The Bitcoin market is experiencing intense volatility. After reaching a record high of $126,000 in October 2025, the Bitcoin price plunged to $59,800 in early February 2026, marking a drop of more than 48%.
In stark contrast, French hardware wallet manufacturer Ledger is preparing to go public on the New York Stock Exchange, targeting a valuation of over $4 billion. Even during an industry downturn, the company continues to receive backing from top investment banks such as Goldman Sachs and JPMorgan.
A Market of Extremes
The cryptocurrency market is currently experiencing a sharp divide. On one side, digital asset prices are falling across the board; on the other, industry infrastructure valuations keep climbing.
In the early hours of February 6, 2026, Bitcoin’s price dropped more than 12% from the previous day, hitting a low of $60,062. Compared to its all-time high of $126,000 in October 2025, that’s a decline of more than 48%. U.S. financial media have called this "the worst day for crypto since the 2022 crash."
The wild price swings have triggered a surge in liquidations. Between February 5 and 6 alone, Bitcoin long positions saw forced liquidations totaling $1.096 billion, with over 570,000 traders affected.
Yet, during this same period, Ledger announced plans for an IPO on the New York Stock Exchange, with a valuation exceeding $4 billion. Goldman Sachs, Jefferies, and Barclays are jointly underwriting the listing.
Business Model
Ledger’s success centers on its unique "pick-and-shovel" business model—rather than joining the crypto gold rush as a miner, it provides the essential tools.
Founded in France in 2014, Ledger primarily sells hardware wallets that help users store their crypto private keys offline. Its entry-level Ledger Nano S retails for $79, and over 7 million units have been sold in the past decade.
The beauty of the hardware wallet business is its weak correlation with price swings. In bull markets, newcomers need secure storage for their newly acquired assets. In bear markets, long-time users become even more protective of what remains, still needing reliable storage solutions.
"No matter if Bitcoin is at $100,000 or $30,000, as long as you own crypto, you need a safe place to store it." This demand doesn’t disappear with market volatility.
Growth Drivers
Ledger’s rising valuation is grounded in real business expansion and diversified revenue streams, not just market hype.
In 2025, Ledger posted record revenues in the "hundreds of millions" of dollars, a significant increase from more than $70 million in 2024.
The company’s revenue structure is undergoing a major shift—from relying solely on hardware sales to building a more sustainable service model. Its product line has expanded from a single hardware wallet to include:
- Entry-level Nano S Plus ($79)
- Mid-range Nano X with Bluetooth ($149)
- High-end Stax with E Ink touchscreen ($279)
The Ledger Live software ecosystem allows users to buy, trade, and stake crypto directly, with Ledger taking a cut from each transaction. In addition, its Ledger Enterprise service for institutions now manages billions of dollars in assets for over 100 clients.
The Security Paradox
Ledger’s history is marked by security-related controversies, which ironically highlight the real value of hardware wallets.
In January 2025, Ledger co-founder David Balland was kidnapped in the small town of Vierzon, France. The kidnappers severed one of his fingers and demanded a $10 million Bitcoin ransom.
Ironically, the kidnappers found Balland because of a 2020 Ledger data breach that exposed customer names, addresses, and phone numbers on the dark web. As a company founder, Balland’s information was among the leaked data.
This incident exposes a crucial reality: kidnappers couldn’t steal assets directly from the blockchain, since the private keys were stored offline. Without an internet connection, theft was impossible. They had to resort to the most primitive method—kidnapping and forcing the victim to transfer assets in person.
Industry Maturation
Ledger’s IPO plans are not an isolated event, but rather a sign of the crypto industry’s growing maturity, as more infrastructure companies enter public markets.
In 2025, crypto companies raised a total of $34 billion through IPOs. Stablecoin issuer Circle raised over $10 billion, and trading platform Bullish also secured more than $10 billion.
In January 2026, custody provider BitGo debuted on the NYSE, surging 24.6% on its first day and reaching a market cap of $26 billion. Kraken, the second-largest U.S. crypto exchange, is targeting a first-half listing at a $20 billion valuation.
These companies share a key trait: "survivors of multiple cycles, with real revenues, auditable financials, and compliant operations." This is the hallmark of a maturing industry.
Future Challenges
Despite a promising outlook, Ledger faces challenges from market competition, regulatory pressures, and its own security track record.
Ledger’s main competition now comes from tech giants—Samsung and Apple have integrated crypto wallet functionality into their devices, potentially commoditizing basic storage features.
The company’s own security record is not spotless: the 2020 customer data breach, a supply chain attack in 2023, and a third-party payment processor leak in early 2026 have all challenged its security-centric brand image.
Regulatory uncertainty also looms. As a French company, Ledger must comply with the EU’s MiCA (Markets in Crypto-Assets) regulations. Listing on the NYSE will trigger U.S. securities law requirements, subjecting the company to a dual regulatory framework that will test its compliance capabilities.
Conclusion
As Bitcoin’s price continues to fluctuate on the Gate platform on February 10, 2026, hardware wallet maker Ledger’s $4 billion valuation blueprint is unfolding on Wall Street.
The rise of this French company traces the crypto industry’s journey from the fringes to the mainstream: from a geek’s toy to a consumer electronics staple, from single-product hardware sales to a diversified service ecosystem, and from privacy controversies to a public listing. In a crypto world where price swings are the norm, anxiety over asset security has forged the most resilient business model.
The need for security always outlasts speculative frenzy. When the market euphoria fades, it’s the "pick-and-shovel" providers—the ones building the industry’s foundations—who ultimately emerge as the true winners through every cycle.
