Ledger considers New York listing as hardware wallet demand surges

Ledger is preparing for a major strategic shift as interest in secure digital asset storage reaches a new peak.

Summary

• Hardware wallet demand is climbing as crypto hacks increase.
• Ledger is considering a New York IPO or fundraising in 2026.
• Recent product updates sparked debate over fees and direction.

Ledger is preparing for its next phase of expansion as interest in secure storage rises across the crypto market. 

According to a Nov. 9 report by The Financial Times, the company is exploring a possible public listing in New York after reporting its strongest year since launch, driven by growing concerns around asset protection.

Demand accelerates as thefts rise

Ledger, which was founded in Paris in 2014, has witnessed a significant increase in hardware wallet sales in 2025. He pointed out that the increased frequency of attacks on personal wallets and exchange platforms is forcing users to store their data offline.

Chainalysis data supports this trend, with crypto thefts reaching $2.2 billion in the first half of the year, already exceeding 2024 levels. A significant share of these incidents targeted everyday users rather than large platforms, reinforcing the case for secure custody solutions. Ledger now secures an estimated $100 billion worth of Bitcoin (BTC) for its customers.

The firm expects additional demand during the holiday period and into 2026, when it plans to either pursue an initial public offering or a private funding round. The strategy includes increasing its presence in New York, where Gauthier says institutional capital and crypto infrastructure have concentrated.

Growth brings new pressures

With a 2023 valuation of $1.5 billion, Ledger continues to dominate the cold storage market, surpassing its rivals, including Trezor and Tangem. The business is currently resolving internal disagreements regarding the direction of its products.

Some long-time users have criticised the company for introducing new transaction fees in a recent update to its multisignature interface, arguing that it is moving away from the decentralization-first principles.

Others argue that the changes are a sensible step towards service reliability, sustainability, and institutional-grade support. The discussion highlights the tension between the early ideological culture of cryptocurrencies and the demands of growing a multinational security firm.

The next phase for Ledger will rely on its ability to adjust to a market that is being shaped by both increasing risk and adoption while striking a balance between growth and user trust.