The French crypto wallet manufacturer Ledger is reportedly preparing for a potential New York Stock Exchange (NYSE) listing, according to a report by the Financial Times. The move comes as the company’s revenue reaches hundreds of millions of dollars, driven by a surge in demand for secure self-custody solutions amid a global wave of crypto exchange hacks.
From Paris to Wall Street
Founded in 2014, Ledger has become one of the world’s most trusted names in hardware wallets, with its flagship devices — the Ledger Nano X and Ledger Stax — used by millions of cryptocurrency holders worldwide. The company is now said to be exploring a U.S. public listing, a major step that could position it alongside other crypto infrastructure giants on the global stage.
According to the FT, Ledger’s executives believe that the U.S. market offers greater investor appetite and liquidity opportunities for crypto-related firms, especially as institutional adoption continues to grow.
Security Concerns Fuel Demand
The timing of this move is far from coincidental. 2025 has seen a sharp rise in cyberattacks targeting crypto exchanges, DeFi protocols, and even centralized platforms. With billions of dollars lost to breaches and phishing campaigns, more investors are turning to self-custody — the core of Ledger’s business model.
The company’s revenue boom reflects this trend. As trust in centralized platforms wavers, hardware wallets are once again seen as a safe haven for long-term crypto holders.
Regulatory and Market Challenges
However, a U.S. listing would also expose Ledger to regulatory scrutiny, especially from the Securities and Exchange Commission (SEC), which remains cautious about crypto-related securities. Navigating these challenges will be crucial if Ledger aims to maintain its reputation for privacy and security while entering the highly regulated American market.
A Symbol of Maturity for Crypto Custody
If successful, Ledger’s potential IPO could mark a milestone for the self-custody industry, signaling that the sector has evolved from a niche security solution to a mainstream financial product. It would also send a powerful message: security and transparency are no longer optional in the digital asset economy.