Ledger Discloses $50M Sale as IPO Path Stays Flexible

TLDR

• Ledger completed a $50 million secondary share sale in the fourth quarter of last year.
• An existing investor sold shares, and the company did not raise new capital from the transaction.
• CEO Pascal Gauthier led the deal and said Ledger is preparing for all eventualities.
• Gauthier stated that the company could remain private or pursue a public offering based on market conditions.
• Earlier reports indicated that Ledger explored a potential U.S. IPO at a valuation above $4 billion.

Ledger disclosed a $50 million secondary share sale completed in the fourth quarter of last year. The company confirmed that an existing investor sold shares to provide liquidity. However, CEO Pascal Gauthier said Ledger will keep its public listing options open.

The company structured the deal as a secondary transaction rather than a primary capital raise. As a result, Ledger did not issue new shares or raise fresh funds. Instead, an early investor sold their stake, according to a Bloomberg report. A company spokesperson confirmed the details to The Block.

Gauthier led the transaction and coordinated with the selling shareholder. He told Bloomberg, “My job is to prepare the company for all eventualities.” He added that Ledger could remain private or pursue a public offering depending on market conditions.

Ledger completes $50 million secondary sale in Q4

Ledger executed the $50 million secondary sale during the fourth quarter. The transaction allowed one early investor to exit without affecting the company’s capital structure. The company confirmed that it did not receive proceeds from the share sale.

Bloomberg reported that Gauthier led the deal with the existing shareholder. A Ledger spokesperson later confirmed the transaction details publicly. However, the company did not disclose the identity of the selling investor.

Earlier reports stated that Ledger explored a potential U.S. IPO. Those reports suggested a valuation above $4 billion if the company proceeds. Still, Ledger has not finalized any listing plans.

Ledger last raised primary capital in 2023. That funding round valued the company at about $1.5 billion. The company has not announced a new primary funding round since then.

Ledger expands U.S. presence and product suite

Ledger has increased its focus on the United States in recent months. The company opened a new office in New York to support institutional outreach. It also appointed former Circle executive John Andrews as chief financial officer.

The company stated that the New York office will strengthen ties with banks and asset managers. It also aims to build relationships with other institutional clients. The CFO appointment supports this expansion strategy.

Over the past six months, Ledger has expanded beyond its hardware base. The company launched a next-generation Nano device for retail users. It also rebranded Ledger Live as the Ledger Wallet app.

The updated Ledger Wallet now includes in-app trading features. It also offers portfolio analytics and a redesigned “Earn” section. The company said the Earn section surfaces yield opportunities within the app.

Ledger continues to develop enterprise-focused security tools. These products target institutional clients seeking custody and infrastructure services. The company confirmed these initiatives as part of its broader expansion strategy.

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