TheTechno Optimist.

Ledger signers (Nano, Flex, Stax) & Ledger WalletLedger—Ledger and Kraken parent Payward let investors hold tokenized stocks offline on Ledger devicesLedger signers (Nano, Flex, Stax) & Ledger WalletLedger—Ledger confirms a hidden hardware implant in a drained wallet bought from Southeast Asian reseller CryptoBilis; losses estimated up to $93MLedger—Ledger hires Goldman Sachs, Barclays and Jefferies for a possible US IPO valued above $4BLedger signers (Nano, Flex, Stax) & Ledger WalletLedger—Ledger launches Nano Gen5 with E Ink touchscreen and renames Ledger Live as Ledger Wallet

Ledger

Hardware crypto wallets, Ledger Wallet app

FR$1.5B privateest. 2014ledger.com (opens ledger.com)Checked 11 Oct

The brief

Analyst view
  • Record 2025 revenue; banks hired in Jan 2026 for a US listing above $4B, but the IPO was paused in May 2026.
  • Oct 2026: tampered devices sold by one Southeast Asian reseller, CryptoBilis, were tied to wallet drains estimated at $72M to $93M.
  • Sep 2026 deal with Kraken's parent Payward lets tokenized stocks be held and signed for on Ledger devices.

Technical approach

As reported
Secure chip

Keys born and kept inside a secure element

Private keys are generated in a tamper-resistant chip (EAL6+ certified) and never leave it; the phone or PC only sees signed transactions.

Own OS

BOLOS operating system

Ledger writes its own operating system for the chip, which keeps each coin's app separate so a flaw in one cannot read another's keys.

Clear signing

Show what you sign on a trusted screen

The device decodes a transaction and shows the real amount and recipient on its own screen, so malware on the computer cannot fake it.

Red team

Donjon in-house attack lab

A team of white-hat hackers attacks Ledger's own and rivals' hardware, looking for flaws before criminals do.

Primer