Ledn Review: 2026 Bitcoin Loan Comparison
Rate data verified August 1, 2026 · Verified daily
Up to 0.25% below Ledn’s standard rate — applied automatically when you start your loan here. No code needed.
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.
Your Ledn rate
BTC $63,048 · liveEstimate only, at BTC $63,048. No credit pull · Confirm live terms with Ledn.
What you pay, by loan size
| Loan size | Ledn standard | Your rate via BoB |
|---|---|---|
| Under $250,000 | 11.5% | 11.2% |
| $250,000 – $500,000 | 11.0% | 10.7% |
| $500,000 – $1,000,000 | 10.2% | 9.99% |
| $1,000,000 – $2,000,000 | 9.99% | 9.84% |
| $2,000,000 and above | 9.25% | 9.15% |
Key facts
- 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
- Investment-grade BBB- ABS issuance (March 2026)
Refinancing
You can refinance once a loan is at least 30 days old to pick up Ledn's current rate. Ledn's 2% admin fee is waived in the US and Canada (it applies only outside those markets). If your LTV is around 65% or lower at maturity, the loan can auto-renew into a new agreement, which may carry a new admin fee and rate. Refinancing alone does not release cash — withdrawing appreciated collateral is a separate redemption step.
How Ledn compares at $100K
| Lender | APR | Max LTV | Rehypothecation | Cure window |
|---|---|---|---|---|
| Ledn | 11.49% | 50% | No | None stated |
| Arch (Standard) | 10.49% | 60% | No | Yes |
| Strike | 11.02% | 50% | No | Yes |
| Unchained | 14.18% | 50% | No | Yes |
See all lenders at your loan size →
Ledn articles & comparisons
Exclusive Bitcoin Loan Rates Through Borrow on Bitcoin
A few lenders now offer discounted Bitcoin-backed loan rates through Borrow on Bitcoin that you will not get going to them directly. Ledn takes up to 0.25% off, and Arch 0.50% off, for borrowers who start here.
Read article →Bitcoin Loan Rates June 2026: Where APRs Stand and How to Compare Lenders
Current Bitcoin-backed loan rates for June 2026: the average all-in APR at $100k and 50% LTV across US lenders, plus how borrowing more or at a lower LTV changes your rate.
Read article →Coinbase vs Ledn: Bitcoin Loan Comparison (2026)
Coinbase's DeFi USDC loan vs Ledn's centralized dollar loan: rate, LTV, custody, liquidation, and payout compared, so you can see which fits.
Read article →Head-to-head comparisons
Key risks
- There is no fixed contractual cure window; Ledn sends a collateral alert at 70% LTV with liquidation at 80%, so it is worth responding promptly to alerts
- With no monthly payments, interest accrues over the term; if you refinance to avoid paying it out of pocket, it capitalizes into principal, which raises your balance and LTV over time
Frequently asked
Is Ledn safe to borrow against Bitcoin?
Ledn is operating since 2018. Your collateral is handled via qualified third-party custodian. Ledn does not rehypothecate your Bitcoin. Insurance coverage: Collateral is held by third-party qualified custodians (BitGo, Anchorage, Fidelity Digital Assets) that carry their own custodial insurance, including a $200M Fidelity bond per Ledn. This is custodian-level coverage, not a blanket policy on every loan.. As with any Bitcoin-backed loan, review the custody model, liquidation thresholds, and loan terms carefully before borrowing.
What rates does Ledn charge?
Ledn charges 9.25%–11.49% APR. Tiered by loan amount: $0K–$250K: 11.49% APR · $250K–$500K: 10.99% APR · $500K–$1000K: 10.19% APR · $1000K–$2000K: 9.99% APR · $2000K+: 9.25% APR. APR = interest rate + 2% admin fee. Initial LTV 50%. Margin call at 70% LTV; liquidation at 80% LTV. Source: platform.ledn.io/api-common/market/interest-fees. There is no origination fee.
Does Ledn rehypothecate my Bitcoin?
No, Ledn does not rehypothecate your Bitcoin. Your collateral is held via qualified third-party custodian and is not re-lent to other parties.
What states does Ledn serve?
Ledn is available in Most states (not ID, MA, NM, ND, SD, VT). Not available in: ID, MA, NM, ND, SD, VT Always confirm current availability directly with Ledn before applying, as state coverage can change.
How fast does Ledn fund loans?
Ledn typically funds within Same day. Loan terms: 12 months, renewable. Actual timing may vary based on verification requirements and your specific situation.
What fees does Ledn charge?
Known fees include: no origination fee; No prepayment penalty. Always request a full fee disclosure from Ledn before signing any loan agreement.
How does Ledn compare to other Bitcoin loan lenders?
To see Ledn side-by-side with every other major Bitcoin loan lender, rates, custody model, LTV, and more, use the free comparison tool at borrowonbitcoin.com. You can sort by APR, LTV, funding speed, or custody model and filter to your state.
Bitcoin loans by state
Which lenders operate where, plus the sell-vs-borrow tax angle for your state: