Ledger disclosed that it completed a $50 million secondary share sale in the fourth quarter of last year, offering liquidity to an early investor while keeping its long-term plans flexible.

The transaction, led by CEO Pascal Gauthier, involved an existing shareholder selling their stake, according to a Bloomberg report, with the details confirmed to The Block by a Ledger spokesperson.

Gauthier also indicated the company is not committing to a near-term public listing.

"My job is to prepare the company for all eventualities," he told Bloomberg, adding that Ledger could remain private or pursue a public offering depending on market conditions.

The disclosure follows earlier reporting that Ledger has explored a potential U.S. IPO that could value the company at more than $4 billion, though plans have not been finalized. Ledger last raised primary capital in 2023 at a roughly $1.5 billion valuation.

The secondary comes as Ledger expands its presence in the U.S. and buffs up its business beyond hardware.

Last week, the company named former Circle executive John Andrews as chief financial officer and opened a New York office to strengthen ties with banks, asset managers, and other institutional clients.

Over the past six months, Ledger has also been expanding beyond its core hardware business, rolling out a next-generation Nano device, a rebranded Ledger Wallet app (formerly Ledger Live), and new enterprise-focused security tools.

The latest version of Ledger Wallet adds in-app trading, portfolio analytics, and a redesigned "Earn" section that surfaces yield opportunities, as the company looks to drive more activity inside its ecosystem.