Ledn vs Nexo
Independent multi-custodian storage against a higher-rate line that re-lends your bitcoin.
By Steven Han and Michael Song · Rates as of September 23, 2026 · Verified daily · Rates last changed July 15, 2026
Ledn$120,694 loan, 40.7% LTV · Max LTV 50%
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What it costs over 12 months
Borrowing $120,694 at 40.7% LTV for one year. Interest and the origination fee, on standard published terms.
Ledn costs $5,323 less over twelve months at this loan size, before any difference in how the two handle collateral.
The biggest structural difference is custody model: Ledn a qualified custodian versus Nexo a lender-held pool.
Full side-by-side on 16 terms below, including custody, rehypothecation and the margin-call cure window.
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$120,694 loan, 40.7% LTV, all-in | 11.49% | 15.9% |
| Starting APR | 9.25% | 15.9% |
| Origination fee | None | None |
| Rate type | Fixed | Fixed |
| Max LTV | 50% | 50% |
| Liquidation thresholdLTV at which collateral is sold | 80% | 83.3% |
| 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) | 48 states (excludes 2) |
| Learn more | Learn more |
Rates and fees
On a $120,694 at 40.7% LTV loan, Ledn is the cheaper borrow: an all-in effective APR of about 11.49% versus 15.9% at Nexo, a gap of roughly 4.41 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 excludes 2.
Strengths and trade-offs
Ledn
- Operating since 2018, longest track record in this comparison
- $11B+ issued since 2018, 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
- One of the largest crypto lending platforms globally; Nexo reports 7M+ clients across 200+ jurisdictions since 2018
- Rates from 1.9% to 15.9% APR depending on NEXO token holdings and LTV
- 50% LTV on BTC, $50 to $2M, up to $200M for Nexo Private clients, no origination or monthly fees
- Partial liquidation model: rather than closing your full position if collateral value drops, Nexo repays part of the credit line from a portion of the collateral, keeping the rest of your position intact
- The 1.9% floor rate applies at qualifying NEXO token tiers and LTV; borrowers without NEXO holdings should expect a rate closer to 15.9%
- Not available to residents of New York or Washington. Nexo confirmed on 2026-08-03 that those two states are restricted and the credit line is otherwise available
- Borrowing against crypto is generally treated differently than selling it for tax purposes, but tax treatment depends on your individual situation and jurisdiction. This is not tax advice, so confirm with a tax professional before relying on it
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%. In 2026 Ledn issued the first bitcoin-backed securitization to earn an investment-grade rating, S&P's BBB- on the senior notes of a $188M deal. Ledn reports $11B+ issued since 2018 with no customer losses across three market cycles.
Nexo
Nexo offers crypto-backed credit lines, letting you borrow against Bitcoin and over 100 other digital assets without selling, which generally avoids realizing a capital gain. It relaunched in the US in February 2026 in partnership with Bakkt as a regulated entity. Rates run from 1.9% to 15.9% APR and depend on your Wealth Club tier: the higher your NEXO token share and the lower your loan-to-value, the closer you get to the 1.9% floor. A borrower holding no NEXO tokens sits at the 15.9% end.
Frequently asked
Is Ledn or Nexo cheaper?
On a $120,694 at 40.7% LTV loan, Ledn is cheaper, with an all-in effective APR of about 11.49% versus 15.9%.
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 September 23, 2026. How we verify rates · Full disclosures.