Last updated on November 18th, 2025 at 04:02 pm
Quick Breakdown
- Ledger is considering a New York IPO following its strongest year on record.
- Rising crypto thefts are prompting users to seek offline security solutions.
- Product updates have sparked debate between long-time users and growth-focused leadership.
Ledger is positioning for a major strategic shift as global interest in secure digital asset protection reaches new highs. The Paris-founded hardware wallet provider is reportedly exploring a potential public listing in New York, following what executives describe as the company’s strongest year since launch.
🚨BIG!!!
Ledger exploring NYC public listing following their strongest revenue year since 2014 launch.
This screams institutional crypto infrastructure play – hardware wallets becoming critical as TradFi enters
Could signal broader crypto custody/security sector preparing for… pic.twitter.com/YwgMPe51PQ
— Kyle Chassé / DD🐸 (@Kylechasse) November 10, 2025
Security concerns drive record demand
The rise in crypto-related thefts has accelerated the adoption of offline wallet solutions. Chainalysis data shows crypto thefts hit $2.2 billion in the first half of 2025 — surpassing all recorded losses in 2024. Unlike previous cycles where large exchanges were primary targets, recent attacks have increasingly impacted individual holders.
This shift has prompted more users to adopt “cold storage” devices, which keep private keys offline. Ledger now safeguards an estimated $100 billion in Bitcoin assets alone, the company says.
The firm expects sales to surge even further during the holiday season and throughout 2026. As part of its expansion strategy, Ledger is strengthening its presence in New York, a hub for institutional capital and emerging crypto infrastructure.
Weighing IPO vs. private capital
Ledger’s next move could take the form of an IPO or another major private funding round. The firm was last valued at $1.5 billion in 2023 and currently leads the hardware wallet market, ahead of rivals like Trezor and Tangem.
Some long-time users have raised concerns over recent updates, including new transaction fees for its multisignature service. Critics argue these changes stray from the early decentralization-first ethos of the crypto community.
Others counter that the adjustments are necessary to support reliability, long-term sustainability, and institutional-level services as the industry matures.
Balancing trust and expansion
As cyber risks rise and adoption widens, Ledger’s challenge will be maintaining user trust while scaling into a regulated, institutional market. The company’s next strategic decision — whether to go public or pursue private capital — could play a defining role in shaping that balance.
Meanwhile, Ledger restored security to its official Discord server after a malicious breach on May 11, in which a compromised moderator account was used to disseminate phishing links targeting users’ recovery phrases.
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