Conviction, it seems, has become a rare commodity in the modern IPO landscape—yet Ledger’s CEO has delivered an unequivocal declaration that borders on the invigoratingly dogmatic. The hardware wallet manufacturer will conduct its public offering exclusively in the United States, rejecting all other markets with the kind of absolutism typically reserved for religious doctrine or venture capital term sheets.
This geographic commitment reflects more than mere preference—it represents strategic calculation wrapped in market pragmatism. The US market offers the liquidity, ecosystem maturity, and investor sophistication that Ledger requires to achieve its rather ambitious $100 billion valuation target (a figure that makes one wonder if crypto companies have collectively lost their relationship with mathematical reality).
With the IPO planned within three years of 2025, Ledger joins a curious parade of crypto firms—Kraken, Circle, Gemini, and BitGo—all genuflecting toward American capital markets. This trend coincides with growing institutional interest in establishing strategic bitcoin reserves as governments and corporations seek to diversify their financial assets beyond traditional holdings.
The underlying fundamentals, however, suggest this isn’t entirely delusional. Ledger has sold 8 million hardware wallets priced between €79-399, generating revenues split evenly between hardware sales and software services. More tellingly, over 20% of global crypto assets rely on Ledger’s protection—a market position that transforms the company from mere hardware manufacturer into critical infrastructure provider.
The financial trajectory appears correspondingly robust. After raising approximately $575 million across six funding rounds (including a $380 million round in June 2021), Ledger maintains consistent profitability while sitting at an estimated $1.4 billion valuation. The strategic vision extends beyond hardware through key personnel additions, including Tony Fadell, the former Apple executive brought in to enhance product design capabilities. Institutional backing from Samsung, Digital Currency Group, and Morgan Creek Capital Management provides the credibility that crypto companies desperately crave.
Perhaps most intriguingly, Ledger’s expansion ambitions extend beyond cryptocurrency into broader cybersecurity markets—a diversification strategy that acknowledges crypto’s inherent volatility while positioning the company for sustained growth. The Ledger Enterprise product already targets institutional clients, suggesting management understands that billion-dollar valuations require more than retail hardware sales. The company’s innovative approach to wallet technology has enabled users to store and manage NFTs directly from their device interfaces, demonstrating Ledger’s adaptability to emerging digital asset categories.
Whether American investors will embrace a French hardware company’s cybersecurity ambitions remains an open question, but Ledger’s unwavering commitment to US markets demonstrates either remarkable strategic clarity or spectacular overconfidence—possibly both simultaneously.
