Paris-based crypto hardware wallet firm Ledger is considering a New York initial public offering (IPO) or a private fundraising initiative, according to a report from the Financial Times.

Ledger CEO Pascal Gauthier told FT that “the money is in New York today for crypto, it’s nowhere else in the world.” 

The report also notes that Ledger’s revenues had already hit “triple-digit millions of dollars” in 2025, ahead of the major holiday shopping season.

This story is an excerpt from the Unchained Daily newsletter.

The hardware wallet market is valued at around $263 million, with demand driven in part by heightened security concerns associated with leaving crypto on centralized exchanges.

Ledger currently secures about $100 billion worth of bitcoin for its customers and was valued at $1.5 billion in its 2023 funding round.