When crypto hardware wallet maker Ledger announces its intention to pursue a US-based IPO within three years—describing the American listing as “non-negotiable”—one might wonder whether this represents strategic positioning or simply an acknowledgment of market realities.
The French company’s ultimatum carries particular weight given its commanding market position: 8 million products sold globally, protecting over 20% of the world’s crypto assets through hardware wallets priced between €79 and €399. More intriguingly, half of Ledger’s revenues now derive from software services that enable crypto transactions, suggesting the company has evolved beyond mere hardware manufacturing into a more complex ecosystem play.
Ledger’s fundraising trajectory reads like a crypto boom case study—$575 million across six rounds, culminating in a $380 million Series C in June 2021 (timing that retrospectively appears rather fortuitous). The March 2023 follow-up of $109 million valued the company at $1.4 billion, backed by an eclectic mix of 65 institutional investors including Samsung, Digital Currency Group, and Morgan Creek Capital Management.
A $575 million fundraising journey spanning six rounds, with 65 institutional backers including Samsung and Digital Currency Group.
The enterprise angle adds another dimension to Ledger’s narrative. The 2023 launch of Ledger Enterprise targets business clients seeking secure crypto custody services, diversifying beyond retail consumers while capitalizing on institutional crypto adoption. This dual-market approach underpins management’s profitability claims—though conspicuously absent revenue figures leave observers to speculate about actual financial performance. The company has maintained consistent profitability since its 2014 founding, distinguishing it from many crypto ventures that prioritize growth over financial discipline.
CEO Pascal Gauthier’s long-term vision extends far beyond crypto hardware: a $100 billion company expanding into broader cybersecurity markets. Whether this represents visionary thinking or Silicon Valley-style hyperbole remains to be seen, though the timing appears opportune given the widening IPO window for crypto companies. The company’s Ledger Live App enables users to trade over 5000 tokens while integrating with DeFi applications, showcasing the platform’s comprehensive ecosystem approach. This strategic expansion aligns with the crypto industry’s broader shift toward sustainable expansion driven by engaged communities and evolved marketing strategies rather than pure hype-driven growth.
Ledger finds itself among distinguished company preparing for public markets—Circle, Gemini, Kraken, and BitGo all eyeing 2025-2026 listings. The convergence suggests either genuine market maturation or collective delusion about public appetite for crypto exposure.
The “non-negotiable” US listing stance reflects practical considerations: American capital markets offer superior liquidity and valuations for technology companies, particularly those harboring hundred-billion-dollar ambitions. For Ledger, the ultimatum may simply acknowledge that certain dreams require specific venues to materialize.
