Ledger's Revenue Surge Amid Rising Exchange Hacks

French crypto hardware wallet provider Ledger is experiencing a significant revenue surge, with figures reportedly hitting triple-digit millions in 2025, largely due to a rise in cyberattacks targeting digital assets.

According to the Financial Times, CEO Pascal Gauthier highlighted that both individuals and corporations are increasingly seeking protection against sophisticated hacking attempts, stating, 'We're being hacked more and more every day.' The report notes that hackers stole a staggering $2.2 billion worth of digital assets in the first half of 2025 alone, surpassing the total amount stolen throughout all of 2024.

Notably, about 23 percent of these attacks were directed at individual wallets, as cited by Chainalysis. Gauthier mentioned that Ledger currently secures approximately $100 billion in Bitcoin for its customers and anticipates further demand spikes during the holiday shopping season.

In light of this growth, Ledger is contemplating a listing in New York, aligning with Gauthier's assertion that 'money is in New York today for crypto.' The company is also expanding its workforce in the city, reflecting a strategic move to tap into the U.S. market.

Ledger's last valuation stood at $1.5 billion in 2023, supported by investment from 10T Holdings and True Global Ventures. While Ledger continues to lead the market for cold storage wallets, it faces competition from companies like Trezor and Tangem.

Recently, Ledger launched a new multisignature app designed to enhance security, but it has drawn mixed reactions from users due to a new fee structure. Critics argue that the company is moving away from its Cypherpunk ideals, potentially creating a centralized system that extracts revenue from users.

This backlash highlights the tensions within the crypto community as Ledger navigates its growth amidst an environment of increasing security threats and evolving user expectations. As Ledger prepares to raise funds in the upcoming year, whether through a private round or a U.S. listing, it remains to be seen how these developments will impact its role in the broader cryptocurrency landscape.