Hardware wallet giant Ledger has disclosed the completion of a $50 million secondary share sale in the fourth quarter of last year. The transaction provided liquidity to an early investor and was led by CEO Pascal Gauthier, involving an existing shareholder selling their stake. This move comes as the company keeps its long-term strategic options, including a potential initial public offering (IPO), open and flexible.
In an interview with Bloomberg, Gauthier emphasized his role is to "prepare the company for all eventualities," stating Ledger could remain private or pursue a public offering depending on market conditions. This disclosure follows earlier reports that Ledger has explored a potential U.S. IPO that could value the company at more than $4 billion, though no final decision has been made. The company last raised primary capital in 2023 at a valuation of roughly $1.5 billion.
Concurrently, Ledger is aggressively expanding its U.S. presence and diversifying its business beyond its core hardware offerings. Last week, the company appointed former Circle executive John Andrews as its new chief financial officer and opened a New York office to strengthen relationships with banks, asset managers, and other institutional clients.
Product development is a key focus of this expansion. Over the past six months, Ledger has launched a next-generation Nano hardware device and rebranded its Ledger Live app to "Ledger Wallet." The updated application now features in-app trading, portfolio analytics, and a redesigned 'Earn' section highlighting yield opportunities. Gauthier revealed that the wallet app now accounts for more than 50% of Ledger's revenue, and the company aims to double its overall business this year.
