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Ledn
Ledn review: BTC loan APR from 9.25-11.49% (tiered by loan size), $10B+ funded, Open Book reporting, custodial collateral. Safety score 7.4/10.
Run your numbers
What happens if BTC drops.
The single most important question on a Bitcoin loan. With Ledn, liquidation is a managed process. If your loan-to-value rises toward the liquidation threshold below, Ledn works through margin calls before any collateral is sold.
At Ledn's 50% opening LTV, BTC would have to fall 38% before a position opened at that LTV reaches the 80% liquidation threshold.
Cure window: Not publicly specified.
What Ledn publishes: Margin call triggered at 70% LTV. Collateral liquidated when LTV exceeds 80%. Significant buffer from 50% starting LTV provides strong protection against volatility.
The terms, translated.
With Ledn, the “contract” is the loan agreement and the platform’s risk parameters. We've pulled the key terms from Ledn's own data and translated them into plain English.
How Ledn compares to its closest cousins.
The org, the founder, the governance.
Tiered APR structure based on loan size (re-verified Jun 21, 2026): 11.49% for <$250K, 10.99% for $250K-$500K, 10.49% for $500K-$1M, 9.99% for $1M-$2M, 9.25% for $2M+. Uses custodial collateral held by Ledn or trusted institutional USD funding partners. Ledn says loan collateral may be re-posted to such funding partners, but neither Ledn nor those partners may lend the BTC collateral for yield. Margin notification at 70% LTV, further alert at 75%, and automatic collateral sale at 80% LTV.
The 8-factor breakdown.
Custodial. Scores 7/10 (solid) on the custody axis. Non-custodial designs score highest because no third party can move collateral; custodial designs lose points proportional to operator discretion.
Policy: partial. Scores 7/10 (solid). "Strict" / "no-rehypothecation" policies score highest because collateral cannot be lent out; "permitted" policies lose points for exposure to counterparty failure on the re-pledged BTC.
Scores 8/10 (solid). Programmatic on-chain liquidation at a fixed LTV scores highest (predictable, no operator discretion); discretionary or off-chain liquidation processes lose points proportional to opacity and timing risk.
Regulatory status: registered. Scores 8/10 (solid). US/EU-regulated lenders with explicit licensing score highest; offshore or DAO-governed entities lose points because there's less recourse if something goes wrong.
Reserves reporting via The Network Firm LLP / Open Book Report. Scores 8/10 (solid). Recurring third-party attestation scores highest; self-attested or unpublished reserves lose points.
Scores 7/10 (solid). Lenders that publish operating reports, smart-contract code, and live rate/LTV parameters score highest; those that bury terms in PDFs or change rates without notification lose points.
8+ years operating since 2018. Scores 9/10 (strong). Older operations with surviving stress events (March 2020, Nov 2022, etc.) score highest; younger or untested operations lose points proportional to how many full cycles they've operated through.
Scores 5/10 (moderate). Loan agreements with explicit liquidation order, segregated-account language, and clear borrower recourse score highest; ambiguous default terms lose points.
Same score, different shape.
Each spoke is one of the eight factors behind Ledn's 7.4/10, plotted 0–10 and ordered by methodology weight. The filled shape is the lender's safety profile. Two lenders can share an overall score and still have opposite shapes — a balanced octagon is a very different risk than a spike on one axis with thin edges everywhere else. Ledn is strongest on track record (9/10) and thinnest on loss protection (5/10).
Questions readers actually ask about Ledn.
Is Ledn safe for Bitcoin-backed loans?
Ledn has a Pledge safety score of 7.4/10. They have funded $10B+ in loans since 2018 and publish Open Book reporting, but their collateral model is not clean no-rehypothecation: current source wording says collateral may be re-posted to institutional USD funding partners. Treat that as a material custody-risk difference versus collaborative multi-sig or explicit no-use-of-client-assets lenders.
What are Ledn's Bitcoin loan rates?
Ledn offers tiered rates: 11.49% for loans under $250K, 10.99% for $250K+, 10.49% for $500K+, 9.99% for $1M+, and 9.25% for $2M+. There are no origination fees, so the advertised rate is close to the effective APR. Ledn source pages currently conflict with older calculator copy, so verify the live quote before acting.
What is the minimum loan amount for Ledn?
Ledn has a minimum loan amount of $500, making it accessible for retail borrowers. You need at least $1,000 in BTC collateral at 50% LTV to qualify.
Does Ledn rehypothecate customer collateral?
Not fully. Ledn says borrower collateral is not lent out to generate platform yield, but its current disclosures allow collateral to be re-posted to institutional USD funding partners. That is different from a strict no-rehypothecation model, so compare the current loan agreement before relying on this point.
How fast does Ledn fund Bitcoin loans?
Ledn's median funding time is 9.7 hours from loan approval to funds in your account. This is one of the fastest funding times among institutional-grade BTC lending platforms.
The receipts.
Every figure on Ledn traces to a primary document. These are the ones we read — open any of them.
- Ledn bitcoin-backed loan terms ↗Conflict flagged
APR range, 50% LTV, minimums, funding path, early repayment, margin and liquidation levels. The public rate table and calculator section currently present different low-end APR tiers, so Pledge uses the table range and flags the discrepancy.
- Ledn Open Book Report ↗Verified
Collateral custody, possible re-posting to trusted institutional USD funding partners, no lending collateral for interest generation, Proof of Reserves cadence, and track record
- Ledn product eligibility page ↗Verified
Jurisdiction availability can vary by country, state, loan amount, APR threshold, and purpose