Ledn vs SALT: Bitcoin-Backed Loans Compared in 2026

Compare Ledn and SALT Lending in 2026, including interest rates, LTVs, fees, terms, collateral arrangements, transparency and operating history.

SALT Lending and Ledn both offer loans backed by cryptocurrency, and SALT’s lower headline rates can look attractive.

But the lowest rate comes with a trade-off. SALT’s 7.49% rate is at 30% LTV, which means putting up more than $3 of Bitcoin for every $1 you borrow. With that much Bitcoin in a lender’s hands, the interest rate is only part of the decision.

It is also worth looking closely at what happens to your collateral, and at how each lender has behaved when markets dropped. Ledn continued lending through the 2022 crash, while SALT stopped deposits and withdrawals during that period.

This guide compares Ledn and SALT on cost, terms, collateral protection, and track record.

Check your indicative Ledn Bitcoin-backed loan terms. Rates, products and eligibility vary by jurisdiction.

Ledn prepared this comparison and has a commercial interest in its own products. Information was checked against public provider materials in September 2026 and may change. Borrowing against digital assets carries counterparty, custody, market and liquidation risk.

Read more: How to Borrow Against Bitcoin

Key takeaways

Cost: SALT’s lowest rates are at 30% LTV, meaning you lock up more Bitcoin to borrow the same amount. Rates start at 7.49%. Ledn lends at 50% LTV and currently advertises 9.25%–11.49% APR, with lower rates on larger qualifying loans.

Term: SALT offers 1, 3, and 5-year loans. Ledn offers 12-month loans that can be renewed if you still qualify.

Collateral: SALT accepts Bitcoin, Ethereum, USDC, USDT, and SALT. Ledn accepts Bitcoin only.

Transparency: Ledn conducts Proof-of-Reserves attestations at least every six months and publishes recurring Open Book reporting. A comparable public SALT attestation could not be located as of the review date.

Track record: Ledn has operated since 2018 and reports more than $11 billion in cumulative loan originations. SALT began in 2016 and paused withdrawals in November 2022; California’s DFPI announced a consent order and borrower-refund programme in January 2025.

What is the difference between Ledn and SALT?

SALT Lending has offered loans against crypto since 2016. It takes several kinds of crypto as security, including its own coin, lends for up to five years, and lets you choose how much you borrow against what you put up.

Ledn has been offering Bitcoin-backed loans since 2018, through every market since, including the 2022 crash.

It displays the applicable rate before application, provides a written loan agreement, can disburse dollars, supported stablecoins or local currency where available, and publishes its collateral-management thresholds. Ledn conducts external Proof-of-Reserves attestations at least every six months and publishes separate Open Book reporting.

It operates in more than 100 countries through regulated entities in the Cayman Islands and Spain.

Read more: The 8 Best Crypto Loan Platforms in the USA

LTV, and why it matters

LTV, or loan-to-value, is how much you borrow compared with the value of the Bitcoin you put up. If you borrow $30,000 against $100,000 of Bitcoin, your LTV is 30%. Borrow $50,000 against the same Bitcoin, and it is 50%.

The lower the LTV, the more Bitcoin you have to lock up for the same loan. That usually gets you a lower interest rate. A higher LTV lets you borrow more against the same amount of Bitcoin, but usually costs more.

Ledn vs SALT Lending compared, side by side

What do the loans cost?

SALT prices loans by both LTV and term. The loan amount itself does not change the rate.

The lowest SALT rates come at 30% LTV. That means putting up more than $3 of Bitcoin for every $1 you borrow. The longer you lock that Bitcoin up, the higher the rate: 7.49% for one year, rising to 8.49% for five years.

Ledn works differently. It lends at 50% LTV, then lowers the interest rate as the loan gets bigger.

SALT can be cheaper, if you are willing to lock up more Bitcoin at a lower LTV. Ledn asks for less Bitcoin relative to the amount borrowed, but charges a higher rate, with the best pricing reserved for larger loans.

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That makes the next question important: what happens to your Bitcoin while the lender is holding it, and how has each company handled a market crash?

What happens to your Bitcoin?

Both companies say they do not lend your Bitcoin out to earn interest.

SALT Lending says it keeps it separate and does not lend, trade, or reuse it.

With Ledn, collateral may be reposted only to an approved institutional funding partner or financing vehicle. Ledn says neither it nor that party has the right to lend the collateral onward to earn interest, and that it remains ring-fenced or held through a bankruptcy-remote structure.

Ledn conducts external Proof-of-Reserves attestations at least every six months and publishes a separate Open Book Report. These disclosures are useful transparency measures but do not guarantee solvency or future performance.

A comparable public Proof-of-Reserves attestation from SALT Lending could not be located as of September 2026.

What happens if Bitcoin’s price falls?

If Bitcoin drops far enough, your loan gets too big next to what you put up, and the lender can sell some of your Bitcoin to cover it.

SALT Lending sends alerts and has a system called Stabilization, which can swap your Bitcoin into USDC at 90.91% LTV. It also sells an optional add-on called SALT Shield. Its other trigger points depend on your individual contract.

Ledn publishes its standard intervention thresholds, subject to the borrower’s agreement.

At 70% LTV it warns you. At 80% it sells. Ledn gives you three ways to respond: pay off part of the loan, redeem some of your collateral, or switch on Auto Top-Up, which moves Bitcoin from your Ledn account into your collateral as the number climbs.

How do their track records compare?

On 15 November 2022, after the collapse of the exchange FTX, SALT told customers the event had hit its business and stopped both deposits and withdrawals. California's financial regulator then suspended SALT Lending's lending licence there while it investigated.

The licence came back in January 2025 under a DFPI settlement, in which SALT Lending agreed to waive certain interest and charges for affected borrowers covering the period from the freeze, to issue some refunds, and to require outstanding loans to be repaid or refinanced before withdrawal requests were processed.

In September 2020, the SEC announced settled charges concerning SALT Blockchain’s earlier token offering. SALT agreed to a claims process and a $250,000 civil penalty without admitting or denying the SEC’s findings. These matters concern historical events and do not by themselves determine the suitability of a current loan.

Ledn has offered Bitcoin-backed loans since 2018 and reports more than $11 billion in cumulative originations. Past operating performance does not guarantee future results.

Bitcoin only, or other crypto too?

SALT Lending takes Bitcoin, Ethereum, USDC, USDT, and its own SALT coins. Under its coin terms, you can use SALT coins for up to a fifth of what you put up, if SALT agrees, and you can use or trade them in against fees, interest, or a lower rate.

Ledn lends against Bitcoin and nothing else, and needs no coin of its own to get its published rates.

How long can you borrow for?

SALT Lending has longer loans, up to five years. You can also choose how you repay: interest only, interest plus part of the loan, or nothing at all until the final day.

Ledn lends for 12 months, renewable if you still qualify, with nothing to pay each month. The interest builds up and you settle it when the loan ends. That means there is no scheduled monthly payment to manage while the loan runs.

Which lender may suit you?

If headline interest cost is your main concern, SALT may offer a lower rate for certain LTV and term combinations. Confirm the complete offer, including optional-service and liquidation-related fees.

Ledn’s differentiators include its Bitcoin-only focus, no native token, recurring Proof-of-Reserves attestations, separate Open Book reporting, published collateral-management thresholds and wider international availability.

See your rate and apply through Ledn’s Bitcoin-backed loan page. No conventional credit check or scheduled monthly payments. Eligibility, pricing and funding time vary.

FAQs

Does SALT still have its own coin?

Yes. SALT coins can be used for up to a fifth of what you pledge, if SALT agrees, and trade them in against fees, interest, or a lower rate. Ledn has never had a coin of its own.

Did SALT ever stop customers withdrawing?

Yes. SALT stopped deposits and withdrawals on 15 November 2022, after saying the collapse of FTX had hit its business. California suspended its lending licence there while it investigated, and reinstated it in January 2025 under a settlement.

Does either lender lend out my Bitcoin?

Both state that loan collateral is not lent out to generate interest. Ledn may repost collateral to an approved institutional funding partner or financing vehicle as part of its funding structure. Ledn says the assets remain in verifiable custody and are legally ring-fenced or held through a bankruptcy-remote structure. Ledn conducts external Proof-of-Reserves attestations at least every six months and publishes a separate Open Book Report. With either lender, review the applicable agreement for the exact custody and collateral terms.

Which lends for longer?

SALT, at 1, 3, or 5 years. Ledn lends for 12 months and you can renew if you still qualify.

Which takes more kinds of crypto?

SALT. It takes Bitcoin, Ethereum, USDC, USDT, and its own SALT coin. Ledn takes Bitcoin only.

Who gets their books checked by an outside firm?

Ledn conducts external Proof-of-Reserves attestations at least every six months. A comparable public SALT attestation could not be located as of September 2026. These checks address specified information at a reporting date and are not guarantees.

This comparison uses information checked in September 2026. Rates, features and availability change, and both lenders' offers depend on location and eligibility. Check the current details with each company before acting.

A significant drop in collateral value could lead to the liquidation of loan collateral, resulting in a financial loss. Rates are subject to change and are calculated on a simple-interest basis.

This article expresses the views of employees of 21 Technologies Inc. and/or its subsidiaries ("Ledn") and is for general information or educational purposes only. It is not legal, financial, investment, accounting, or tax advice. Past performance is not a guarantee of future results.