Ledger
Acquisitions
3
Major Deals Covered
$66M
Disclosed Deal Value
Ledger's largest disclosed acquisition here is Coincover Cryptocurrency Backup Integration for $30M in 2023. This page covers 3 major deals from 2015 to 2023, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Coincover Cryptocurrency Backup Integration | 2023 | $30.0M | Acquired and integrated encrypted seed phrase sharding technology from digital asset protection provider Coincover. |
| EviToken Smartcard Operating System IP | 2015 | $12.0M | Acquired specialized smartcard chip operating system intellectual property from French security firm Chronocoin. |
| Ledger Vault Institutional Custodial Systems | 2018 | $24.0M | Acquired multi-authorization hardware security module (HSM) software designed for hedge funds, banks, and family offices. |
2023
$30M
Acquired and integrated encrypted seed phrase sharding technology from digital asset protection provider Coincover.
Enabled the launch of Ledger Recover, an optional service that splits a user's private recovery phrase into three encrypted shards stored by independent custodians.
Provided mainstream consumers with a safety net against losing seed phrases while maintaining self-custody principles.
2018
$24M
Acquired multi-authorization hardware security module (HSM) software designed for hedge funds, banks, and family offices.
Allowed enterprise financial institutions to manage multi-signature digital asset custody with complex rule-based authorization policies.
Expanded Ledger's business from consumer hardware wallets into institutional enterprise custody and insurance.
2015
$12M
Acquired specialized smartcard chip operating system intellectual property from French security firm Chronocoin.
Formed the technological foundation for BOLOS (Blockchain Open Ledger Operating System), running inside a secure element chip.
Allowed Ledger to isolate private keys within hardware-grade secure chips (CC EAL5+), launching the Ledger Nano S.
Ledger is widening its market in two directions. For consumers it is lowering the price of touchscreen security: the Nano Gen5 at $179 brings the Stax-style Clear Signing experience to the Nano line, and the Ledger Wallet rebrand pitches the app as a full self-custody finance hub. For institutions it opened a New York office in March 2026, hiring dozens of Enterprise and marketing staff, to sell to banks, asset managers and stablecoin issuers. Ledger says it secures more than 30% of dollar stablecoins held by retail investors.
Ledger makes money in three ways. Hardware: it sells signers such as the Nano S Plus, Nano X, Nano Gen5 ($179), Flex and Stax directly on ledger.com and through retailers like Amazon and Best Buy. Services: the free Ledger Wallet app (renamed from Ledger Live in late 2025) routes buy, sell, swap and staking activity to partners such as MoonPay and Lido, and Ledger earns a share of those fees; it also offers the optional Ledger Recover backup subscription. Enterprise: Ledger Enterprise sells multisig governance and trading tools (Ledger Enterprise Multisig and Tradelink) to banks, asset managers, custodians and stablecoin issuers. Ledger is private and does not publish revenue.
Ledger has not announced major acquisitions. Its best-known corporate deal is Komainu, the institutional custodian it co-founded in 2018 with Nomura and CoinShares.
In 2018, Ledger partnered with Japanese investment bank Nomura Holdings and digital asset manager CoinShares to create Komainu, an institutional-grade, regulated digital asset custody custodian for institutional investors.
No. Ledger remains an independent private company. A $50 million secondary sale in Q4 2025 changed some shareholders but not control.
Ledger designs its own hardware around third-party certified Secure Element chips and manufactures in Vierzon, France.
In 2023, Ledger partnered with UK-regulated digital asset protection specialist Coincover to provide encrypted key shard recovery services for the 'Ledger Recover' product, backed by third-party insurance guarantees.
Through the Ledger Live Developer Portal, Ledger enables Web3 protocols (such as Lido, 1inch, ParaSwap, and Uniswap) to integrate their dApps natively into Ledger Live, generating transaction fee revenue without requiring acquisitions.
No, Ledger focuses on internal R&D and scaling its proprietary factory in Vierzon, France, collaborating with industrial design icons like Tony Fadell rather than acquiring legacy consumer electronics firms.
Ledger evaluates potential acquisition targets based on advanced cryptographic capabilities (Zero-Knowledge proofs, Multi-Party Computation), digital identity authentication software, and AI-driven smart contract security analysis.
Ledger executes highly targeted, deeply technical acquisitions. To expand their massive B2B offering (Ledger Enterprise), they frequently acquire niche cybersecurity startups and blockchain infrastructure teams. They do not buy consumer apps; they strictly acquire elite engineering talent that can fortify their absolute core mission of impenetrable cryptographic security.
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