Ledger
Financial Performance
Ledger Revenue & Financials
Revenue
$70.9M (FY2024, unaudited)
Employees
850
What is Ledger's revenue?
Ledger had $70.9M (unaudited) in revenue for fiscal year 2024.
- Latest revenue
- $70.9M (FY2024, unaudited)
- Years of data
- 3
- Employees
- 850
- How many employees does Ledger have?
- Ledger has about 850 employees.
Financial Analysis
Ledger is privately held and does not publish audited revenue, so any revenue figure circulating online is an estimate. Its last priced rounds were a $380 million Series C in 2021 and a ~$113 million (€100 million) extension in 2023, both at roughly $1.5 billion. Demand spikes when exchanges fail: sales jumped after FTX collapsed in November 2022. In October 2023 Ledger cut about 12% of staff. Business recovered with the 2024-2025 crypto rally, and in Q4 2025 Ledger completed a $50 million secondary share sale that gave an early investor liquidity. In January 2026 the Financial Times reported a possible US IPO at more than $4 billion, and Ledger hired Circle's John Andrews as CFO in March 2026. By May 2026 the IPO was paused because of market conditions, with no draft S-1 filed. Ledger is a globally dominant French cryptocurrency security company, sustaining a strong private market valuation of approximately $1.5 billion.
Revenue Trend Analysis
Trend
Not enough comparable years
Ledger has 3 full fiscal year figures on this page. There are not enough consecutive, comparable fiscal years to measure a trend.
Annual revenue history
| Fiscal Year | Revenue | YoY Change | Source |
|---|---|---|---|
| FY2024unaudited | $70.9M | — | Industry estimate |
| FY2023unaudited | $36.7M | — | Industry estimate |
| FY2022unaudited | $48M | — | Industry estimate (French registry / Infogreffe) |
Click any row to see year details.
Keep researching Ledger
Ledger Revenue and Financial FAQ
What is Ledger's global device sales volume and market scale?
Ledger has sold more than 8 million hardware signers and says it secures about 20% of the world's crypto assets.
What is Ledger's valuation and venture capital funding history?
Ledger's last priced rounds valued it at about $1.5 billion: a $380 million Series C in 2021 led by 10T Holdings and a ~$113 million (€100 million) extension in 2023. Investors include 10T Holdings, True Global Ventures, Molten Ventures, Cathay Innovation and DCG. In Q4 2025 it completed a $50 million secondary sale.
What are Ledger's annual revenue scale and financial performance drivers?
Ledger is private and does not publish revenue or profit. Press reports describe 2025 as a strong year, but no audited figure is available.
How did the 2022 collapse of FTX and centralized crypto platforms impact Ledger's financials?
After FTX, Celsius and BlockFi failed in 2022, demand for self-custody jumped and Ledger reported record sales days.
What are Ledger's primary operating cost components?
Ledger's primary costs include high-security chip and E Ink display procurement, automated factory manufacturing in Vierzon, continuous cryptographic R&D in the Ledger Donjon, and global marketing and supply chain logistics.
Is Ledger going public?
Not yet. In January 2026 the Financial Times reported Ledger was considering a New York IPO at more than $4 billion with Goldman Sachs advising. In May 2026 the plan was paused because of market conditions; no draft S-1 had been filed.
Who is Ledger's CFO?
John Andrews became CFO in March 2026. He previously led capital markets and investor relations at Circle.
How does Ledger manage currency risk across global operations?
Because Ledger operates in Euros (EUR) and US Dollars (USD) while selling hardware globally in local currencies, it uses automated payment gateways and foreign exchange hedging to minimize fiat and cryptocurrency price exposure.
Is Ledger a financially successful company?
Yes, they are highly successful, acting as the ultimate "pick and shovel" business during crypto gold rushes. Whenever a massive crypto exchange (like FTX) collapses, terrified users instantly flock to buy Ledger hardware wallets to secure their own funds. In 2021, driven by explosive sales, Ledger raised a massive $380 million Series C, valuing the company at over $1.5 billion.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Ledger Revenue & Financials." CorpDigest, https://corpdigest.com/company/ledger/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Ledger reported $70.9M as its latest revenue figure (2024, unaudited, not audited fiscal-year revenue).</strong><br>Source: <a href="https://corpdigest.com/company/ledger/financials" target="_blank" rel="noopener">CorpDigest — Ledger financials</a></div>Related Financial Audits
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