Time for a final report on the hardware wallet trends in Vietnam in 2025 – covering both our quarterly review as well as a look at the complete annual performance and popularity of the various wallet manufacturers active in the Vietnamese market.
For the last quarter of 2025, once again Ledger managed to maintain a comfortable lead as the hardware wallet of choice for the majority of users in Vietnam.
The recent introduction of their flagship model, Ledger Stax, certainly helped to bolster these numbers further – successfully capturing the higher end of the market, where users are willing to spend more for added convenience and usability. In particular, the large E-Ink touchscreen of the Ledger Stax has resonated well with users who value a more intuitive and friction-reduced interaction when managing their digital assets.
One of the more surprising developments in the last quarter was the surge of Bitcoin-only hardware wallet manufacturer Coinkite with its flagship product, Coldcard.
Not only does this mark a record market share for the rough-edged North Americans, it also represents an all-time high for Bitcoin-only devices in the Vietnamese market overall.
While Blockstream – with its Jade Bitcoin-only hardware wallet line – had a comparatively weak quarter, the strong demand for Coinkite devices more than made up for it – resulting in Bitcoin-only devices accounting for roughly a quarter of the market this quarter.
While we remain skeptical that this represents a lasting shift in trend, it may point toward an emerging phenomenon:
The potential end of “retail crypto” as we know it – with many native “Crypto OGs” becoming exhausted (mentally or financially), while TradFi, with its convenient, custodial offerings and wide distribution networks, increasingly takes over the so-called “retail market” which is largely focused on making a quick buck.
At the same time, the more serious and dedicated Bitcoin holders remain steadfast, continuing to strengthen and build out their security setups to ensure their holdings stay where they belong – under their own control.
A possible K-shaped economic dynamic is becoming visible here as well: the middle ground is disappearing.
Those primarily chasing “fast money” can now get their dopamine hits without the friction of owning a crypto wallet – or bearing the additional costs that come with it – while those who take it seriously increasingly move onto a Bitcoin-only path, focusing on securing their holdings in the most robust way possible.
Overall, 2025 remained a year in which Ledger confidently maintained its lead as the most popular hardware wallet in Vietnam by a wide margin. That said, alternative multi-coin wallet solutions from European OG manufacturer Trezor clearly remain on the horizon, while Coinkite – despite its highly specialized, niche product – conquered a market share of over 10% on its own.
The year 2026 will see further additions in terms of optionality coming to our online shop – ensuring that you will always have access to a wide range of best-in-class solutions, suitable both for a reliable “daily driver” and for long-term, multi-vendor multisig setups designed to protect life-changing amounts of wealth that demand a higher level of security.
