Ledn Posts Record Q3, Surpasses $1B in Bitcoin-Backed Loan originations YTD, and $100M in Annual Revenue

A Record Quarter for Bitcoin-Backed Credit

Ledn has achieved a major milestone in 2025, surpassing $1 billion in Bitcoin-backed loan originations year to date and crossing $100 million in annual recurring revenue (ARR).

In the third quarter alone, the company originated $392 million in Bitcoin-backed loans, nearly matching all lending volume from 2024 in just three months.

“This has been a breakout year for Ledn,” said Adam Reeds, Co-Founder and CEO of Ledn. “Crossing the $1 billion mark in loan originations year to date underscores the growing demand for responsible Bitcoin-secured credit and our commitment to transparency and trust.”

Since inception, Ledn has originated more than $2.8 billion in total loans, serving clients in over 100 countries who use their Bitcoin as productive collateral rather than selling it.

Transparency Milestone: Proof of Reserves, 10th Edition

Coinciding with the company’s record quarter, Ledn has released its 10th Proof of Reserves attestation, completed by The Network Firm LLP as of September 30, 2025.

For the first time, the Q3 Proof of Reserves report discloses the total size of Ledn’s loan book and the collateral backing those loans, providing clients and the public even greater visibility on the company’s performance and scale.

• Loan book size as of September 30th 2025: USD $836,220,722.98
• Aggregate loan-to-value (LTV): 42.68%

The new edition marks ten consecutive audits since Ledn first introduced Proof of Reserves in 2020, when it became the first crypto lender to implement independent third-party verification of client assets.

“We’re proud to celebrate our 10th Proof of Reserves, moving the bar for transparency in our industry even higher,” said Mauricio Di Bartolomeo, co-founder & Chief Sales Officer at Ledn.

Download the full report or verify your account holdings here.

‍

‍

A Blueprint for Responsible Bitcoin Finance

Ledn has grown to become the largest retail bitcoin-backed lender in the industry thanks to its simple and transparent approach over its 7 year history. Among the company’s key differentiators are:

• Fully collateralized lending, with loan collateral remaining in custody throughout the loan
  
• Recurring third-party Proof of Reserves attestations
  
• Services offered via regulated VASP entities

These safeguards have enabled Ledn to operate transparently and reliably, even during volatile market conditions.

“We built Ledn to serve long-term Bitcoin holders who want to preserve and grow their wealth responsibly,” said Reeds. “Our business is designed for transparency and resilience, not speculation.”