Ledger Completes $50 Million Secondary Share Sale, Keeps IPO Options Open

Paris-based digital asset firm Ledger completed a $50 million secondary share sale in the fourth quarter of 2025, offering liquidity to an early investor while Chief Executive Officer Pascal Gauthier stated the company has no imminent plans to pursue a public offering.

The transaction, which Gauthier led, allowed an existing shareholder to sell their stake, though the company did not disclose its valuation. Gauthier told Bloomberg that his role is “to prepare the company for all eventualities,” adding that Ledger “can stay private forever, or could also be a public company,” depending on market conditions.

The secondary sale follows earlier reports that Ledger had explored a potential U.S. IPO that could value the company at more than $4 billion.

Transaction Details and Company Valuation

Secondary Sale Structure

The $50 million secondary share sale closed in the fourth quarter of 2025 and involved an early investor selling their stake. Gauthier declined to disclose the firm’s valuation following the transaction. Secondary transactions have become more common as higher interest rates have curbed traditional deal-making and many companies have chosen to stay private for longer.

Prior Fundraising and Valuation

Ledger last raised primary capital in 2023, securing €100 million at a valuation of approximately €1.3 billion (about $1.5 billion at the time). The Financial Times reported earlier in 2026 that Ledger had tapped bankers for a potential U.S. IPO that could value the company at more than $4 billion, though plans have not been finalized.

Strategic Positioning and Product Expansion

Beyond Hardware: Software Focus

Ledger has been expanding beyond its core hardware business over the past six months. The company rolled out an upgraded version of its app-based wallet, Ledger Wallet (formerly Ledger Live), which now accounts for more than 50% of Ledger’s revenues. The app offers users the ability to buy, sell, swap, and spend crypto, with integrated portfolio analytics and a redesigned “Earn” section that surfaces yield opportunities.

Business Goals

Gauthier stated that the goal is to double the app’s business in 2026, reflecting the company’s push to capture more ongoing user activity through its software rather than relying primarily on hardware sales.

U.S. Expansion and Executive Hires

New York Office

Ledger has been expanding its presence in the United States, opening an office in New York to strengthen ties with banks, asset managers, and other institutional clients.

CFO Appointment

The company hired John Andrews, a former executive at Circle Internet Financial, as Chief Financial Officer. Ledger stated that Andrews will help the company take advantage of growing demand from traditional financial firms looking to expand efforts in digital assets.

Frequently Asked Questions

What was the size and purpose of Ledger’s secondary share sale?

Ledger completed a $50 million secondary share sale in the fourth quarter of 2025, allowing an early investor to sell their stake and providing liquidity while the company kept its long-term plans flexible. The transaction was led by CEO Pascal Gauthier.

Is Ledger planning to go public?

Ledger has not committed to a near-term public listing. CEO Pascal Gauthier stated that the company is preparing for all eventualities and could remain private or pursue an IPO depending on market conditions. Earlier reports indicated Ledger had explored a U.S. IPO that could value the company at more than $4 billion.

What recent product developments has Ledger made?

Ledger has rolled out an upgraded version of its Ledger Wallet app (formerly Ledger Live), which now accounts for more than half of the company’s revenues. The app includes in-app trading, portfolio analytics, and yield opportunities, reflecting a strategic shift toward capturing ongoing user activity beyond hardware wallet sales.