Regulatory Landscape Shifts as Ledger Plans NY Listing Amid Rising Security Concerns

French crypto hardware wallet provider Ledger is considering a New York listing as surging cyberattacks drive record demand for its hardware devices, sending revenues soaring into the triple-digit millions in 2025.

CEO Pascal Gauthier recently told the Financial Times that the company, founded in Paris in 2014, is experiencing its best year yet as both individual users and companies rush to protect their digital assets from increasingly sophisticated hackers.

He noted, '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 and the year after that.' This growth comes amid a record year for crypto-related thefts, with hackers stealing $2.2 billion worth of digital assets in the first half of 2025, surpassing the total for all of 2024.

Approximately 23% of these attacks targeted individual wallets, as reported by Chainalysis. Gauthier mentioned that Ledger secures about $100 billion worth of Bitcoin for its customers and anticipates additional seasonal spikes in demand during Black Friday and Christmas.

The company is preparing to raise funds next year, potentially through a private round or a U.S. listing, and is expanding its New York headcount, emphasizing that 'money is in New York today for crypto; it's nowhere else in the world, it's certainly not in Europe.' While competitors like Trezor and Tangem also provide cold storage wallets, Ledger remains the most prominent name in this market.

The company was last valued at $1.5 billion in 2023, backed by firms like 10T Holdings and True Global Ventures. Recently, Ledger launched a new multisignature interface, which has received mixed reactions from the community.

Although many praised the upgrade as a solid technical step forward, the new fee structure, which includes a $10 flat fee per transaction and a 0.05% variable fee for token transfers, has sparked criticism.

Some developers have accused Ledger of straying from its Cypherpunk roots and turning its app into a centralized choke point to extract revenue from users. This potential listing in New York reflects a significant move in the cryptocurrency regulatory landscape, as companies adapt to regulatory pressures and market demands in an evolving industry.