Ledger’s $50 M Side‑Sale: Still Playing Hard‑to‑Get with the IPO

Ledger’s head honcho, Gauthier, told Bloomberg he isn’t placing a bet on a near‑term public debut. “My job is to prepare the company for all eventualities,” he quipped, effectively leaving the door ajar for a private‑only future or a market‑timed IPO—whatever the crypto gods deem profitable.

The fresh $50 million secondary round lands amid hushed rumors of a U.S. listing that could nudge the firm’s valuation past the $4 billion mark—a number that remains speculative as no formal filing has materialised. By contrast, Ledger’s last primary raise in 2023 valued the company at roughly $1.5 billion, proving that hype can outpace spreadsheets.

The new cash dovetails neatly with Ledger’s aggressive push into the United States and a broader product play that stretches beyond its legendary hardware wallets. Last week the company hired former Circle exec John Andrews as CFO and opened a New York office, ostensibly to cozy up to banks, asset managers, and other institutional heavyweights—because nothing says “trust us” like a Manhattan address and a finance‑savvy CFO.

Over the past six months Ledger has rolled out a next‑generation Nano device, rebranded its Ledger Live app to Ledger Wallet, and launched enterprise