Ledn vs APX Lending
Side-by-side comparison of rates, custody models, and loan terms.
Rate data verified June 9, 2026 · Updated weekly
Ledn and APX Lending side by side
| Ledn | APX Lending | |
|---|---|---|
| APR (min) | 9.25% | 9.99% |
| APR (max) | 11.49% | 11.49% |
| Max LTV | 50% | 60% |
| Min loan | — | — |
| Max loan | No stated max | No stated max |
| Custody model | qualified custodian | qualified custodian |
| Rehypothecation | No | No |
| Funding speed | — | — |
| States | — | — |
Key differences
On posted APR, Ledn starts lower (9.25% vs 9.99%); whether that's the better deal depends on loan size and origination fees, both folded into the effective APR figures in our table above. APX Lending offers a higher maximum LTV (60% vs 50%), which means more buying power per BTC pledged but a narrower buffer before liquidation if Bitcoin's price falls.
About each lender
Ledn
Operating since 2018, the longest track record among lenders in this comparison. Collateral is held by third-party qualified custodians (BitGo, Anchorage, Fidelity Digital Assets) and is not rehypothecated. All-in APR is tiered by loan size from 11.49% down to 9.25%, with no separate US origination fee. Maximum LTV 50%. Investment-grade BBB- ABS issuance March 2026. Ledn reports $10B+ originated including institutional ($2.8B+ retail) with no customer losses across three market cycles.
Full Ledn review →APX Lending
Regulated crypto-backed lender serving US and Canadian borrowers, with no credit checks and no origination or management fees. Collateral (BTC, ETH) is held in segregated, insured cold storage with BitGo Trust. US loans start at 25,000 dollars with tiered APRs.
Full APX Lending review →Compare all 15 lenders
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borrowonbitcoin.com is a comparison publisher, not a lender or financial advisor. Data verified weekly. Full disclosures.