While most European tech companies hedge their bets with dual listings or flee entirely from American exchanges, Ledger CEO Pascal Gauthier has doubled down on a decidedly contrarian strategy: an exclusively US-based IPO within three years, rejecting any continental alternatives with the kind of conviction typically reserved for hardware wallet evangelists.
This commitment stems from Gauthier’s confidence that America’s regulatory environment will eventually embrace crypto businesses—a belief that would make even the most optimistic venture capitalist pause. The company’s positioning appears strategically sound: with 8 million hardware wallets sold (securing over 20% of global crypto assets) and sustained profitability since inception, Ledger has weathered crypto’s notorious volatility cycles while many competitors hemorrhaged capital.
The financial architecture supporting this audacious timeline looks remarkably robust. Ledger has accumulated $575 million across six funding rounds, including a massive $380 million raise in June 2021 when crypto euphoria peaked. Their diversified revenue model—spanning hardware sales (€79-€399 price range) and software services comprising roughly half their income—provides the kind of balanced foundation that makes CFOs sleep soundly.
Yet timing remains everything in public markets, particularly for crypto-adjacent companies traversing regulatory uncertainty. Ledger’s IPO ambitions coincide with Circle’s successful NYSE debut and Kraken’s early 2026 preparations, suggesting either prescient market timing or collective delusion among crypto executives. The company has strengthened its product development capabilities by recruiting Tony Fadell, the former Apple executive renowned for his hardware design expertise.
The company’s recent enterprise pivot, launched in 2023 with corporate custody solutions and governance integration tools, represents a calculated hedge against retail crypto market volatility. Their comprehensive device portfolio includes Bluetooth-enabled options that enhance user experience across different market segments. The intersection of digital assets and traditional financial markets continues to evolve as cryptocurrency companies like Ledger reshape investment landscapes.
The strategic expansion beyond pure cryptocurrency applications—transforming Ledger into what Gauthier envisions as a “very, very large enterprise”—reveals sophisticated thinking about market positioning. By leveraging their security expertise for broader cybersecurity applications, they’re fundamentally future-proofing against crypto’s inherent unpredictability.
Whether this US-only approach represents strategic brilliance or European hubris remains unclear. The company’s institutional backing (65 investors including Samsung and Digital Currency Group) suggests sophisticated capital believes in the vision.
However, rejecting geographic diversification in public markets—particularly when regulatory clarity remains elusive—transforms Gauthier’s IPO strategy into an expensive experiment in American exceptionalism.
