The French hardware wallet giant hit triple-digit million revenues in 2025, driven by a global rush for crypto security amid a wave of digital asset thefts.
Ledger Reports Best Year Yet
French crypto hardware wallet provider Ledger is reportedly weighing a New York stock market listing, according to the Financial Times, after revenues in 2025 surged into the triple-digit millions. The company’s growth has been fueled by a sharp rise in crypto hacks and growing demand for cold storage wallets among both retail and institutional investors.
CEO Pascal Gauthier said Ledger is having its best year since its founding in 2014, as more users seek secure, offline solutions to protect their digital wealth.
“We’re being hacked more and more every day… hacking of your bank accounts, of your crypto, and it’s not going to get better next year,” Gauthier warned.
Crypto Hacks Drive Demand for Security
The spike in Ledger’s revenue coincides with a record year for crypto-related thefts. In just the first half of 2025, hackers stole $2.2 billion worth of digital assets — already surpassing the total losses for all of 2024, according to Chainalysis data cited by the FT.
Roughly 23% of those attacks targeted individual wallets, underscoring the growing need for cold storage devices like Ledger’s Nano series, which allow users to store cryptocurrencies offline and away from online vulnerabilities.
Ledger’s Expanding Footprint
Ledger currently secures over $100 billion worth of Bitcoin (BTC) for its users, according to Gauthier. The company expects additional growth in Q4 2025 due to seasonal buying surges during Black Friday and Christmas.
Gauthier also hinted at plans to raise capital next year — either through a private funding round or a public listing in the U.S. He noted that Ledger is expanding its New York operations, explaining:
“Money is in New York today for crypto — it’s nowhere else in the world, it’s certainly not in Europe.”
Ledger was last valued at $1.5 billion in 2023, with backers including 10T Holdings and True Global Ventures.
While Ledger remains the market leader in hardware wallets, it faces competition from brands like Trezor and Tangem. In October, Ledger launched a new multisignature (multisig) app, designed to improve transaction security for advanced users.
However, the release sparked backlash over its fee structure, which includes a $10 flat fee per transaction and a 0.05% variable fee for token transfers. Critics argued that these charges could alienate small users, even as others praised the app as a strong technical upgrade.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.