While Ledger has built an impressive hardware wallet empire securing roughly 20% of the world’s crypto assets—a feat that would make Fort Knox jealous—the French company’s ambitious plans for a U.S. IPO reveal a peculiar case of geographic pickiness that borders on financial masochism.
CEO Pascal Gauthier‘s declaration that Ledger will pursue an American public offering within three years or forgo going public entirely represents either supreme confidence or spectacular stubbornness. This all-or-nothing approach seems particularly bold given that competitors like Kraken have already delayed IPO plans following crypto market carnage, while Coinbase’s valuation has suffered precipitous declines that would give seasoned CFOs nightmares.
The company’s financial foundation appears solid enough—8 million hardware wallets sold at €79 to €399 each, coupled with software services generating half their revenue through crypto transactions. Maintaining profitability since inception while weathering multiple crypto winters demonstrates admirable resilience, though one wonders if this track record immunizes them against public market volatility.
Ledger’s $575 million funding across six rounds, culminating in a $1.4 billion valuation, certainly positions them favorably for public markets. The March 2023 Series C round raising $109 million suggests investor appetite remains robust, despite broader crypto skepticism following FTX’s spectacular implosion. The company’s enterprise-level encryption capabilities have attracted backing from 65 institutional investors including Samsung and Digital Currency Group, reflecting confidence in their security-first approach. The company’s Paris headquarters reflects their commitment to growth, featuring modern amenities designed to attract top talent in an increasingly competitive tech landscape.
Yet the U.S.-or-bust strategy introduces unnecessary complications. American regulatory uncertainty around crypto companies creates additional hurdles that European exchanges might sidestep entirely. Established platforms like Kraken offer tiered fee structures starting at 0.16% for makers, demonstrating how mature crypto exchanges continue attracting users despite regulatory headwinds. Why limit optionality when expanding beyond crypto hardware into general cybersecurity—their stated diversification goal—already presents execution risks?
The timing consideration becomes particularly acute given comparable companies’ struggles. Circle and Kraken’s IPO experiences will certainly influence market reception, while Ledger’s expansion ambitions into broader cybersecurity introduce new competitive dynamics that public investors may view skeptically.
Perhaps most intriguingly, Ledger’s insistence on American markets reflects broader crypto industry dynamics—the persistent belief that U.S. validation remains paramount despite regulatory hostility. Whether this geographic absolutism proves prescient or pyrrhic depends largely on timing, market conditions, and whether American investors maintain their appetite for crypto-adjacent companies maneuvering an increasingly complex regulatory landscape.
