Ledger has disclosed a $50 million secondary share sale completed in the fourth quarter, providing liquidity to an early investor without issuing new shares. The transaction, led by CEO Pascal Gauthier, involved an existing stakeholder selling part of their holdings rather than the company raising fresh capital.
The move comes several years after Ledger’s last primary fundraising round in 2023, when it was valued at approximately $1.5 billion. More recently, reports have suggested the firm could target a valuation exceeding $4 billion in a potential public listing.
Despite speculation about an initial public offering, Ledger has not committed to a specific timeline. Gauthier emphasized that the company is preparing for multiple outcomes, including remaining private or pursuing an IPO, depending on market conditions.
This flexible approach reflects ongoing uncertainty in both crypto and equity markets, where timing can significantly impact valuations and investor demand.
Ledger has been actively evolving its business model beyond its core hardware wallet products. The company recently introduced updated devices and rebranded its software platform into the Ledger Wallet app, aiming to increase user engagement within its ecosystem.
New features include in-app trading, portfolio analytics, and an “Earn” section designed to highlight yield opportunities. These additions suggest a strategic shift toward recurring user activity rather than relying solely on hardware sales.
As part of its expansion, Ledger has also been building its presence in the United States. The company opened a New York office and appointed a new chief financial officer with experience from Circle.
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