Bitcoin Lender Ledn said Monday it has surpassed $1 billion in loan originations so far this year, marking its strongest quarter yet.
The Toronto-founded company issued $392 million in BTC-backed loans in the third quarter alone, nearly matching the company’s total loan volume for all of 2024. Ledn also reported $100 million in annual recurring revenue (ARR).
The company said this dynamic reflects growing demand for credit products backed by Bitcoin instead of cashing out one’s holdings. The growth coincided with Ledn removing support for ether loans and offering a Bitcoin-only lending model in May.
“This has been a landmark year for Ledn,” CEO Adam Reeds said in a statement.
As part of its quarterly update, Ledn also published its reserves evidence. The company’s total outstanding loan value was $836.2 million at the end of September, with an average loan-to-value ratio of 42.7%, according to The Network Firm’s attestation.
Ledn provides fully collateralized loans in which BTC remains in custody for the entire term of the loan. The service is aimed at long-term holders who are looking for liquidity without giving up their BTC exposure. The company was the third largest centralized lender after Tether and Galaxy (GLXY), according to a Galaxy Research report published in April.
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