Ledn, a centralized bitcoin lender, reported a document $392 million in lending quantity in the course of the third quarter of 2025—nearly equal to its total 2024 whole.
This achievement pushed the corporate’s year-to-date bitcoin-backed mortgage originations to over $1 billion, alongside surpassing $100 million in annual recurring income.
Clear lending mannequin
The corporate’s newest Proof of Reserves attestation, accomplished by The Community Agency LLP as of September 30, revealed for the primary time the complete measurement of Ledn’s mortgage guide at $836.2 million and an mixture loan-to-value ratio of 42.68%.
Ledn’s clear strategy consists of common third-party attestations, a completely collateralized mannequin, and operation via regulated VASP entities.
Since 2018, the agency has originated greater than $2.8 billion in loans for shoppers in over 100 nations who use bitcoin as collateral to keep away from triggering taxable occasions from gross sales.
Co-founder and CEO Adam Reeds mentioned:
“Crossing the $1 billion mark in mortgage originations year-to-date underscores the rising demand for accountable bitcoin-secured credit score and our dedication to transparency and belief.”
Navigating trade shakeouts
The bitcoin lending sector confronted main disruptions in 2022 with the collapse of companies like BlockFi, Celsius, Genesis, and Voyager Digital.
Ledn credit its survival and development to sturdy threat administration and a deal with the security of consumer property.
Co-founder and CSO Mauricio Di Bartolomeo beforehand attributed the agency’s resilience to its sound threat practices.
Dedication to bitcoin-only companies
In Might, Ledn dropped help for ETH and shifted to a bitcoin-only, totally custodied mannequin, eliminating third-party credit score threat by discontinuing the lending of consumer property for curiosity.
The corporate said its goal is to serve long-term bitcoin holders searching for to protect and develop their wealth responsibly.