Ledger has staked its public market ambitions exclusively on American soil, with CEO Pascal Gauthier declaring the hardware wallet giant will pursue a US IPO within three years or forgo going public altogether—a binary bet that reflects both the allure of American capital markets and the company’s confidence in maneuvering an increasingly crowded field of crypto firms eyeing 2025 as their moment to tap public investors.
This all-or-nothing approach abandons previous considerations of European exchanges like Euronext, suggesting management believes the premium commanded by US listings justifies the additional regulatory complexity and competitive scrutiny.
With 8 million hardware wallets sold globally (priced between €79 and €399) and software services comprising half its revenue stream, Ledger controls over 20% of the world’s crypto asset security—a market position that should theoretically translate into investor appetite, assuming American markets remain receptive to crypto exposure. Hardware wallets and cold storage solutions remain essential for protecting private keys from security breaches and unauthorized access.
Ledger’s 8 million wallet sales and 20% market dominance position it favorably for US investor appetite, pending sustained crypto receptivity.
The timing coincides with a notable wave of crypto IPOs, including Circle’s successful NYSE debut, alongside anticipated public offerings from Gemini and Bullish. Ledger’s $1.4 billion valuation from 2023 positions it competitively within this cohort, though the company’s audacious long-term target of becoming a $100 billion enterprise suggests either remarkable vision or the kind of ambitious forecasting that characterizes venture-backed growth stories.
Ledger’s strategic pivot toward enterprise cybersecurity through Ledger Enterprise, launched in 2023, represents an attempt to transcend its crypto wallet origins and appeal to broader institutional investors. The company has maintained profitability since its 2014 founding, demonstrating consistent financial performance even during crypto market downturns. The company’s reputation among governments and businesses has strengthened through its sales of over 6 million devices globally, establishing trust across institutional and sovereign clients.
This diversification strategy—moving beyond hardware into extensive cybersecurity solutions—could prove essential for achieving the scale necessary to justify such lofty valuation expectations.
The company’s $575 million in total funding across six rounds, including a substantial $380 million raise in June 2021, provides the financial runway to execute this US-focused strategy.
With backing from 65 institutional investors including Samsung and Digital Currency Group, Ledger possesses the resources to weather potential market volatility while preparing for public scrutiny.
Whether this geographic exclusivity proves prescient or unnecessarily limiting depends largely on sustained American appetite for crypto investments and Ledger’s ability to demonstrate growth beyond its current hardware wallet dominance.
