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Ledn Review: 2026 Bitcoin Loan Comparison

Operating since 2018; + originated. Two custody options at identical rates: Standard (collateral pooled and re-lent) or Custodied (collateral held securely, not re-lent to generate interest). Rates tiered 9.99%%–11.49%% by loan size, plus 2%% admin fee. Investment-grade BBB- ABS issuance March 2026. Tether strategic investment Nov 2025.

What Ledn Offers

Ledn has originated over $5B in Bitcoin-backed loans since 2018 — more volume than any other lender in this comparison. In March 2026, Ledn completed an investment-grade BBB- ABS issuance backed by its loan portfolio; Tether made a strategic investment in November 2025. That institutional track record matters in a market where most lenders are under five years old.

Rates are tiered by loan size and are currently identical across both custody options: 11.49% APR for loans under $250K, 10.99% for $250K–$500K, 10.49% for $500K–$1M, and 9.99% for $1M+. The 2% admin fee is included in those figures. Maximum LTV is 50%, minimum loan is $1,000, and loans run 12 months with renewable terms. Ledn funds within 24 hours. Not available in Idaho, Massachusetts, New Mexico, North Dakota, South Dakota, or Vermont.

Ledn offers two custody arrangements at the same rates: Standard, where collateral can be re-lent to generate yield, and Custodied, where it cannot. Custodied collateral may still be re-posted to an institutional funding partner, but it is legally ring-fenced from Standard loan credit risk. Since rates are now identical across both tiers, there is no cost to choosing Custodied — borrowers should specify their preference at origination. One meaningful caution: there is no formal contractual cure window for margin calls. Ledn states that "typically there are no time windows to meet collateral calls." An auto-top-up feature sends alerts at 70% LTV, but it is not a guaranteed right. Liquidation triggers at 80% LTV.

Key Facts

  • Operating since 2018
  • $2.8B+ originated company-wide
  • Investment-grade ABS issuance (March 2026)
  • Tether strategic backing (Nov 2025)
  • Lower rate than Ledn Custodied

What to Consider

  • Rehypothecation disclosed — collateral is pooled and re-lent
  • Counterparty exposure if rehypothecation counterparties default
  • Choose Ledn Custodied if rehypothecation is unacceptable

Key Risks

  • ⚠ Rehypothecation counterparty exposure

How Ledn Compares

Ledn is one of several options in the Bitcoin loan market. Borrowers often compare it alongside Arch, Strike, and Unchained. Each lender differs on APR range, custody model, rehypothecation posture, max LTV, and state coverage — factors that matter differently depending on your loan size and how much you care about custody transparency. The side-by-side comparison lets you sort and filter all Bitcoin loan lenders at once.

Frequently Asked Questions

Is Ledn safe to borrow against Bitcoin?

Ledn is operating since 2018. Your collateral is handled via lender-held pool. Ledn does not rehypothecate your Bitcoin. Insurance coverage: Not publicly posted. 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 9.99%–11.49% APR. Tiered by loan size: 11.49%% (<) · 10.99%% (–) · 10.49%% (–) · 9.99%% (+). 2%% admin fee. Rates are identical across Standard and Custodied tiers. There is a 2% origination fee.

Does Ledn rehypothecate my Bitcoin?

No — Ledn does not rehypothecate your Bitcoin. Your collateral is held via lender-held pool 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: a 2% 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.

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We are not a lender, broker, or registered investment advisor. We may receive compensation from some lenders featured; this does not influence our default ordering or the factual data we publish. Rates and terms are subject to change; verify directly with each lender before applying. Full disclosures.