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Ledger Completes $50 Million Secondary Share Sale, Rules Out Near-Term IPO

Ledger Completes $50 Million Secondary Share Sale, Rules Out Near-Term IPO

According to Ledger CEO Pascal Gauthier, the fourth-quarter secondary share sale involved existing investors and does not signal an immediate public listing, despite reports of a valuation target above ¥635 billion.

Fact Check
The statement accurately reflects public disclosures made by Ledger CEO Pascal Gauthier in a Bloomberg interview on March 24, 2026. Multiple sources (Bloomberg, CoinPost, The Block) confirm the $50 million secondary sale occurred in Q4 2025 to provide liquidity to existing investors. Gauthier explicitly stated that the company is not pursuing an immediate IPO, despite a reported valuation target of approximately $4 billion (¥635 billion).
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Summary

Ledger disclosed a $50 million secondary share sale in 2025 Q4 involving existing shares rather than new capital issuance. CEO Pascal Gauthier said early investors sold the stake and stated the company is not pursuing an immediate IPO. The update adds that reports suggest Ledger may be seeking a valuation above ¥635 billion, while the transaction itself was framed as a sale by existing shareholders.

Terms & Concepts
  • Secondary share sale: A transaction in which existing shareholders sell shares to other investors, rather than the company issuing new stock.
  • IPO: Initial public offering, the process of listing shares on a public stock exchange for the first time.