This Ledger company profile covers the company's valuation, revenue, funding rounds, investors and history. Ledger works in crypto, with a focus on hardware wallets and security. It was founded in 2014 and is headquartered in Paris, France. Its latest valuation on record is US$1.5 billion (last private round) (2023). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
| Metric | Value | As of | Source |
|---|---|---|---|
| Reported IPO plans | Preparing a New York listing at a valuation above US$4 billion, with Goldman Sachs, Jefferies and Barclays, according to the Financial Times | January 2026 | CoinDesk |
| Devices sold | More than 7 million | January 2026 | Crowdfund Insider |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| 2023 | Equity round | See source | US$1.5B | See source | CoinDesk |
Ledger timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2014 — Ledger is founded in Paris by Eric Larchevêque, Thomas France, Nicolas Bacca, Joel Pobeda and others.
- 2023 — Equity round: See source, valuing the company at US$1.5B.
- January 2026 — Reported IPO plans: Preparing a New York listing at a valuation above US$4 billion, with Goldman Sachs, Jefferies and Barclays, according to the Financial Times.
- January 2026 — Devices sold: More than 7 million.
Investors
Overview
Ledger makes hardware wallets: small devices that store the private keys controlling cryptocurrency, so they never touch an internet-connected computer. When a user wants to send crypto, they confirm the transaction on the device itself. That protects funds from hackers and malware far better than keeping crypto on an exchange or in software wallets. Ledger also makes Ledger Live (now Ledger Wallet), an app for managing assets, and sells security services to businesses and institutions.
Ledger was founded in Paris in 2014 by a group of entrepreneurs and security engineers including Eric Larchevêque, Thomas France, Nicolas Bacca and Joel Pobeda. Pascal Gauthier has been CEO since 2019. The company manufactures devices in France and has offices in Paris, Vierzon, New York and elsewhere. It says it has sold more than 7 million devices worldwide.
Products
- Nano S Plus and Nano X: compact USB and Bluetooth hardware wallets.
- Stax and Flex: devices with E Ink touchscreens that make transactions easier to read and confirm.
- Ledger Wallet app: software for managing, buying, swapping and staking assets with a hardware device.
- Enterprise: custody and security solutions for companies, funds and banks holding digital assets.
Business model
Ledger earns most of its revenue from selling devices, which cost from roughly the price of a nice dinner to a few hundred dollars. It also earns commissions when users buy, sell or swap crypto through partner services integrated into its app, plus enterprise service fees. Device sales are strongly linked to crypto market cycles: when prices rise and new people enter the market, or when exchanges fail and users want to secure their own assets, sales surge. CEO Pascal Gauthier said 2025 was the company's best year, with revenue in the triple-digit millions of dollars. We show revenue as not disclosed because no exact figure has been published.
Funding and IPO plans
Ledger raised money from investors including 10T Holdings, True Global Ventures, Cathay Innovation, Samsung, Draper Esprit and Tekne Capital. Its last private round, in 2023, valued it at about US$1.5 billion. In January 2026, the Financial Times reported that Ledger was preparing a New York Stock Exchange IPO at a valuation of more than US$4 billion, working with Goldman Sachs, Jefferies and Barclays. We haven't seen a public filing, and plans could change with market conditions.
Security events
As a security company, Ledger's reputation is its most important asset, and it has faced challenges. In 2020, a breach of its e-commerce database exposed customers' names, addresses and phone numbers, which led to phishing attempts and threats against users; the devices and crypto funds were not compromised. In 2023, a feature called Ledger Recover, an optional service to back up recovery phrases with third parties, drew criticism from users who felt it contradicted the principle that keys never leave the device. Ledger defended the feature as optional and later released its code. A separate 2023 incident involved malicious code inserted into a software library it maintained, which was quickly fixed. These episodes show how high expectations are in crypto security.
Competition
Ledger competes with other hardware wallet makers such as Trezor, Coldcard and Tangem, with mobile and browser software wallets, and with exchanges' custody services, including those of Coinbase and Kraken. For institutions, it competes with custody specialists such as Fireblocks, Anchorage Digital and BitGo. Its advantages are brand recognition, a large installed base and support for thousands of tokens.
Ledger at a glance
Ledger is a Paris crypto hardware wallet company founded in 2014, led by CEO Pascal Gauthier. It has sold more than 7 million devices and said 2025 was its best year, with revenue in the hundreds of millions of dollars. Its last private valuation was about US$1.5 billion in 2023, and reports in 2026 said it was preparing a New York IPO at more than US$4 billion.
"Not your keys, not your coins"
This crypto saying captures why hardware wallets exist. When people hold crypto on an exchange, the exchange controls the keys, and if it fails or is hacked, customers can lose their funds, as happened with FTX in 2022 and many earlier exchanges. Holding your own keys removes that risk but adds responsibility: if you lose your device and recovery phrase, nobody can restore your funds. Hardware wallets make self-custody safer and more practical, and demand tends to spike after high-profile exchange failures.
Buying a hardware wallet safely
- Buy directly from the manufacturer or an authorised reseller, never second-hand.
- Write down the recovery phrase and store it securely offline; never type it into a website or share it.
- Be wary of emails or messages claiming to be from your wallet provider asking for your phrase.
- Check that the wallet supports the assets and networks you use.
Institutions and the next phase
As banks, asset managers and companies begin holding digital assets, including through spot bitcoin and ether funds in the US and new stablecoin products, they need secure custody. Ledger's enterprise business targets this market with hardware security modules and governance tools that let institutions control who can approve transactions. Growth here would make Ledger less dependent on retail device sales and on crypto price swings, which matters for how public market investors would value it after an IPO. Institutional revenue tends to be steadier and recurring, with multi-year contracts and service fees.
Upcoming milestones
Watch for an IPO filing, crypto market conditions that drive device sales, growth in enterprise services and new security products.
Perspectives
Crypto holders can reduce exchange risk with hardware wallets but must protect their recovery phrase. Founders in security can learn from how trust is built and tested. Investors should remember that Ledger's revenue follows crypto cycles closely. Our guide to investing in pre-IPO companies explains how private shares are valued before a listing.
Latest developments (October 2026)
The Financial Times reported in January 2026 that Ledger had hired Goldman Sachs, Jefferies and Barclays for a possible New York IPO at a valuation above US$4 billion, according to The Block. In March it appointed Ian Taylor, formerly chief financial officer of Circle, as CFO and opened a New York office, according to Crypto.jobs. No listing had taken place by October 2026; its last private valuation was about US$1.5 billion in 2023.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Ledger do?
Ledger is a crypto / hardware wallets and security company headquartered in Paris, France. It was founded in 2014.
What is Ledger's valuation?
Ledger was valued at US$1.5 billion (last private round) as of 2023, according to CoinDesk. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Ledger make?
Ledger is a private company and has not publicly disclosed its revenue. Figures on third-party sites are usually modelled estimates rather than numbers reported by the company.
What was Ledger's latest funding round?
The most recent financing we have verified is a equity round in 2023: See source, at a valuation of US$1.5B. Source: CoinDesk.
Who are Ledger's investors?
Investors named in public announcements include 10T Holdings, True Global Ventures, Cathay Innovation, Samsung, Draper Esprit and Tekne Capital.
Who founded Ledger?
Ledger was founded in 2014 by Eric Larchevêque, Thomas France, Nicolas Bacca, Joel Pobeda and others.
Is Ledger a public company?
No. Ledger is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Ledger headquartered?
Ledger is headquartered in Paris, France.