Ledger Eyes New York IPO or Fund Raise: Report

What to know:

• Ledger, a French company known for cryptocurrency hardware wallets, is considering an IPO in New York or a private financing round next year, according to Financial Times.
• CEO Pascal Gauthier emphasized New York's importance for crypto financing, citing increased hacking incidents as a driver for secure custody solutions.

Crypto hardware wallet company Ledger is reportedly planning to go public with an initial public offering (IPO) in New York or, alternatively, raise funds through a private financing round next year, according to the Financial Times.

Ledger’s CEO, Pascal Gauthier, disclosed this information to the Financial Times, adding that he is spending more time in New York because “money is in New York today for crypto; it’s nowhere else in the world, certainly not in Europe.”

The fundraising plans follow record revenues of triple-digit millions this year, driven by surging demand for secure custody solutions amid a sharp rise in crypto thefts.

“We’re being hacked more and more every day . . . hacking of your bank accounts, of your crypto, and it’s not going to get better next year and the year after that, Gauthier told FT.

Ledger currently manages clients' bitcoin worth approximately $100 billion and was last valued at $1.5 billion in 2023 during a funding round that included names like 10T Holdings and Singapore's True Global Ventures.

The company currently manages custody of approximately $100 billion worth of bitcoin for its clients and was last valued at $1.5 billion in 2023, following a funding round that included investors such as 10T Holdings and Singapore’s True Global Ventures.