Ledger, a leading hardware wallet manufacturer, is reportedly preparing for a significant US initial public offering (IPO), with a potential valuation surpassing $4 billion. While this move underscores surging investor confidence in the crypto infrastructure sector, it has also reignited intense scrutiny from the crypto community regarding the company’s past security incidents and recent changes to its monetization strategy.
Ledger's Ambitious IPO Plans and Market Significance
The Paris-based firm, known for its offline crypto storage solutions, is reportedly collaborating with major investment banks for a New York listing that could materialize as early as this year. This projected $4 billion valuation marks a substantial increase from its $1.5 billion valuation in 2023, signaling a robust investor appetite for digital asset infrastructure companies. Ledger has capitalized on the growing demand for self-custody tools, a trend fueled by expanding crypto adoption and a series of high-profile security breaches across the broader sector. The planned US listing also reflects a strategic shift, with executives increasingly recognizing New York as a critical hub for liquidity and institutional demand in the digital asset space.
Renewed Scrutiny Over Security and Monetization
Despite its commercial growth, Ledger's IPO ambitions have brought its security track record under the microscope. The company has faced renewed criticism over past data breaches, most notably a 2020 incident that leaked customer contact details, subsequently linked to phishing attacks and targeted thefts. Although Ledger confirmed no private keys were compromised, the incident remains a sensitive point for a company whose core value proposition is security and trust. Additionally, reported hardware issues, such as battery complaints, have led critics to question the operational reliability of certain Ledger devices. Adding to the scrutiny are Ledger's recent adjustments to its revenue model, including plans to introduce fees for "clear signing" features designed to enhance transaction clarity for users. While positioned as a safety improvement, critics argue that the timing of these monetization changes, just ahead of a potential IPO, raises questions about value extraction from its existing customer base. As Ledger moves towards a public listing, both its growth prospects and its historical commitment to security and transparency will be critical factors for public market investors.
