Quick Takeaways
- Ledger’s 2025 tax revenue surged into ternary-digit millions amid record-breaking crypto thefts.
- CEO Pascal Gauthier says the company may advance funds via a U. S. listing next year.
- Ledger secures over $100 billion in Bitcoin as frigid pocketbook demand skyrockets.
Ledger Eyes New York Listing as Receipts Rush Amid Crypto Hack Boom
Ledger, the Gallic crypto hardware wallet provider, is likely to be a New York number after a record-breaking year, fueled by escalating cyberattacks.
CEO Pascal Gauthier said that the Financial Times reported that 2025 has been Ledger’s strongest year, nevertheless, with tax revenue reaching triple-figure millions as substance abusers hurry to protect their digital assets.
“We’re being hacked more and more every day … it’s not going to get better next year,” Gauthier said.
Record Crypto Thefts Push Investors Toward Cold Storage
The surge in demand follows a sharp rise in crypto-related hacks. According to Chainalysis data cited by the FT, hackers stole $2.2 billion in digital assets in the first half of 2025, already exceeding 2024’s total.
About 23% of these breaches targeted personal wallets, underscoring the growing need for secure offline solutions like Ledger’s devices.
Ledger Secures $100 Billion in Bitcoin Holdings
Ledger currently safeguards roughly $100 billion worth of Bitcoin for its customers. Gauthier said the company expects further momentum from Black Friday and holiday sales, which often see a spike in hardware wallet purchases.
The company, valued at $1.5 billion in 2023, is backed by 10T Holdings and True Global Ventures. Gauthier confirmed Ledger may raise capital next year through either a private round or a U.S. listing.
“Money is in New York today for crypto; it’s nowhere else, certainly not in Europe,” he noted.
Controversy Over Ledger’s New Multisig App
In September, Ledger launched a new multisignature (multisig) app aimed at simplifying crypto security for institutions and advanced users.
However, its new fee structure, a $10 flat fee per transaction plus a 0.05% variable token fee, drew criticism from parts of the crypto community.
Some developers accused Ledger of straying from its Cypherpunk roots, warning the company risks becoming a “centralized choke point” in the DeFi ecosystem.
Ledger’s strong financials and growing user base highlight how rising digital threats continue to drive hardware wallet adoption. If the company proceeds with a New York listing, it could mark one of the biggest crypto hardware IPOs to date.