Ledger’s $108M Series C Extension Strengthens Crypto Custody Amid Downturn

Ledger, a France‑based crypto hardware wallet maker, had raised an initial Series C of $380 million in June 2021 at a $1.4 billion valuation. After the FTX collapse in late 2022, venture funding for crypto startups dried up, with Q1 2023 seeing less than $1 billion invested across only 174 deals.

Despite the unfavorable environment, Ledger’s leadership decided to extend its Series C round, adding $108 million at the same valuation. The round drew existing investors such as Molten Ventures and 10T, plus new backers including True Global Ventures and Digital Finance Group, underscoring confidence in Ledger’s custody technology.

Secured $108 million Series C extension, raising total funds to $468 million and expanding custody to over 20% of global crypto and 30% of NFTs.

Investors believed Ledger’s market position—securing over 20% of global crypto and 30% of NFTs—provided a durable competitive advantage.

The extension allowed Ledger to accelerate product development and expand its secure consumer device offerings without diluting existing shareholders.

Maintaining the prior valuation signaled confidence that the company’s fundamentals remained strong despite macro‑crypto headwinds.

Even in a downturn, credible investors will back a clear mission and proven technology if terms reflect prior valuations.

Following the extension, Ledger reported raising a total of $468 million in venture capital. The firm continued to grow its custody share, reinforcing its role as a leading infrastructure provider for digital assets and blockchain‑enabled technology.