As Crypto Hacks Hit Record Highs, Hardware Wallet Makers Eye Expansion: Ledger's IPO Signals Growing Risk Appetite

The surge in digital asset theft is reshaping how investors view cryptocurrency security infrastructure. Chainalysis data shows $2.2 billion in crypto was stolen during the first half of 2025 alone—already exceeding 2024’s full-year total, with roughly 23% of attacks targeting individual wallets. This escalating risk landscape is forcing a fundamental shift in how people store their holdings.

Ledger Positions Itself as the Security Answer

Against this backdrop, Paris-based Ledger is preparing for a significant expansion. The cryptocurrency hardware wallet maker is exploring a New York IPO or private fundraising round next year, according to CEO Pascal Gauthier’s recent remarks to the Financial Times. The timing reflects a broader geographic shift: investment capital for crypto businesses has increasingly concentrated in the United States, particularly New York, as European funding dries up.

Ledger’s growth trajectory tells the story. Founded in 2014, the company now secures approximately $100 billion in bitcoin and other digital assets for its users. Revenues have reached the “triple-digit millions” mark in 2025 alone, driven largely by rising demand for offline storage solutions—the most effective risk mitigation strategy against cyber threats.

Why Offline Storage Is Having a Moment

Gauthier attributes the acceleration directly to rising cybercrime frequency. “Hacking is becoming more frequent, whether targeting your bank account or your crypto,” he explained. As traditional security measures prove inadequate, hardware wallets that remove assets from internet-connected systems offer a compelling value proposition for security-conscious investors.

This risk-conscious approach resonates across user demographics. The company sees seasonal spikes during holiday periods when purchase volumes typically surge, but sustained demand now reflects permanent behavioral change rather than cyclical interest.

Previous Valuation and Strategic Context

Ledger was valued at $1.5 billion in 2023 following a funding round led by 10T Holdings and Singapore’s True Global Ventures. The company’s evolution from niche security product to mainstream wealth preservation tool reflects broader maturation within the cryptocurrency industry—one increasingly defined by risk management awareness.

The expansion into U.S. markets positions Ledger to capture surging demand from investors recognizing that protecting their digital assets requires moving beyond exchange custody models.