Ledger's 2026 IPO: A Strategic Bet on Crypto Security Amid Escalating Hacks

The cryptocurrency landscape in 2025 is defined by two paradoxical forces: explosive adoption of digital assets and a parallel surge in security threats. As blockchain networks scale, so too do the incentives for malicious actors. With $2.2 billion in crypto thefts reported in the first half of 2025 alone, CoinLaw notes, the demand for robust security solutions has reached a tipping point. At the forefront of this shift is Ledger, the Paris-based hardware wallet pioneer, which reported triple-digit million-dollar revenue in 2025-a leap from $70.9 million in 2024, QuantumRun reports. Now, whispers of a New York IPO in 2026 suggest the company is positioning itself to capitalize on a market that increasingly values offline storage as a non-negotiable layer of protection.

The Financial Case: From Niche to Mainstream

Ledger's revenue trajectory underscores its transition from a niche player to a critical infrastructure provider in the crypto ecosystem. In 2023, the company generated $36.7 million, a figure that more than doubled to $70.9 million in 2024, QuantumRun reports. This year-over-year growth accelerated in 2025, with triple-digit million-dollar earnings, driven by heightened awareness of security risks following high-profile hacks. The math is simple: as crypto thefts rise, so does the willingness of users-from retail investors to institutional players-to pay a premium for air-gapped storage solutions.

This dynamic is further amplified by Ledger's product diversification. Beyond its flagship hardware wallets, the company has expanded into enterprise-grade security services, catering to Web3 startups and decentralized finance (DeFi) platforms. Such vertical integration not only broadens its revenue streams but also creates a moat against competitors like Trezor and BitBox.

Market Drivers: A Perfect Storm of Fear and Innovation

The catalyst for Ledger's growth is not merely fear of theft but a structural shift in how digital assets are managed. Centralized exchanges, once the default for storage, now face regulatory scrutiny and operational risks. Meanwhile, software wallets remain vulnerable to phishing and malware. Ledger's cold storage devices-physical devices that store keys offline-offer a tangible solution to these vulnerabilities.

Data from blockchain analytics firm Chainalysis indicates that over 60% of institutional crypto holdings are now stored in cold wallets, CoinLaw notes, a trend that directly benefits Ledger. The company's 2025 financials reflect this: gross margins expanded significantly, mirroring the operational efficiency gains seen by companies like Sonos Inc, Yahoo Finance reports, which leveraged cost-cutting to offset broader market declines.

Strategic Shifts: New York as the New Frontier

While Ledger's Paris headquarters remains a hub for R&D, its strategic pivot to New York markets signals an aggressive IPO playbook. The move aligns with broader trends in crypto regulation, where U.S. compliance frameworks are becoming a de facto standard for global players. By establishing a presence in New York, Ledger gains proximity to Wall Street investors and regulatory bodies, both critical for a successful public offering.

This shift also reflects a broader industry realignment. As Exact Sciences demonstrated with its $3.23 billion revenue forecast, TradingView, companies that adapt to regional regulatory environments often unlock valuation multiples that reflect their market leadership. For Ledger, an IPO in New York would not only provide capital for expansion but also validate its role as a cornerstone of crypto infrastructure.

Investment Considerations: Risks and Rewards

No investment thesis is complete without addressing risks. Ledger operates in a highly competitive space, where open-source alternatives and DIY security solutions pose long-term threats. Additionally, the company's reliance on hardware sales exposes it to supply chain disruptions-a vulnerability highlighted during the 2022-2023 chip shortage.

However, these risks are mitigated by Ledger's first-mover advantage and its ability to innovate. The appointment of Colleen DeCourcy as Chief Marketing Officer at Sonos, Yahoo Finance reports-a move that revitalized the company's brand-suggests that Ledger could similarly leverage executive hires to strengthen its market position. Furthermore, the company's focus on enterprise clients diversifies its revenue base, reducing dependence on retail volatility.

Conclusion: A Hedge Against the Unhackable Future

As the crypto industry matures, security will no longer be an afterthought-it will be a foundational requirement. Ledger's 2026 IPO represents more than a fundraising event; it is a statement of intent in a market where trust is the ultimate currency. With $2.2 billion in thefts fueling demand, CoinLaw notes, and a financial model that demonstrates resilience, the company is well-positioned to capture a disproportionate share of the cold storage boom. For investors seeking exposure to the crypto security sector, Ledger offers a compelling case: a proven business model, a clear market need, and a strategic vision that aligns with the industry's next phase of growth.