pledgeBest for
Larger BTC-backed loans with a mature CeFi lender.
Ledn Review 2026
Ledn has funded $10 billion in Bitcoin-backed loans — more than any other lender we track. Their current public table starts at 9.25% APR for the largest tier. Here's what you'll actually pay, whether your BTC is safe, and how they compare.
Review decision
Ledn fits borrowers who want scale and published reporting.
The main tradeoff is custodial BitGo collateral and rate tiers that improve as loan size increases.
Watch
Custodial collateral and state exclusions.
Compare against
Unchained for key control, Figure for smaller loans.
Ledn at a Glance
$10B+ funded since 2018 — among the largest dedicated BTC lenders we track
Safety Score
7.4
APR Range
9.25–11.49%
Max LTV
50%
Custody
Custodial (BitGo)
Min Loan
$500
Origination Fee
None
Rehypothecation
Partial
Founded
2018
$10B+ funded — among the largest tracked lendersPartial rehypothecationOpen Book reportingBTC-only collateralExcluded in CA, CT, DC, HI, LA, NV, ND, SD, TN, VT, and WA
Bottom Line Up Front
Ledn is one of the largest dedicated BTC-backed lenders we track — $10B+ funded since 2018. They use BitGo custodial storage — collateral is not lent out for platform yield, but disclosures allow it to be re-posted to institutional funding partners — and publish Open Book reporting via Open Book Report. The headline rate of 9.25% APR is real but only applies to loans over $2M. Most borrowers will pay 9.25–11.49% APR with no origination fee. Best for large-loan borrowers who value transparency over self-custody.
Pledge Safety Score:
7.4
Is Ledn Safe? Our Safety Score Breakdown
We rate every BTC lender on 8 factors. Ledn scores 7.41/10among our rated lenders. Here's where they earn it and where they lose points.
| Factor | Score | Why |
|---|---|---|
| Custody | 7/10 | BitGo custodial wallet — qualified custodian with $250M insurance. But you don't hold keys. Not multi-sig. |
| Rehypothecation | 7/10 | Partial. Ledn says collateral is not lent out to generate platform yield, but current disclosures allow re-posting to institutional USD funding partners — below the strict no-use standard of Unchained and Arch. |
| Regulatory | 8/10 | Registered entity. Widest regulated footprint in our dataset: 90+ countries. Excluded in our tracked US dataset: CA, CT, DC, HI, LA, NV, ND, SD, TN, VT, and WA. KYC required. |
| Reserve Transparency | 6/10 | Open Book reporting (most recent: March 2026). Limited transparency compared to peers with stronger third-party audit coverage. |
| Track Record | 9/10 | Founded 2018 — 8 years operating. $10B+ funded. Stayed active through the 2022 crypto winter. Strong track record among retail-focused BTC lenders. |
| Liquidation | 8/10 | Margin call at 70% LTV, liquidation at 80% LTV. Significant 30-point buffer from 50% starting LTV provides strong protection against volatility. |
| Overall | 7.4 | Strong safety profile. Only Unchained (9.02/10) scores higher, driven by multi-sig custody. Ledn's main strengths are Open Book reporting and a $10B+ track record. Weakness: custodial model plus funding-partner exposure. |
What Does Ledn Actually Charge? The Tiered Rate Structure
Ledn's APR isn't one number — it's four. Your rate depends entirely on how much you borrow. Unlike Arch (which charges origination fees) or Figure (which includes fees in the APR), Ledn's quoted APR is the real APR. No origination fee. No hidden charges. Here's the breakdown.
| Loan Size | APR | Origination Fee | Effective APR |
|---|---|---|---|
| $500 – $249,999 | 11.49% | None | 11.49% |
| $250,000 – $499,999 | 10.99% | None | 10.99% |
| $500,000 – $999,999 | 10.49% | None | 10.49% |
| $1,000,000 – $1,999,999 | 9.99% | None | 9.99% |
| $2,000,000+ | 9.25% | None | 9.25% |
Key advantage: Ledn's "APR" is the real number. Compare to Figure (8.91% interest rate but 9.999% APR with fees) or Arch (7.25% advertised floor but 8.24–10.49% APR for most after the origination fee). At the $500K+ tier, Ledn's 10.49% with no fees beats Figure's 9.999% all-in on a 12-month loan. Below $250K, Ledn is more expensive — but you're paying for one of the largest lenders' track record.
$50K Loan on Ledn: What You Actually Pay
Let's run the numbers. You deposit 1 BTC ($100,000) and borrow $50,000 at 50% LTV on a 12-month term. At $50K, you're in the sub-$250K tier — so 11.49% APR.
Collateral
1 BTC ($100K)
Loan Amount
$50,000
LTV Ratio
50%
APR (sub-$250K tier)11.49%
Origination fee$0
Interest (12 months)$5,745
Total cost of borrowing$5,745
Compare: the same $50K loan at Arch (10.49% APR incl. fee) costs about $5,245 — roughly $500 less than Ledn. At Figure (9.999% APR incl. fees) the total is roughly $5,000 — about $745 less. At Unchained (12% + 2% origination + $250 vault fee) it costs $7,090 — $1,345 more. On all-in cost at this size Ledn is the priciest of the fixed-rate group — its edge is the transparent flat APR, not being the cheapest dollar.
How Ledn Handles Your Bitcoin: BitGo Custody Explained
Ledn uses BitGo as their qualified custodian. BitGo is one of the oldest and most regulated crypto custody providers — founded in 2013, regulated as a trust company, and carrying $250M in digital asset insurance through Lloyd's of London.
BNK
Qualified Custodian
BitGo Trust Company is a South Dakota-chartered trust company regulated by the state's Division of Banking. Subject to regular examinations, capital requirements, and compliance obligations.
KEY
Limited Collateral Reuse
Ledn says your BTC is not lent out to generate platform yield — but its disclosures allow collateral to be re-posted to institutional USD funding partners, so it is not the strict no-use model of Arch or Unchained.
COV
$250M Insurance
BitGo carries $250M in digital asset insurance via Lloyd's of London. Covers theft, insider attacks, and key compromise. Not a guarantee against all loss — but a meaningful backstop.
DOC
Reserve Reporting
Reported monthly via Open Book Report (most recent: March 2026). You can verify your specific balance is included. More transparent than Figure (no published reserve reporting) and closer to what borrowers should expect after 2022.
The trade-off: BitGo holds the keys, not you. If "not your keys, not your coins" is non-negotiable, consider Unchained's collaborative multi-sig (you hold 2 of 3 keys), or Lava — though Lava's custody model is unresolved (reportedly custodial as of Nov 2025). For most borrowers, BitGo's regulatory status and insurance make it a reasonable custodian — but the custodial model is why custody scores 7/10 instead of 9–10.
$10B Funded: Why Track Record Matters
In BTC lending, track record is survival proof. Celsius funded billions — then blew up. Voyager, BlockFi, Genesis — all gone. Ledn has operated since 2018 through two crypto winters, including the 2022 collapse that took down half the industry.
| Platform | Founded | Volume | Survived 2022? | Track Record Score |
|---|---|---|---|---|
| Ledn | 2018 | $10B+ | Yes | 9/10 |
| Unchained | 2016 | $1B+ originated | Yes | 9/10 |
| Figure | 2018 | — | Yes | 9/10 |
| Arch | 2022 | $1B+ | N/A (post-2022) | 6/10 |
| Nexo | 2018 | $7B+ AUM | Partial* | 8/10 |
* Nexo survived 2022 but settled with the SEC for $45M over unregistered securities allegations. They also faced regulatory action in multiple Canadian provinces.
What Happens if BTC Drops? Ledn's Liquidation Risk
At 50% LTV, Ledn gives you the industry-standard borrowing room. You start with 50% LTV — that means BTC can drop 33% before you hit the danger zone. Here's exactly where the triggers are.
| Event | LTV Trigger | BTC Drop Needed | What Happens |
|---|---|---|---|
| Margin call | 70% | ~29% | Grace period to add collateral or repay (duration not publicly specified) |
| Liquidation | 80% | ~38% | Collateral sold to bring LTV back below threshold |
Risk Gauge: Ledn (50% LTV) vs Arch (60% LTV)
Ledn (50% LTV)BTC at $100K → Margin call at $71.4K → Liquidation at $62.5K
Arch (60% LTV)BTC at $100K → Margin call at $85.7K → Liquidation at $75K
Green = safe zone. Yellow = margin call territory. Red = liquidation zone. Both lenders call at 70% LTV and liquidate at 80%, but Ledn's lower 50% starting LTV survives a ~37.5% BTC drop to liquidation vs ~25% at Arch's 60% LTV — roughly 12 points more tolerance.
Ledn vs the Competition
How does Ledn stack up against the other lenders most borrowers consider?
| Feature | Ledn | Arch | Figure | Unchained |
|---|---|---|---|---|
| Safety Score | 7.4 | 7.0 | 7.1 | 9.0 |
| APR range | 9.25–11.49% | 7.25–10.49%* | 8.91%† | 12.00% |
| Origination fee | None | 0.49–1.49% | 1.0% | 2.0% |
| Max LTV | 50% | 60% | 50% | 50% |
| Total funded | $10B+ | $1B+ | — | $1B+ originated |
| Custody | BitGo | Anchorage (OCC) | MPC | Multi-sig |
| Rehypothecation | None | None | Partial | None |
| Min loan | $500 | $5,000 | $500 | $150,000 |
| Founded | 2018 | 2022 | 2018 | 2016 |
* Arch's 7.25% APR is the $5M+ custom tier. Most borrowers see 8.24–10.49% APR after the origination fee.
† Figure's 8.91% is the interest rate; APR including fees is 9.999%.
Funding Speed: Median 9.7 Hours
Ledn's median time from approval to funding is 9.7 hours. That's slower than same-day platforms like Nexo and YouHodler, but faster than Unchained's typical 3–5 business day multi-sig setup. For a $500K+ loan where you're choosing between institutional lenders, sub-24-hour funding is competitive.
Why it's not instant: Ledn uses BitGo custodial wallets, which means collateral must be verified on-chain before funds are disbursed. This is a feature, not a bug — the verification protects you from funding against unconfirmed collateral. Same-day platforms like Nexo can move faster because they already hold your assets in their internal system.
The Verdict: Who Should Use Ledn
Pick Ledn if...
- • You're borrowing $250K+ — the tiered rates become genuinely competitive at scale
- • You want one of the largest BTC-backed lenders' track records ($10B+, 8 years, survived 2022)
- • Zero origination fee matters — what you see is what you pay
- • You value Open Book reporting
- • You need the widest regulated footprint in our dataset (90+ countries vs US-only options)
Skip Ledn if...
- • You want self-custody — Ledn is custodial (BitGo). Consider Unchained (multi-sig) or non-custodial DeFi like Aave/Maker
- • You need the lowest published BTC rate we track — Lava's 6.5–7.5% is cheaper, but its custody model is unresolved (reportedly custodial as of Nov 2025)
- • You live in a tracked excluded US state — currently CA, CT, DC, HI, LA, NV, ND, SD, TN, VT, and WA
- • You want a revolving line of credit — Ledn only offers fixed-term loans. Arch has an LOC
- • You want to borrow against ETH or SOL — Ledn is BTC-only collateral
On the fence?
If you're comparing Ledn vs Arch: Ledn's 7.41/10 safety score edges out Arch's 7.03/10, and both share a no-rehypothecation policy. Ledn has 8 years of history vs Arch's 4, and $10B vs $1B funded. But Arch offers a revolving line of credit and 60% LTV. For a one-time large loan ($1M+), Ledn's 9.99% with no fees wins. For ongoing access to credit, Arch wins on flexibility.
If you're comparing Ledn vs Figure: Figure has a lower headline rate (8.91% interest / 9.999% APR), but partial rehypothecation and no published reserve reporting. Ledn is safer with a higher effective rate for small loans, but competitive at $250K+.
Keep the next step in the research flow
If this review narrowed the real issue to rate tiers, reserve-reporting quality, custody setup, or the broader lender shortlist, move there directly instead of turning Ledn-specific due diligence into a generic shopping flow.