Ledger CEO Gauthier has planted his flag firmly in American soil, declaring an unequivocal “US-only” stance for the hardware wallet manufacturer’s anticipated initial public offering—a strategic decision that sidesteps the fragmented regulatory landscapes of Europe and Asia in favor of what the company perceives as the more hospitable waters of American capital markets.
Ledger’s CEO stakes everything on American markets, bypassing regulatory chaos elsewhere for Wall Street’s crypto-friendly embrace.
The timing appears deliberate, coinciding with 2025’s emerging status as crypto’s IPO renaissance year. Circle and eToro are already queuing up their respective offerings, while a remarkably crypto-friendly political climate has transformed NYSE and Nasdaq from cautious observers into welcoming venues.
Ledger’s three-year timeline positions the company to ride this wave rather than create it—a pragmatic approach that acknowledges market momentum over pioneering ambition.
With 8 million hardware wallets sold globally (priced between €79 and €399) and protection of roughly 20% of the world’s crypto assets, Ledger’s market penetration speaks to genuine consumer adoption rather than speculative fervor. The company’s impressive track record includes backing from 65 institutional investors across multiple funding rounds, demonstrating sustained confidence from sophisticated capital sources.
More intriguingly, half the company’s revenue derives from software services—buying and swapping functionalities that transform static hardware into dynamic revenue generators. This hybrid model suggests sustainable monetization beyond one-time device sales. The crypto market’s evolution from speculation to tangible utility aligns perfectly with Ledger’s diversified revenue approach.
The company’s profitability since 2014 provides a revitalizing counterpoint to the growth-at-all-costs narrative that has dominated tech IPOs. Such financial discipline, while admirable, raises questions about whether public markets will reward steady profitability or demand explosive expansion trajectories.
Gauthier’s $100 billion valuation ambition relies heavily on expansion beyond cryptocurrency into broader cybersecurity markets—a pivot that could either validate Ledger’s hardware expertise across digital threat vectors or dilute its crypto-native brand equity. The company’s strategic recruitment of Tony Fadell, former Apple executive, signals serious intent to elevate product design capabilities for this broader market transition.
The diversification strategy acknowledges crypto’s inherent volatility while betting on cybersecurity’s secular growth trends.
The US-only approach eliminates the complexity of multi-jurisdictional listings but concentrates regulatory risk within American frameworks. Given crypto’s regulatory uncertainty, this represents either confident optimism about continued US crypto adoption or calculated surrender to American market dominance.
Either way, Ledger’s IPO stance reflects broader industry maturation—companies choosing strategic focus over geographic diversification as public market readiness supersedes revolutionary rhetoric.
