Ledger CEO Pascal Gauthier has drawn a line in the sand regarding his company’s eventual public offering, declaring that the crypto hardware wallet maker will eschew European and UK exchanges entirely in favor of a US listing—a decision that reflects both the stark realities of global IPO markets and perhaps a touch of continental resignation.
Continental Europe’s tech IPO ambitions meet cold reality as another promising company abandons home markets for Wall Street’s deeper pockets.
Gauthier’s reasoning cuts straight to the jugular of modern capital markets: the US remains the singular venue where tech IPOs of meaningful scale can actually achieve proper liquidity. While Europe and the UK continue their quixotic attempts at tech market relevance, Ledger’s CEO (armed with battle-tested experience from shepherding Criteo’s successful NASDAQ debut) demonstrates invigorating pragmatism over patriotic sentiment.
The numbers certainly support this transatlantic pivot. With 30-40% of revenues already flowing from American customers—many of whom apparently assume Ledger is US-based anyway—the company enjoys a fortuitous case of mistaken corporate identity that smooths its path to Wall Street. This geographic revenue concentration, combined with brand perception advantages, creates what investment bankers euphemistically term “natural market synergies.”
Despite achieving profitability (a quaint concept in today’s growth-at-all-costs environment), Ledger continues contemplating additional capital raises. The company has already secured approximately $575 million across multiple funding rounds, including a hefty $380 million Series B in June 2021 and a more recent $109 million Series C in March 2023. Founded in 2014, the company has remarkably maintained its profitability since inception while expanding its hardware wallet empire. Ledger’s market dominance is further underscored by having sold over 6 million devices globally to individuals, businesses, and governments worldwide. The company’s strategic positioning aligns well with the growing institutional adoption of crypto assets, particularly as concepts like digital bullion gain traction among sovereign wealth funds and government treasury operations.
This war chest supports an ambitious expansion beyond crypto enthusiasts into mainstream markets, bolstered by the 2023 launch of Ledger Enterprise targeting institutional custody services.
The strategic calculus appears sound: why settle for European exchanges’ limited liquidity pools when NASDAQ beckons with its deeper pockets and crypto-friendly investor base? Gauthier frames the IPO as “possible” rather than imminent—wise positioning given market volatility and the company’s comfortable financial position.
With backing from Samsung Ventures, 10T Holdings, and Digital Currency Group among 65 institutional investors, Ledger enjoys the luxury of timing its public debut strategically rather than desperately. The company’s enterprise pivot and institutional custody offerings suggest preparation for public market scrutiny, though whether US investors will embrace another crypto hardware play remains deliciously uncertain.
