Providers / Ledn
Ledn
Bitcoin-backed loan
Bitcoin-focused 12-month loans with size-tiered APR, Open Book reporting, and a custodied-loan structure claim.
Best for: Borrowers who want Bitcoin-only loans, PoR-style transparency, and a longer track record.
Product and eligibility
Product type
Fixed-term loan
Collateral
BTC only (primary product)
Eligible borrowers
Retail individuals (entity options not fully disclosed on retail pages)
US availability
Many US states; restricted list includes CA, CT, HI, NV, ND, SD, TN, WA, and D.C.
Custody and counterparty
Custody model
Custodial (qualified)
Custodial via Ledn and/or designated custody or funding partners
Rehypothecation
PoR / audits / insurance
Open Book / PoR program; custodial partners claimed
Track record
Operating since 2018 in the category
Call, cure, and liquidation
Notice, grace period, partial vs full sale, and fees all differ by provider.
1. Starting LTV
50%
2. Margin call
Alerts at 70% LTV and additional reminders at 75%
3. Cure window
No formal multi-hour contractual cure window published; optional Auto Top-Up
4. Liquidation
80%
At 50% starting LTV, Bitcoin must fall about 37.5% for LTV to reach 80%.
- Max initial LTV
- 50%
- Liquidation style
- Automatic partial sale of collateral; residual returned
- Liquidation fee
- 0.50% trade spread on liquidation pricing
- Collateral retrieval
- Yes if LTV <30%, loan age >60 days, and other redemption rules (targets ~40% LTV)
Cost and terms
| Rate range | 9.25–11.49% APR size-tiered (interest plus admin in published APR math) |
|---|---|
| Origination fee | 2% admin in published APR math; often waived for US and Canada |
| Prepayment fee | 0% |
| Renewal / refinance | Not free by default; renewals/refis may re-apply admin fee and new rate (help center) |
| Minimum loan | $500 loan minimum; need about $1,000 USD equivalent BTC collateral |
| Term options | 12 months fixed |
| Liquidation fee | 0.50% trade spread on liquidation pricing |
| Collateral retrieval | Yes if LTV <30%, loan age >60 days, and other redemption rules (targets ~40% LTV) |
| US availability | Many US states; restricted list includes CA, CT, HI, NV, ND, SD, TN, WA, and D.C. |
| Unique features | Open Book; Standard vs Custodied product paths; Auto Top-Up |
Who this is best for
Borrowers who want Bitcoin-only loans, PoR-style transparency, and a longer track record.
Who should skip
You need multi-year terms or borrower-held keys.