While most hardware companies struggle to articulate their path beyond niche markets, Ledger has carved out an enviable position in the cryptocurrency security space—protecting roughly 20% of the world’s digital assets through 8 million wallets sold—and now CEO Pascal Gauthier is eyeing something considerably more ambitious than incremental growth.
Ledger’s dominance in crypto security—safeguarding 20% of global digital assets—positions it for ambitious expansion beyond incremental growth.
Gauthier’s declaration that Ledger will pursue an IPO within three years comes with an unusual caveat: “It’s in the US or no IPO.” This isn’t merely geographic preference—it’s strategic calculation. The company’s wallets, priced between €79 and €399, have generated consistent profitability since inception (a rarity in today’s growth-at-all-costs environment), but Gauthier understands that maintaining a $100 billion valuation target requires access to capital markets that can actually support such ambitions.
The timing appears fortuitous. As 2025 shapes up to be a watershed year for crypto IPOs—with Circle, eToro, and others filing for US listings—Ledger benefits from riding a wave of regulatory optimism rather than fighting upstream against skeptical markets. The company’s revenue diversification, with roughly half coming from software services enabling transactions through their hardware wallets, provides the recurring revenue streams that public market investors find irresistible. The evolving fundraising landscape in 2025 demands greater discipline and strategic clarity from crypto companies, with private sales emerging as the preferred model due to their strategic advantages and lower regulatory risks.
What distinguishes Ledger’s approach is the explicit pivot beyond cryptocurrency into broader cybersecurity markets. This expansion strategy addresses a fundamental question plaguing crypto-focused companies: what happens when the novelty wears off? By positioning itself as a cybersecurity enterprise that happens to excel in crypto rather than a crypto company dabbling in security, Ledger attempts to transcend the sector’s inherent volatility. The company’s commitment to innovation is evident in their recruitment of Tony Fadell, the former Apple executive, to enhance their product design capabilities.
The pre-IPO interest in Ledger shares suggests investors recognize this differentiation. Having weathered crypto bear markets while maintaining profitability demonstrates operational resilience that many growth-stage companies lack. The company has secured substantial institutional backing with 65 institutional investors and 3 angel investors supporting its growth trajectory.
Yet the insistence on US markets reveals underlying pragmatism—European exchanges simply cannot provide the liquidity and valuation multiples necessary for Ledger’s outsized ambitions.
Whether this bold positioning translates into the $100 billion valuation Gauthier has championed for four years remains uncertain, but the strategic framework suggests a company that has moved beyond hoping for favorable market conditions to actively engineering them.
