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Bitcoin Lender Ledn Hits $1B in Loan Origination This Year as BTC Credit Market Picks Up
The crypto lender also crossed $100 million in annual recurring revenue, the firm reported.
Updated Oct 27, 2025, 2:59 p.m. Published Oct 27, 2025, 2:23 p.m.
What to know:
- Ledn has surpassed $1 billion in loan originations this year, with $392 million in BTC-backed loans issued in the third quarter.
- The company reported $100 million in annual recurring revenue, highlighting increased demand for bitcoin-secured credit products.
- The firm phased out ether (ETH) lending earlier this year to focus solely on BTC products.
Bitcoin lender Ledn said on Monday it has crossed $1 billion in loan originations so far this year, marking its strongest quarter to date.
The Toronto-founded firm issued $392 million in BTC-backed loans during the third quarter alone, nearly matching the company’s total loan volume for all of 2024. Ledn also reported $100 million in annual recurring revenue (ARR).
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The company said the momentum reflects growing demand for credit products secured by bitcoin instead of cashing out holdings. The growth coincided with Ledn removing support for ether loans and offering a bitcoin-only loan model in May.
"This has been a breakout year for Ledn," CEO Adam Reeds said in a statement.
As part of its quarterly update, Ledn also published its proof of reserves. The total value of the firm's outstanding loan book stood at $836.2 million as of the end of September, with an average loan-to-value ratio of 42.7%, according to the attestation by The Network Firm.
Ledn provides fully collateralized loans where BTC remains in custody throughout the loan’s duration. The service appeals to long-term holders seeking liquidity without giving up exposure to BTC. The firm was the third-largest centralized lender after Tether and Galaxy (GLXY), according to a Galaxy Research report in April.
Read more: Swiss Bank Sygnum to Launch Bitcoin-Backed Loan Platform With Multi-Sig Wallet Control
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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