Ledn has originated more than 1 billion USD in loans in 2025. In Q3 alone, the company issued 392 million USD in BTC-collateralized loans, while its outstanding loan book reached 836.2 million USD with an average loan-to-value ratio of 42.7%.
After removing ETH lending in May, Ledn has fully transitioned to a BTC-only lending model. This strategic shift reflects the strong demand from BTC holders seeking liquidity, with annual recurring revenue now hitting 100 million USD.
Leave a Reply