Ledger announced that it has completed a secondary share sale worth $50 million in Q4 2025, aimed at providing liquidity for an existing investor without issuing new shares. The transaction was led by CEO Pascal Gauthier, allowing early shareholders to partially exit their investment without altering the company’s capital structure.
The company asserts that it has no commitment to an IPO in the short term, while remaining flexible between continuing private operations or going public depending on market conditions. Previously, Ledger had considered a listing in the U.S. with a valuation above $4 billion, compared to $1.5 billion during its funding round in 2023.
This move reflects a trend among late-stage crypto companies prioritizing “strategic options,” ensuring liquidity for investors while waiting for favorable market conditions to go public. At the same time, Ledger continues to expand into software and services to diversify its revenue sources.
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