Ledger Weighs New York IPO as Crypto Safety Breaches Hit $2.2 Billion

[ad_1] 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 units that retailer cryptocurrencies offline, reported revenues within the triple-digit hundreds of thousands for 2025, its strongest efficiency since launching in 2014. Chief govt Pascal Gauthier mentioned the agency at the moment 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 line 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 an increasing number of daily ... hacking of your financial institution accounts, of your crypto, and it is not going to get higher subsequent 12 months and the 12 months after that," Gauthier instructed the Monetary Instances.

If the preliminary public providing materializes, Ledger would be part of this 12 months’s wave of crypto companies coming into public markets, following comparable strikes by lender Determine and the Gemini cryptocurrency change. The digital asset buying and selling platform Bullish additionally not too long ago started buying and selling on Wall Road.

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 units compete with choices from Trezor, primarily based within the Czech Republic, and Switzerland's Tangem within the so-called chilly storage market. These wallets permit token holders to maintain their belongings offline moderately than storing them on exchanges like Coinbase or Binance.

Trezor has launched its newest Protected 7 machine throughout an October occasion in Prague. The mannequin encompasses a 2.5-inch coloration touchscreen that's 62 % 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

Trade platform Bybit misplaced roughly $1.5 billion value of tokens to North Korean hackers in February, the most important heist on report. The FBI attributed the theft to actors it tracks as "TraderTraitor," noting that stolen belongings have 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 have been kidnapped in France earlier this 12 months when criminals demanded a ransom paid in cryptocurrency. French authorities later arrested the suspects and froze the funds.

Chainalysis warned that larger token valuations will doubtless set off further bodily assaults focusing 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 this time for crypto, it is nowhere else on the earth, it is definitely not in Europe".

The corporate raised cash from buyers together with 10T Holdings and Singapore-based True International Ventures in 2023, when it was valued at $1.5 billion. Whether or not Ledger pursues an IPO or non-public fundraising will rely on market situations and investor urge for food for crypto-related listings.

{Hardware} pockets adoption amongst cryptocurrency holders stays under 15%, suggesting room for market growth as digital asset possession turns into extra mainstream. Nevertheless, Ledger faces questions on income sustainability past one-time machine gross sales, with some latest fee-based options drawing criticism from customers involved about centralization.