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Ledn's Open Book Report

Protecting your bitcoin and building a resilient business is our top priority. Ledn now publishes key health metrics, reported by a third-party, so you can see for yourself how Ledn protects your assets.

It’s one more way we demonstrate reliability and our commitment to you, our clients.

View Proof of ReservesView Loan Book Metrics
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Report Contents
Key Health Metrics
Loan Book Metrics
Proof of Reserves
How Ledn Protects Your Assets
Ledn’s Track Record
FAQs
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Key Health Metrics

Ledn has $tnf of outstanding BTC-backed loans at an average LTV of {{TNF}}
100% of BTC-backed loan collateral is held in custody.
Ledn’s last Proof of Reserves attestation was as of September 30th, 2025.
Ledn has originated $10.2B of loans since 2018, with a perfect track record of protecting client assets.

Loan Book Metrics

Monthly metrics of Ledn's lending operations, as of {{TNF}}.
All metrics observed and reported by The Network Firm LLP* (“The Network Firm”), a U.S.-based independent certified public accounting firm, as of {TNF}.

100%
of BTC Collateral in Custody

Reported by: The Network Firm
What it means
All BTC collateral is held in on-chain addresses and/or custodial accounts.
What was performed
The Network firm observed control of the on-chain addresses and/or custodial accounts provided by Ledn.
$TNF
BTC-backed Loans Outstanding
Reported by: The Network Firm
What it means
Total principal, interest and administrative fees of active loans at the snapshot date
What was performed
The Network Firm reported on the balance by aggregating all outstanding BTC-backed loans to customers as reported by the Ledn database.
TNF BTC
BTC Collateral Posted
Reported by: The Network Firm
What it means
Total BTC posted by clients as loan collateral
What was performed
The Network Firm independently queried and summed the BTC totals from Ledn custodial accounts and on-chain BTC collateral addresses.
TNF
Average Loan-to-Value Ratio
Reported by: The Network Firm
What it means
Ledn’s aggregate LTV across its BTC-backed loan book
What was performed
The Network Firm divided the BTC-backed Loans Outstanding balance by the total BTC Collateral Posted multiplied by the BTC price to report the Average LTV.
*Independent Reporting Disclaimer

The Network Firm LLP (“TNF”) has reported this information to present information regarding BTC collateral and loan metrics as of the date indicated. TNF’s role in connection with this information is limited to (i) obtaining balances directly from client-designated sources (e.g., blockchain addresses, custodial account APIs, and client loan databases), (ii) performing mechanical calculations, and (iii) presenting the results for transparency purposes. No other procedures, calculations, or results were provided in connection with this information and should not be construed as such by users. This information is not an audit, review, or attestation engagement, nor does it express any form of assurance, opinion, or conclusion under professional standards issued by the AICPA, PCAOB, or other standard-setting bodies and should not be construed as such by users. The information herein should be considered supplemental information and used in conjunction with other information provided directly by Ledn.  Ledn Management has completed attestations under AICPA standards, which are performed separately and distinctly from the information provided herein, and available here.

Proof of Reserves

Last Proof of Reserves Completed: September 30, 2025
Proof of Reserves is an independent process intended to demonstrate that Ledn's assets are 100% or greater than client liabilities.
We think you shouldn't have to just take our word for it when it comes to the security of your bitcoin. That's why we were the first bitcoin-backed lending platform globally to complete a Proof of Reserves attestation in January 2021, and are proud of having the industry’s longest running Proof of Reserves program.

We have engaged The Network Firm LLP to provide a Proof of Reserves attestation report every two quarters. Here’s what the latest Proof of Reserves attestation reports:
Ledn retains assets in excess of 100% of client liabilities.
All client assets are held and accounted for, either by Ledn or our funding partners.
All clients can verify their Ledn account balances were included in the attestation via the Merkle Tree.

Verify your individual balances

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How Ledn Protects Your Assets

Bitcoin is held in custody

100% of loan collateral is held in custody.

Legally Ring-Fenced

Ledn retains beneficial ownership of loan collateral assets at all times so that even in the unlikely event of a funding partner's bankruptcy, your assets are legally protected.

Not Used to Generate Interest

No client assets are lent out to third parties to generate interest.

Ledn’s Track Record

Ledn is the most transparent, resilient, and secure lender in bitcoin—by design, not by accident.
2018
Founded
$10.2B
Lifetime Loans Funded
47,000
Loans funded since inception
Perfect
Track Record of Protecting Client Assets
$10,000,000,000
Lifetime Loans Funded

FAQs

How do you custody collateral?

100% of Ledn’s BTC-backed loans are Custodied loans, including B2X loans. In all cases, the collateral you post to secure your loan may only be re-posted by Ledn to a trusted institutional USD funding partner, such as a bank, credit fund or other corporate funding partner.
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Collateral is held securely in on-chain addresses and/or custodial accounts, ensuring that the collateral is legally ring-fenced from a funding partner’s assets and protected even in the unlikely bankruptcy of our funding partner.
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Collateral is held securely in custody throughout the loan. Neither Ledn nor the institutional partner has the right to lend out the collateral to generate interest.

Is my bitcoin lent out to generate interest?

No, 100% of Ledn’s BTC-backed loans are Custodied loans. Neither Ledn nor our partners have the right to lend the BTC collateral for yield, so suchcollateral is never exposed to institutional credit risk.

Is the BTC in cold storage?

Yes. The majority of BTC collateral is held in cold storage (offline wallets) by us or our funding partners for enhanced security. A certain amount may be held in hot wallets for operational purposes like returning loan collateral to clients.

Who are the Ledn employees?

Ledn has team members across the world from a variety of backgrounds, including many bitcoiners and financial experts. We have team members in North and South America, Europe and Africa serving clients in 100+ countries globally.
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You can learn more about the Ledn founding team here.

What can I expect from my experience taking out a loan with Ledn?

Read what real users say about their experience taking out a bitcoin-backed loan with Ledn
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Heard about us on a podcast or listened to an Influencer talk about Ledn? Did you know that the hosts invariably are users of Ledn and have personally taken out loans with us? They are genuine fans!

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