French cryptocurrency cold wallet maker Ledger is reportedly exploring a New York IPO or fundraising round.
While demand for personal custody solutions is growing due to the increase in digital asset thefts, the move signals growing confidence in the industry’s monetization potential.
Ledger’s IPO exploration comes at a time when the cold wallet industry is experiencing renewed momentum. Security concerns and regulatory changes are driving this growth. Industry data shows that $2.17 billion in cryptocurrencies were stolen during the first half of 2025, surpassing the 2024 total.
The timing also coincides with the recovery of the broader crypto market. It comes against a backdrop of anticipated regulatory clarity under the current U.S. administration. Unlike Coinbase’s April 2021 debut near a market peak, Ledger appears positioned differently. The company can capitalize on sustained institutional adoption rather than retail speculation.
Cold wallet penetration among cryptocurrency holders remains below 15%. This suggests significant addressable market expansion as digital asset ownership normalizes.
Hardware sales generate initial revenue for the company. However, investors will likely focus on Ledger’s recurring revenue streams and unit economics. The company manages approximately 100 billion Bitcoins for its customer base.
However, monetizing this relationship beyond one-time device purchases presents challenges. Recent moves to introduce transaction-based fees point to efforts to build subscription-like revenue. These include a controversial multisig app that charges $10 plus 0.05% per transaction. Such initiatives have faced resistance in the community due to concerns about centralization.
Comparable publicly traded crypto infrastructure companies trade at multiples of 5-8 times revenue. Hardware-focused models typically command lower ratings than software platforms. This is because of inventory risk and margin compression.
Ledger’s ability to demonstrate customer lifetime value will be crucial. Software updates, premium features, or corporate custody services could help. These factors will likely determine investor appetite and valuation ranges for any potential Ledger IPO in New York.