Ledger is considering a U.S. IPO in 2026, CEO: Capital hotspots have shifted to the U.S.

After achieving record sales this year, French cold wallet manufacturer Ledger's CEO Pascal Gauthier revealed that the company is preparing to launch a new round of fundraising, which may lead to an IPO in New York ( or another round of private sale. Gauthier admitted that the global investment funds in the encryption industry are now mostly concentrated in the United States, therefore the company is actively expanding its team in the U.S. to prepare for the next phase of fundraising.

Cold Wallet sales have surged, driving fundraising momentum.

Founded in 2014, Ledger focuses on “Cold Wallets” that can store cryptocurrencies offline, experiencing a rapid increase in sales due to the recent surge in hacker attacks and the resurgence of the cryptocurrency market.

During an interview, CEO Gauthier stated that the company's revenue reached hundreds of millions of dollars by 2025, marking this year as a record-breaking one. This growth momentum has also prompted the company to restart its fundraising plans related to going public.

Expected fundraising in 2026, both IPO and private sale are under consideration.

Gauthier stated that Ledger plans to launch a new round of fundraising in 2026, which may involve an IPO in New York or could opt for private sale financing. He pointed out that the company is still observing market conditions and has not yet decided on a final direction. The main purpose of the 2026 fundraising is to respond to the surge in global demand for Cold Wallet products, while also expanding research and development and sales scale to support the company's continued growth.

Ledger's last fundraising was in 2023, when the company's valuation reached 1.5 billion USD, with investors including 10T Holdings from the United States and True Global Ventures from Singapore.

The CEO stated that all funds are in New York and decided to expand the team to the United States.

Gauthier admitted that the company's future fundraising focus will be on the US market. He stated:

“I now spend more time in New York because the funding is now in New York, not in Europe and not in other parts of the world.”

Currently, Ledger is expanding its workforce in New York in preparation for a potential IPO in the future.

Funds are flowing to the United States, with North American cryptocurrency trading volume accounting for a quarter of the global total.

In the past year, global capital has clearly shifted towards the United States. According to a report by Chainalysis, the total cryptocurrency trading volume in North America is expected to reach 2.3 trillion dollars between 2024 and 2025, accounting for about one-quarter of the global market, making the United States a hot market.

Hedge funds and institutional investors are accelerating their entry, making New York a major fundraising center.

The rise in fraud risk has sparked an explosion in the Cold Wallet market.

On the other hand, encryption fraud and hacking attacks are frequent. According to a report by Chainalysis, the amount of stolen funds in the first half of 2025 reached 2.17 billion USD, surpassing the total theft amount for the entire year of 2024, with personal wallets accounting for 23% of the attacks.

The Singapore police also pointed out that investment fraud has increased by more than 10% annually. With heightened security awareness, Cold Wallets have become the preferred choice for self-protection, driving sales of Cold Wallet brands such as ) Ledger, Trezor, and Tangem ( to new highs. Overall, global funds are flowing into the United States, the risk of fraud is rising, and this simultaneously boosts the demand for Cold Wallets and the heat in the encryption security market.

This article discusses Ledger's consideration of a 2026 IPO in the United States, with the CEO stating that the capital hotspot has shifted to the U.S. It first appeared in Chain News ABMedia.