Ledn, a centralized bitcoin lender, reported a record $392 million in lending volume during the third quarter of 2025—almost equivalent to its entire 2024 total.

This achievement pushed the company’s year-to-date bitcoin-backed loan originations to over $1 billion, alongside surpassing $100 million in annual recurring revenue.

Transparent lending model

The company’s latest Proof of Reserves attestation, completed by The Network Firm LLP as of September 30, revealed for the first time the full size of Ledn’s loan book at $836.2 million and an aggregate loan-to-value ratio of 42.68%.

Ledn’s transparent approach includes regular third-party attestations, a fully collateralized model, and operation through regulated VASP entities.

Since 2018, the firm has originated more than $2.8 billion in loans for clients in over 100 countries who use bitcoin as collateral to avoid triggering taxable events from sales.

Co-founder and CEO Adam Reeds said:

“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.”

Navigating industry shakeouts

The bitcoin lending sector faced major disruptions in 2022 with the collapse of firms like BlockFi, Celsius, Genesis, and Voyager Digital.

Ledn credits its survival and growth to robust risk management and a focus on the safety of client assets.

Co-founder and CSO Mauricio Di Bartolomeo previously attributed the firm’s resilience to its sound risk practices.

Commitment to bitcoin-only services

In May, Ledn dropped support for ETH and shifted to a bitcoin-only, fully custodied model, eliminating third-party credit risk by discontinuing the lending of client assets for interest.

The company stated its aim is to serve long-term bitcoin holders seeking to preserve and grow their wealth responsibly.