Ledn Review: 2026 Bitcoin Loan Comparison

Ledn has operated since 2018, the longest track record of any lender in this comparison, and reports more than $10B originated including institutional volume ($2.8B+ on the retail side) with no customer losses across three market cycles. In March 2026 it completed an investment-grade BBB- ABS issuance backed by its loan portfolio. That institutional standing is unusual in a market where most lenders are under five years old.

Rates are tiered by loan size: 11.49% APR under $250K, 10.99% for $250K to $500K, 10.19% for $500K to $1M, 9.99% for $1M to $2M, and 9.25% above $2M. These are all-in figures, Ledn charges no separate origination fee in the US or Canada (a 2% admin fee applies only outside those markets, on close, and is already baked into the rate). Maximum LTV is 50%, the minimum loan is $1,000, and loans run 12 months with renewable terms. Ledn funds within 24 hours. There are no monthly payments and no prepayment penalty: interest accrues daily and is settled when you repay, close, or reach maturity. The catch is that the usual way to avoid paying it out of pocket is to refinance into a larger loan, which capitalizes the accrued interest into principal and pushes your LTV up, much like a deferred-interest loan; Ledn does not currently charge to refinance, though it says that may change. Not available in Idaho, Massachusetts, New Mexico, North Dakota, South Dakota, or Vermont.

Ledn holds borrower collateral with third-party qualified custodians, BitGo, Anchorage, and Fidelity Digital Assets, and states that it does not rehypothecate (it does not lend out your collateral). It has consolidated what used to be two custody tiers into this single qualified-custody model. The one structural caution is margin-call handling: there is no formal contractual cure window. An auto-top-up feature sends alerts at 70% LTV (a reminder, not a formal margin call), but it is not a guaranteed right, and liquidation triggers at 80% LTV. Ledn says a partial-liquidation product, selling only enough collateral to restore a safe LTV rather than the whole position, is launching shortly; until it ships, an 80% breach can fully liquidate.

• 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)

• 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.

• ⚠ No formal contractual cure window: a 70% LTV alert and liquidation at 80%, so you must respond to collateral alerts
• ⚠ Deferred interest: with no monthly payments, interest accrues and, if you refinance to avoid paying it, capitalizes into principal, growing your balance and LTV over time

Ledn is one of several options in the Bitcoin loan market. Borrowers often compare it alongside Arch (Standard), 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.