Group 1: IPO Plans and Valuation - Ledger, a French crypto hardware wallet provider, is planning an initial public offering (IPO) in the United States, aiming to capitalize on a favorable regulatory environment for digital asset companies [1] - The potential IPO could value Ledger at more than $4 billion, a significant increase from its $1.5 billion valuation in 2023 [2][3] - The IPO could take place as early as this year, although plans remain subject to change [3] Group 2: Revenue Growth and Market Trends - Ledger has experienced strong revenue growth, with revenues reaching triple-digit millions as of November 2025, driven by an increase in crypto hacks prompting more investors to seek hardware wallets [5] - Estimates from Chainalysis indicate that crypto scams and fraudulent activities may have resulted in over $17 billion in losses in 2025, highlighting the growing demand for security solutions in the crypto space [5] Group 3: Security Concerns and Criticism - The announcement of the IPO has drawn criticism from crypto investigator ZachXBT, who raised concerns about Ledger's past security incidents and product issues [6] - Ledger has faced multiple breaches, resulting in the exposure of customer data and targeted thefts, which raises questions about the company's security practices [7][8]