Strike vs Ledn
A multi-custodian veteran against a payments app that folded lending into a product millions already use.
Rates as of August 14, 2026 · Verified daily
LednExclusive rate
$100k loan, 50% LTV · Max LTV 50%
Some “Visit” links are affiliate links. No lender can pay for placement, and this never changes which lenders we include or the data we show. We order by the effective rate you would actually get, which includes any partner rate a lender extends to our readers. See disclosures.
The bottom line
Strike starts lower (around 7.49% vs 9.25%) and charges no origination or liquidation fee, with lending built into its Bitcoin app. Ledn is pricier on rate but holds collateral with named qualified custodians rather than in a lender-controlled pool, and it has the longer history. Choose Strike for cost and app convenience; choose Ledn if you want collateral held by an independent custodian and a longer operating record.
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.
Strike vs Ledn, side by side
 Strike | Ledn | |
|---|---|---|
| Effective APR$100k loan, 50% LTV, all-in | 11.02% | 11.49% |
| Partner rate via Borrow on Bitcoin$100k loan, 50% LTV | None | 11.24% (up to −0.25%) |
| Starting APR | 7.75% | 9.25% |
| Origination fee | None | None |
| Liquidation fee | None | None stated |
| Max LTV | 50% | 50% |
| Custody model | Lender-held | Qualified custodian (BitGo, Anchorage Digital, Fidelity Digital Assets) |
| Rehypothecation | No | No |
| Margin-call cure window | 72 hours | No formal window |
| Funding speed | Same day to 1 day | 1 day |
| Minimum loan | $10,000 | $1,000 |
| Maximum loan | $5,000,000 | No stated maximum |
| Loan terms | 12-month fixed-term loan. Separate line-of-credit product also available (revolving, no maturity date). | 12 months, renewable |
| Prepayment | No prepayment penalty. Full closure permitted after 61 days. Cash repayments free; BTC collateral repayment incurs 0.79% processing fee (state-dependent). | No prepayment penalty |
| Operating since | 2017 | 2018 |
| Availability | 47 states (excludes 3) | 44 states (excludes 6) |
Rates and fees
On a $100,000 loan at 50% LTV, Strike is the cheaper borrow: an all-in effective APR of about 11.02% versus 11.49% at Ledn, a gap of roughly 0.47 points before fees. Neither charges an origination fee, so the headline rate is closer to the real cost.
Custody and counterparty risk
Strike holds collateral via lender-held, while Ledn uses qualified custodian (BitGo, Anchorage Digital, Fidelity Digital Assets). Neither rehypothecates collateral.
Loan terms and flexibility
Strike offers 12-month fixed-term loan. separate line-of-credit product also available (revolving, no maturity date).; Ledn offers 12 months, renewable. Ledn can run with no monthly payments, with interest deferring and capitalizing to the balance, while Strike expects you to service interest along the way. On a margin call, Strike gives a 72-hour cure window and Ledn gives no formal cure window, the time you have to add collateral or repay before a forced sale. Neither penalizes early repayment.
Leverage, limits, and speed
Minimums differ: $10,000 at Strike versus $1,000 at Ledn. Funding runs same day to 1 day at Strike and 1 day at Ledn.
Track record and availability
Strike has the longer history, operating since 2017 versus 2018. On availability, Strike is not available in 3 states, while Ledn excludes 6.
Strengths and trade-offs
Strike
- No origination fee
- Proof-of-reserves for collateral
- $2.1B credit facility with Tether (2026)
- Volatility-proof loan structure (announced 2026)
- Bitcoin-only
- Collateral held by Strike or capital partners, not a named third-party qualified custodian
- Limited consumer state coverage (21 states as of March 2026)
- Lending product launched 2024
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.
About each lender
Strike
Bitcoin-only loans with no origination fee. Collateral held by Strike or capital partners in segregated wallets, no named third-party qualified custodian. Proof-of-reserves published. $2.1B credit facility with Tether.
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.
Frequently asked
Is Strike or Ledn cheaper?
On a $100,000 loan at 50% LTV, Strike is cheaper, with an all-in effective APR of about 11.02% versus 11.49%.
Which has lower custody risk, Strike or Ledn?
Strike uses lender-held and Ledn uses qualified custodian. Neither rehypothecates pledged collateral.
Compare every lender for your numbers
Filter by loan amount, BTC holdings, state, and custody preference to see who actually fits.
Open the comparison tool →More lender comparisons
borrowonbitcoin.com is a comparison publisher, not a lender or financial advisor. Rate data verified August 14, 2026. How we verify rates · Full disclosures.