Ledger Raises $50M in Secondary Sale, Expands U.S. Push as CEO Keeps IPO Options Open

Ledger’s $50M secondary sale signals strategic flexibility as wallet app growth drives revenue shift beyond hardware.

Ledger has announced the completion of a $50 million secondary share sale in the fourth quarter, giving an early investor a path to liquidity. According to CEO Pascal Gauthier, the company used the transaction to keep long-term options open. Gauthier added that Ledger could stay private or pursue a public offering depending on market conditions.

Gauthier Signals Strategic Flexibility After Secondary Stake Sale

The deal was led by Gauthier and involved an existing shareholder selling their stake, the report said. When asked in a Bloomberg interview, the CEO declined to disclose the firm’s valuation. “My job is to prepare the company for all eventualities,” he told Bloomberg, framing the sale as part of broader planning.

Founded in 2014, Ledger makes hardware “wallets” that help crypto holders store digital assets offline. It has grown into one of Europe’s most recognized crypto firms. The secondary sale arrives after earlier reporting that Ledger considered a potential U.S. IPO, which could value the company at more than $4 billion, though no final plans have been confirmed.

Ledger last raised primary capital in 2023 at about a $1.5 billion valuation, putting the company on track for fresh market scrutiny. Now, the secondary transaction also reflects the company’s shift away from hardware toward more revenue-driven services.

Ledger Bets on Wallet App Growth as It Pushes Toward Doubling Revenue

In recent moves, Ledger expanded its U.S. footprint and added institutional leadership. Last week, it named former Circle executive John Andrews as chief financial officer and opened a New York office aimed at strengthening ties with banks and asset managers.

Product momentum is also building. Over the past six months, Ledger rolled out a next-generation Nano device and started rolling out an upgraded Ledger Wallet app. The update adds in-app trading, portfolio analytics, and a redesigned “Earn” section that surfaces yield opportunities.

Gauthier said the app accounts for more than 50% of Ledger’s revenue, with a goal to double its business this year.

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