bitcoin Lender Ledn said Monday that it has surpassed $1 billion in loan originations so far this year, marking its strongest quarter to date.
The Toronto-founded company issued $392 million in BTC-backed loans during 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 the boost reflects growing demand for credit products collateralized by bitcoin rather than cashing out its holdings. The growth coincided with Ledn removing support for ether. loans and offering a bitcoin-only lending model in May.
“This has been a breakthrough year for Ledn,” CEO Adam Reeds said in a statement.
As part of its quarterly update, Ledn also published its proof of reserves. The total value of the company’s outstanding loan portfolio stood at $836.2 million at the end of September, with an average loan-to-value ratio of 42.7%, as certified by The Network Firm.
Ledn offers fully collateralized loans where BTC remains in custody for the duration of the loan. The service appeals to long-term holders seeking liquidity without giving up BTC exposure. The company was the third-largest centralized lender after Tether and Galaxy (GLXY), according to a Galaxy Research report in April.
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