The hardware wallet industry’s most profitable player finds itself at a crossroads that would make even seasoned venture capitalists pause—Ledger, the French company that has quietly amassed an empire protecting more than 20% of the world’s crypto assets, is contemplating a US IPO that its own CEO describes as “make or break.”
With 8 million devices sold and a business model that generates half its revenue from software services rather than the €79-€399 hardware units most associate with the brand, Ledger has achieved something of a rarity in the crypto space: sustained profitability since 2014.
Ledger’s hybrid hardware-software model has delivered sustained profitability—a remarkable feat in crypto’s graveyard of cash-burning ventures.
The timing couldn’t be more theatrical. As Trump’s election victory triggers what industry pundits breathlessly herald as an imminent “crypto IPO boom,” Ledger faces the delicious irony of potentially missing the party by overthinking the invitation.
Circle and eToro have already filed their paperwork, positioning themselves as early beneficiaries of anticipated regulatory relaxation, while Ledger contemplates whether to commit to what amounts to an all-or-nothing bet on American capital markets.
This strategic paralysis—or perhaps prudent deliberation—comes as the company eyes expansion beyond cryptocurrency into the sprawling cybersecurity sector, harboring ambitions that border on the audacious: becoming a $100 billion enterprise. The appointment of Tony Fadell, former Apple executive, to lead product design signals the company’s serious intent to compete at the highest levels of consumer technology.
Such aspirations require the kind of capital infusion that only major public markets can provide, yet Ledger’s leadership appears acutely aware that timing an IPO poorly could derail a decade of methodical growth. The company’s journey from startup to unicorn status with a $1.3 billion valuation demonstrates the market’s confidence in its business model and growth trajectory.
The company’s refusal to disclose revenue figures adds an intriguing opacity to its public positioning, though sustained profitability in an industry littered with cash-burning startups speaks volumes about operational discipline.
The diversification into software services—facilitating crypto transactions beyond mere storage—demonstrates strategic foresight that distinguishes Ledger from hardware-dependent competitors. This evolution positions the company to capitalize on the growing DeFi ecosystem, where users increasingly demand seamless integration between hardware security and decentralized financial applications.
Market conditions appear increasingly favorable for crypto IPOs, with NYSE and Nasdaq preparing for an influx of digital asset companies throughout 2025.
Yet Ledger’s three-year timeline suggests either supreme confidence in maintaining advantageous market conditions or recognition that hasty public offerings rarely end well.
The company’s next move will likely determine whether it capitalizes on crypto’s mainstream acceptance or watches competitors claim the spoils of perfect timing.
