Ledger Eyes U.S. Capital Markets as Wallet Demand Rockets

In a move that signals both confidence in crypto infrastructure and a bet on ongoing institutionalisation, the hardware‑wallet maker Ledger is reportedly preparing to raise fresh capital — and is seriously considering a listing in New York. This comes as the company enjoys record demand for its non‑custodial wallets and a major security incident backdrop that underscores the urgency of self‑custody.

Strong Financials and Growing Custody Role

Ledger has reportedly achieved triple‑digit million‑dollar revenue in 2025, with the company securing around $100 billion in Bitcoin for its customers worldwide. These figures mark its strongest year to date and reflect a shift in crypto user behavior: more people are moving toward devices that provide direct control of private keys rather than relying on custodial services.

Of particular note is the increasing volume of stolen crypto — the first half of 2025 alone saw thefts of at least $2.17 billion, surpassing all of 2024’s hacking total. This surge in breaches appears to be boosting demand for cold‑storage wallets like Ledger’s.

Why a New York Listing?

According to the company’s CEO Pascal Gauthier, the U.S. — specifically New York — is where “money is” for crypto infrastructure today, a point he believes is far less true in Europe right now.

A New York listing would bring several strategic advantages. First, it would provide access to deeper liquidity and a broader investor base, especially among institutional capital pools. Second, it would offer a visibility boost in the U.S., which remains the largest and one of the most competitive markets for crypto‑related companies. Third, there is the potential for valuation uplifts from public market re‑rating of crypto‑security infrastructure firms.

However, it also brings increased regulatory scrutiny, disclosure obligations, and market risks. Ledger appears to be weighing these trade‑offs as it considers both a public listing and alternative private fundraising next year.

Strategic Implications for Crypto Custody

The Ledger move offers a window into broader shifts in crypto custodial business models and infrastructure priorities.

Custody is no longer niche. What was once a niche product for tech‑savvy self‑custody users is now being adopted at scale. When companies can report managing tens of billions in assets, self‑custody hardware and software become integral pieces of the crypto ecosystem rather than fringe tools.

Security incidents increasingly benefit infrastructure players. As hacks, thefts, and even physical‑security incidents escalate, companies that offer trusted protection of private keys — both hardware and software — stand to benefit. Ledger’s mention of securing approximately $100 billion in Bitcoin is in part a reaction to this dynamic.

Infrastructure players are also shifting geographically. By turning toward U.S. markets through a possible New York listing, Ledger reflects a broader trend: crypto‑native infrastructure firms are looking to bridge historically fragmented global markets and access the deep capital pools in the U.S. This may indicate that such firms increasingly prefer to align with U.S. market standards to unlock growth and funding.

What Investors and Market Participants Should Watch

If you’re tracking the evolution of crypto infrastructure, several factors should be on your radar.

First, the fundraising size and eventual valuation Ledger secures will serve as a benchmark for other crypto‑security and infrastructure firms exploring funding rounds.

Second, the company’s decision between a public listing and a private raise will speak volumes about its risk appetite and market-readiness. A listing in New York would set a precedent for public market confidence, while a private round might suggest a more cautious or confidential approach.

Third, regulatory signaling will be crucial. The U.S. regulatory environment remains fluid. If Ledger manages to list successfully, it would imply a certain tolerance from regulators toward crypto infrastructure firms — a signal that could influence capital allocation across the sector.

Fourth, ongoing growth in adoption of hardware wallets and self‑custody tools will validate whether the trend is sustainable. If demand for these devices continues to rise in response to security threats, it strengthens the thesis that self‑custody is entering the mainstream.

Lastly, competitive dynamics must be watched. Companies like Trezor and Tangem are also active in this space. How Ledger differentiates itself, especially across retail and institutional segments, will determine its long-term positioning.

Risk‑Considerations

Despite its strong fundamentals and market momentum, Ledger faces several risks. Market sentiment toward crypto equities is notoriously volatile. A public listing would expose the company to cycles of investor confidence, media scrutiny, and regulatory pressure.

Competition is intensifying. Not only do hardware rivals continue to improve their offerings, but software and hybrid custody solutions are becoming more sophisticated. Moreover, while self‑custody offers users greater control, it also increases the potential for user error — a critical concern that could limit broader adoption.

Conclusion

Ledger’s ambivalence between raising private capital and listing publicly in New York signals both maturation and turbulence in the crypto infrastructure space. The fact that a hardware‑wallet maker can cite roughly $100 billion in assets secured is a landmark moment: self‑custody is no longer fringe; it’s central. Watching how this funding and listing decision unfolds will provide early cues on how crypto infrastructure firms evolve in the next wave of institutional adoption.