Ledn vs Nexo
Independent multi-custodian storage against a higher-rate line that re-lends your bitcoin.
Rates as of June 2026 · Verified weekly · By Michael Song
Ledn$100k loan, 50% LTV · Max LTV 50%
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The bottom line
Both have operated since 2018, but they handle your collateral very differently. Ledn uses three qualified custodians, does not rehypothecate, and charges no origination fee at around 9.25%. Nexo is an open revolving line that re-lends your pledged bitcoin and prices much higher (near 18.9%). Choose Ledn for lower cost and untouched, independently held collateral; choose Nexo only if a revolving line is the priority.
Conditional guidance, not a recommendation. The right pick depends on your loan size, LTV, state, and what you value most. Rates can change; the table below is the live source.
Ledn vs Nexo, side by side
| Ledn |  Nexo | |
|---|---|---|
| Effective APR$100k loan, 50% LTV, all-in | 11.49% | 18.9% |
| Starting APR | 9.25% | 18.9% |
| Origination fee | None | None |
| Max LTV | 50% | 50% |
| Custody model | Qualified custodian (BitGo, Anchorage Digital, Fidelity Digital Assets) | Lender-held |
| Rehypothecation | No | Yes |
| Margin-call cure window | No formal window | Not published |
| Funding speed | 1 day | Same day |
| Minimum loan | $1,000 | $50 |
| Maximum loan | No stated maximum | $2,000,000 |
| Loan terms | 12 months, renewable | Not published |
| Prepayment | No prepayment penalty | Not published |
| Operating since | 2018 | 2018 |
| Availability | 44 states (excludes 6) | All 50 states |
Rates and fees
On a $100,000 loan at 50% LTV, Ledn is the cheaper borrow: an all-in effective APR of about 11.49% versus 18.9% at Nexo, a gap of roughly 7.41 points before fees. Neither charges an origination fee, so the headline rate is closer to the real cost.
Custody and counterparty risk
Ledn holds collateral via qualified custodian (BitGo, Anchorage Digital, Fidelity Digital Assets), while Nexo uses lender-held. Nexo rehypothecates pledged Bitcoin (re-lends it); Ledn does not, which means less exposure if the lender runs into trouble.
Loan terms and flexibility
Ledn can run with no monthly payments, with interest deferring and capitalizing to the balance, while Nexo expects you to service interest along the way.
Leverage, limits, and speed
Minimums differ: $1,000 at Ledn versus $50 at Nexo. Funding runs 1 day at Ledn and same day at Nexo.
Track record and availability
On availability, Ledn is not available in 6 states, while Nexo covers all 50 states.
Strengths and trade-offs
Ledn
- Operating since 2018, longest track record in this comparison
- $10B+ originated including institutional ($2.8B+ retail), per Ledn
- No customer losses across three market cycles, per Ledn
- No monthly payments and no prepayment penalty; interest accrues daily and is settled at maturity
- Third-party qualified custody (BitGo, Anchorage, Fidelity Digital Assets); no rehypothecation
- No formal cure window: a 70% LTV alert and an 80% liquidation, so you must act on collateral alerts (auto-top-up can manage this automatically)
- Deferred interest accrues to maturity; rolling it into a refinance capitalizes it into principal and pushes your LTV toward liquidation. Refinancing is free under current policy, which Ledn says may change.
Nexo
- Relaunched in the US in February 2026 via Bakkt after a 2022 exit
- Global credit line: 1.9% to 18.9% APR, 50% LTV on BTC, $50 to $2M, no origination or monthly fees
- Liquidation is partial: Nexo repays part of the credit line from a portion of collateral
- Instant funding once approved
- US-specific terms pending confirmation from Nexo or Bakkt
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.
Nexo
Nexo offers instant crypto-backed credit lines, letting you borrow against Bitcoin without selling. After a 2022 US exit and a 2023 SEC settlement over its Earn product, Nexo relaunched in the US in February 2026 through regulated partner Bakkt. US-specific credit-line terms had not been separately published as of mid-2026.
Frequently asked
Is Ledn or Nexo cheaper?
On a $100,000 loan at 50% LTV, Ledn is cheaper, with an all-in effective APR of about 11.49% versus 18.9%.
Which has lower custody risk, Ledn or Nexo?
Ledn uses qualified custodian and Nexo uses lender-held. Check the rehypothecation row above, as re-lending of collateral adds counterparty risk.
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borrowonbitcoin.com is a comparison publisher, not a lender or financial advisor. Rate data verified June 19, 2026. How we verify rates · Full disclosures.