Preface

Ledger, a well-known French company specializing in cryptocurrency hardware wallets, is reportedly evaluating options for an initial public offering (IPO) in New York or securing funds through a private financing round. The company's intent is driven by the rising demand for secure custody solutions amidst increasing hacking incidents. The CEO, Pascal Gauthier, recognizes New York's pivotal role in crypto financing, emphasizing its significance in the current digital asset market landscape.

Lazy bag

Ledger may pursue a New York IPO or a private funding round mid-next year. Growing cyber threats heighten the need for secure crypto custody—CEO emphasizes New York's financial prominence.

Main Body

Ledger, renowned for its innovative cryptocurrency hardware wallets, is exploring a significant financial step by considering an initial public offering (IPO) in New York or opting for a private financing round in the coming year. This strategic contemplation was reported by the Financial Times, highlighting a pivotal moment for the company in its pursuit of growth and enhanced market presence.

CEO Pascal Gauthier conveyed his insights to the Financial Times, elaborating on his decision to focus on New York as a prime location for crypto financing. He remarked, “Money is in New York today for crypto; it’s nowhere else in the world, certainly not in Europe.” This sentiment underscores New York's emerging significance in the cryptocurrency financial ecosystem, offering abundant opportunities for companies like Ledger seeking substantial capital inflows.

The motivation behind Ledger's fundraising plans aligns directly with a meteoric increase in revenues, marked by triple-digit millions this year. This surge is attributed to the rising demand for secure custody solutions as the industry grapples with a significant uptick in cryptocurrency thefts. Gauthier stated, “We’re being hacked more and more every day...” emphasizing the increasingly critical need for robust and reliable security solutions.

As of the latest valuation in 2023, Ledger was estimated at a noteworthy $1.5 billion. The valuation followed a successful funding round featuring notable investors such as 10T Holdings and True Global Ventures from Singapore. Presently, Ledger administers approximately $100 billion in bitcoin for its clients, a testament to its instrumental role in the crypto custody space.

Key Insights Table