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Ledger Plans Potential U.S. IPO Amid Rising Digital Asset Theft and Market Recovery
Ledger, the French cryptocurrency hardware wallet manufacturer, is reportedly weighing an initial public offering (IPO) in New York or pursuing a new fundraising round, signaling growing confidence in the self-custody and crypto security market.
Rising Demand Meets Strategic Market Timing
The timing of Ledger’s IPO exploration coincides with renewed momentum in the hardware wallet sector, driven by increasing concerns over digital asset theft and regulatory shifts. Industry data shows that $2.17 billion in cryptocurrency was stolen during the first half of 2025, already exceeding totals from 2024.
This resurgence comes amid a broader crypto market recovery and expectations of regulatory clarity under the current U.S. administration. Unlike Coinbase’s April 2021 IPO, which occurred near a market peak fueled by retail speculation, Ledger’s potential debut could leverage sustained institutional adoption instead.
Currently, hardware wallet penetration among crypto holders remains below 15%, suggesting significant room for market expansion as digital asset ownership becomes more mainstream.
Revenue Model and Valuation Challenges
While hardware sales provide an upfront revenue stream, investors are expected to focus on recurring income and unit economics. Ledger reportedly manages about $100 billion in bitcoin across its user base. However, monetizing beyond one-time device sales remains a key challenge.
The company’s recent move to introduce transaction-based fees—such as a multisig app charging $10 plus 0.05% per transaction—has sparked community criticism over potential centralization risks. Nonetheless, these initiatives hint at efforts to develop subscription-like revenue streams.
Comparable crypto infrastructure firms trade at 5–8x revenue multiples, but hardware-centric models often receive lower valuations due to inventory risks and margin pressures. Ledger’s success in showcasing customer lifetime value through software upgrades or enterprise custody solutions will likely influence investor sentiment and IPO valuation.
Why New York Could Be Ledger’s Launchpad
Ledger’s preference for a New York listing over European exchanges underscores a focus on capital access and investor depth. U.S. markets dominate in crypto-focused institutional capital, with Bitcoin ETFs recording $25.9 billion in inflows through October 2025.
A U.S. IPO would also align Ledger’s dollar-denominated revenue with its listing currency, placing it alongside American crypto infrastructure peers. However, navigating SEC disclosure rules and evolving digital asset classifications could add regulatory complexity—challenges that have deterred several European fintechs from entering U.S. markets.
If successful, Ledger’s potential IPO could mark one of the most significant crypto infrastructure listings since the industry’s last bull cycle, reaffirming the growing institutional confidence in self-custody solutions.
