Bitcoin lender Ledn said on Monday it has passed $1 billion in loan originations so far this year, marking its strongest quarter yet.
The Toronto-founded firm 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 momentum reflects growing demand for credit products secured by bitcoin rather than cash-out holdings. The growth coincided with Ledn removing support for ether loan and offer a bitcoin-only loan model in May.
“This has been a breakout 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 firm’s outstanding loan book was $836.2 million at the end of September, with an average loan-to-value ratio of 42.7%, according to certification from The Network Firm.
Ledn provides fully secured loans, where BTC remains in custody for the entire term of the loan. The service appeals to long-term holders seeking liquidity without giving up exposure to BTC. The firm was the third-largest centralized lender after Tether and Galaxy (GLXY), according to a Galaxy Research report in April.
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