Ledn posts record Q3 lending volume as its bitcoin-backed loan originations surpass $1 billion for 2025
Centralized bitcoin lender Ledn generated record lending volume during the third quarter, adding $392 million worth of loans — nearly matching its total activity for 2024.
As a result, the private firm has now surpassed $1 billion in bitcoin-backed loan originations year-to-date and exceeded $100 million in annual recurring revenue.
"This has been a breakout year for Ledn," co-founder and CEO Adam Reeds said in a statement shared with The Block. "Crossing the $1 billion mark in loan originations year-to-date underscores the growing demand for responsible bitcoin-secured credit and our commitment to transparency and trust."
Alongside the record quarter, Ledn also released its 10th Proof of Reserves attestation, completed by The Network Firm LLP as of Sept. 30. For the first time, the report disclosed the full size of its loan book — $836.2 million — and an aggregate loan-to-value ratio of 42.68%, offering greater visibility into the company's lending activity and collateralization levels.
Since its inception in 2018, Ledn has now originated over $2.8 billion in loans, providing services to clients in more than 100 countries who use bitcoin as collateral instead of selling it and incurring a taxable event.
Surviving a volatile crypto sector
The crypto lending niche suffered significant setbacks following a tumultuous year for centralized services in 2022 — a period that saw the bankruptcy of firms like BlockFi, Celsius, Genesis, and Voyager Digital.
Following those events, it remained unclear to what extent users would trust such services going forward. Ledn co-founder and CSO Mauricio Di Bartolomeo previously told The Block the company survived the period because of its "sound risk management program" and "prioritization of the safety and security" of its clients' assets.
On Monday, the firm said the key to its staying power, growing to become the largest retail bitcoin-backed lender in the industry despite often volatile conditions, comes down to its simple, transparent, and compliant approach — maintaining a fully collateralized model, conducting regular third-party Proof of Reserves attestations, and operating through regulated VASP entities.
"We built Ledn to serve long-term bitcoin holders who want to preserve and grow their wealth responsibly," Reeds said. "Our business is designed for transparency and resilience, not speculation."
Ledn dropped ETH support in favor of becoming bitcoin-only in May this year, also discontinuing the lending of client assets to generate interest to eliminate third-party credit risk as it moved to a fully custodied model.
In August, Reeds told The Block that his belief in bitcoin as a reserve asset is rock solid, but said it's unrealistic for bitcoin digital asset treasuries (DATs) to expect returns comparable to Strategy's.
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