. The FT reports 2025 theft totals already surpassed 2024, reinforcing the case for cold-storage adoption. Financial Times
Ledger’s Position in the Hardware Wallet Market
Core product
USB-style cold wallets that keep private keys offline.
Scale & investors
Roughly $100B in bitcoin under customer custody; 2023 round included 10T Holdings and True Global Ventures, maintaining a valuation around €1.3B / $1.5B.
The Case for a Ledger New York IPO
Listing in New York could broaden Ledger’s investor base, align it with U.S. crypto-capital flows, and provide currency for expansion. A private round would be faster and less disclosure-heavy but may limit brand lift versus a public debut. Either path appears tethered to continued demand for secure custody as hacks rise.
Timeline and Triggers for a Ledger New York IPO
When
As early as next year (2026) depending on market windows.
What could sway timing
Crypto price volatility, hack headlines, and U.S. policy clarity.
Readiness signals
Revenue momentum (“triple-digit millions”) and U.S. presence build-out.
Context & Analysis
The strategic tilt toward New York reflects where late-stage crypto capital currently concentrates. An IPO could enhance Ledger’s trust signal with institutions, but public-market scrutiny would intensify around wallet security, revenue durability, component supply chains, and regulatory exposure. A private round would preserve flexibility if equity markets tighten.
Conclusion
Ledger is gearing up for a major funding milestone, weighing options between a New York IPO and a private capital raise. The decision comes as demand for cold wallets grows amid rising security concerns in the crypto space.
Investors are closely monitoring upcoming announcements, including potential filings, investor-day presentations, and revenue updates. These indicators will help determine the timing, scale, and structure of Ledger’s next move as the company positions itself to capitalize on increasing adoption of self-custody solutions worldwide.
FAQs
Q : What did the FT report about Ledger’s plans?
A : That Ledger may pursue a New York IPO or a private fundraising round next year.
Q : Why consider the U.S. market?
A : CEO Pascal Gauthier says capital for crypto is concentrated in New York.
Q : How big is Ledger’s custody footprint?
A : The company secures about $100B worth of bitcoin for clients.
Q : What is Ledger’s latest known valuation?
A : About $1.5B (≈€1.3B) from a 2023 round involving 10T Holdings and True Global Ventures.
Q : What’s driving wallet demand?
A : Rising crypto thefts and a shift to self-custody are boosting hardware wallet sales.
Q : When could the IPO happen?
A : As early as 2026, subject to market conditions and filings.
Q : Is Ledger profitable?
A : The FT cites triple-digit-million revenue in 2025; profitability wasn’t disclosed.
Facts
Event
Ledger weighs New York IPO or private fundraiseDate/Time
2025-11-10T13:00:00+05:00Entities
Ledger (Paris-based hardware wallet maker); Pascal Gauthier (CEO); 10T Holdings (investor); True Global Ventures (investor)Figures
~$100B bitcoin secured; 2025 revenue “triple-digit millions”; last valuation ~$1.5B (2023)Quotes
“We’re being hacked more and more every day… and it’s not going to get better next year.” Pascal Gauthier, to FTSources
Financial Times (report) https://www.ft.com/content/098d43f1-4889-4790-b47c-4392663f949e ; CoinDesk report https://www.coindesk.com/markets/2025/11/10/ledger-eyes-new-york-ipo-or-fund-raise-report Financial Times+1