Surge in Hacks Boosts Ledger's Revenue Amid Security Concerns

French cryptocurrency hardware wallet provider Ledger is eyeing a listing in New York as its revenue surges into the triple-digit millions. This growth is attributed to a dramatic increase in cyberattacks targeting digital assets.

CEO Pascal Gauthier told the Financial Times that Ledger is experiencing its best year yet, with both individuals and companies rushing to secure their assets amid ongoing security concerns. The report states that hackers stole $2.2 billion worth of digital assets in the first half of 2025 alone, exceeding the total thefts recorded for all of 2024.

Approximately 23% of these attacks were directed at individual wallets, according to Chainalysis. Gauthier emphasized the escalating nature of these attacks, stating, 'We're being hacked more and more every day,' and warned that the situation is unlikely to improve in the coming years.

Ledger currently secures around $100 billion worth of Bitcoin for its customers and anticipates further revenue boosts during seasonal shopping spikes, particularly around Black Friday and Christmas. Ledger is preparing to raise funds next year, either through a private round or via a US listing, as the company expands its New York workforce.

Gauthier pointed out that investment in crypto is currently concentrated in New York, while Europe lags behind. While Ledger remains a dominant player in the cold storage wallet market, it faces competition from Trezor and Tangem.

The company was valued at $1.5 billion in 2023 with backing from firms like 10T Holdings and True Global Ventures. Recently, Ledger launched a new multisignature interface, which has sparked backlash from parts of the crypto community.

Although many users praised the technical advancements, the new fee structure, including a flat fee of $10 per transaction and a 0.05% variable fee for token transfers, has drawn criticism. Some developers claim that Ledger is diverging from its Cypherpunk roots, accusing the company of transforming its app into a centralized revenue-generating platform.

This situation illustrates the ongoing challenges and chaos within the cryptocurrency market, especially regarding security and user trust.