Ledger isexploring a public listing in New York or a private financing round in 2026 ascrypto investors rush to secure their holdings amid a surge in digital assetthefts.Crypto Theft EpidemicFuels Ledger's IPO AmbitionsThe Frenchcompany, which manufactures USB-style devices that store cryptocurrenciesoffline, reported revenues in the triple-digit millions for 2025, its strongestperformance since launching in 2014. Chief executive Pascal Gauthier said thefirm currently safeguards roughly $100 billion worth of Bitcoin (BTC) acrossits customer base.Cryptothefts reached $2.2 billion in the first six months of 2025, alreadyexceeding the total for all of 2024, according to blockchain analytics firmChainalysis. Individual wallet holders accounted for roughly 23% of theseattacks, a category that Chainalysis described as growing."We'rebeing hacked more and more every day ... hacking of your bank accounts, of yourcrypto, and it's not going to get better next year and the year afterthat," Gauthier told the Financial Times.If the initial public offering materializes, Ledgerwould join this year’s wave of crypto firms entering public markets, followingsimilar moves by lenderFigure and the Gemini cryptocurrency exchange. The digital asset tradingplatform Bullishalso recently began trading on Wall Street.Revenue Jumps BeforeHoliday Shopping SeasonLedger's growthaccelerated ahead of its typical sales peaks during Black Friday and theholiday period. Gauthier attributed the increase to what he called arealization among users that cybersecurity threats are intensifying.Thecompany's devices compete with offerings from Trezor, based in the CzechRepublic, and Switzerland's Tangem in the so-called cold storage market. Thesewallets allow token holders to keep their assets offline rather than storingthem on exchanges like Coinbase or Binance.Trezor has introduced its latest Safe7 device during an October event in Prague. The model features a 2.5-inchcolor touchscreen that is 62 percent larger than the previous version, ananodized aluminum body, and full wireless functionality, including Bluetooth5.1 and Qi2 magnetic charging.North Korean HackersTarget Exchanges and IndividualsExchangeplatform Bybit lostapproximately $1.5 billion worth of tokens to North Korean hackers inFebruary, the largest heist on record. The FBI attributed the theft to actorsit tracks as "TraderTraitor," noting that stolen assets were quicklyconverted to Bitcoin and spread across thousands of blockchain addresses.Crypto-relatedkidnappings have also increased as prices climb. Ledger's own co-founder andhis wife were abducted in France earlier this year when criminals demanded aransom paid in cryptocurrency. French authorities later arrested the suspectsand froze the funds.Chainalysiswarned that higher token valuations will likely trigger additional physicalattacks targeting known holders.New York Focus ReflectsCapital ConcentrationGauthiersaid Ledger plans to expand its New York headcount and is spending more time inthe city because "money is in New York today for crypto, it's nowhere elsein the world, it's certainly not in Europe".The companyraised money from investors including 10T Holdings and Singapore-based TrueGlobal Ventures in2023, when it was valued at $1.5 billion. Whether Ledger pursues an IPO orprivate fundraising will depend on market conditions and investor appetite forcrypto-related listings.Hardwarewallet adoption among cryptocurrency holders remains below 15%, suggesting roomfor market expansion as digital asset ownership becomes more mainstream.However, Ledger faces questions about revenue sustainability beyond one-timedevice sales, with some recent fee-based features drawing criticism from usersconcerned about centralization.This article was written by Damian Chmiel at www.financemagnates.com.