Ledger Eyes New York IPO as Hardware Wallet Demand Surges

French cryptocurrency hardware wallet manufacturer Ledger is reportedly exploring an Initial Public Offering (IPO) in New York or a new fundraising round, signaling growing confidence in the sector's monetization potential, especially as demand for self-custody solutions rises due to increased digital asset theft.

The timing aligns with a renewed momentum in the hardware wallet sector, driven by security concerns and regulatory shifts, with crypto theft surpassing $2.17 billion in the first half of 2025. Ledger's potential listing contrasts with Coinbase's 2021 debut, as it aims to capitalize on sustained institutional adoption, noting that hardware wallet penetration remains below 15%.

Investors will scrutinize Ledger's recurring revenue streams beyond hardware sales, noting the company secures $100 billion in Bitcoin. Efforts to introduce transaction-based fees have faced community resistance over centralization concerns. The choice of a New York IPO over European exchanges reflects a strategy to access the deep liquidity and institutional capital concentrated in US markets, despite the complexity of navigating SEC disclosure requirements.

(Source：BeInCrypto)