what's Ledn?
Ledn is a global financial services platform specializing in Bitcoin and digital asset products. Founded in 2018 and headquartered in Canada, it provides tools for users to earn yield on holdings, access liquidity without selling assets, and engage in Bitcoin-specific financial activities. The platform emphasizes security and transparency, with features like proof-of-reserves audits to verify client asset custody. Key offerings include Bitcoin-backed loans, where users can borrow USD against their Bitcoin collateral while retaining ownership and potential upside. Savings accounts allow earning interest on Bitcoin or USDC deposits with no lockups. Additional products like B2X enable borrowing to purchase more Bitcoin, increasing exposure, and a trading interface for seamless Bitcoin-USDC exchanges. In recent years, Ledn has streamlined to a Bitcoin-only focus, sunsetting other assets to prioritize simplicity and security in its custodied loan model. Ledn's infrastructure supports institutional and retail users worldwide, integrating with custodians for safe storage. It avoids exposure to DeFi protocols, positioning itself as a reliable bridge between traditional finance needs and Bitcoin's long-term holding ethos.
Ledn ranked 7th in Q3 2025 CeFi crypto lending, within a $25B industry loan book.
Links
x.com/hodlwithlednFeatured in Blockspace podcast episode scheduled for February 20, 2026 at noon EST, discussing a new Ledn product.
Named to Forbes Top 50 Fintech companies list for the second consecutive year, appearing alongside four other crypto companies.
Sold 3,200 BTC in a 30-minute period on February 12, 2026.
Sells $188M Bitcoin-backed bonds on February 18, 2026, backed by 5,400 Bitcoin-collateralized consumer loans at 11.8% weighted average rate, with investment-grade tranche priced at +335 basis points, 2x oversubscribed with institutional demand; Jefferies sole structuring agent for Ledn Issuer Trust 2026-1.
Ranks 7th in the CeFi crypto lending league table for Q3 2025, behind Tether, Nexo, Galaxy, Maple, Two Prime, and Coinbase, as the industry reports aggregate loan book of nearly $25 billion outstanding.
Annual recurring revenue exceeds $100 million and total Bitcoin-backed loan issuance reaches $2.8 billion since inception, with more than $1 billion projected for 2025.
Received strategic investment from Tether.
Receives backing from Dan Tapiero, founder of 50T Funds managing over $2B in digital assets.
Records Q3 2025 lending volume, originated $1 billion in Bitcoin-backed loans during 2025.
Trade fees reduced from 1.75% to 0.50% across all BTC transactions, making Bitcoin-backed borrowing cheaper.
Achieves second position among crypto lenders in Q1 2025 with substantial loan book growth, marking highest industry-wide lending levels since Q1 2022 peak.
Strategic pivot announced: Reverting to Bitcoin-only operations after admitting multi-crypto approach was mistake.
Bitcoin-backed loan originations reach $304 million in latest quarter.
Top 3 CeFi lender controlling majority market share in $11.2B CeFi lending market alongside Tether and Galaxy.