Ledn Review: 2026 Bitcoin Loan Comparison
Rate data verified August 9, 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%. 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.
Your Ledn rate
BTC $65,191 · liveEstimate only, at BTC $65,191. 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
- $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
- Publishes independent Proof of Reserves attestations by an outside accounting firm, the first in January 2021 and ten since, plus an Open Book Report covering outstanding loans, collateral held and average LTV, per Ledn
- First bitcoin-backed ABS to earn an investment-grade rating: S&P assigned BBB- to the senior notes of a $188M securitization, rated February 2026 and closed 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 |
For illustrative purposes only. APRs shown are modelled on the same scenario for every lender, a $100,000 loan at 50% LTV, and include origination fees where a lender charges them. They are not quotes, offers, or approvals, and your actual rate depends on loan size, LTV, state, and each lender's underwriting. Rates and terms change without notice. See our full disclosures and verify current terms with each lender before applying. Full disclosures →
Compare the best Bitcoin loans →
How Bitcoin-backed loans work →
Ledn articles & comparisons
How Does Ledn Compare to Other Bitcoin Lenders? (2026)
Ledn against APX, Arch, Strike, SALT, Nexo, Figure and Unchained. Where its proof-of-reserves record and qualified custody win, and where its full liquidation and 50% LTV cap cost you.
Read article →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
Or build any head-to-head comparison from the full lender list.
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 has been 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: