Don't Just Trust. Verify: (Re) Introducing Ledn’s Open Book Report

Building trust in bitcoin-backed lending is a journey, not a destination.

Since 2018, we've maintained a perfect track record protecting client assets while continuously investing in new ways to operate transparently and demonstrate how we safeguard bitcoin. In 2021 we rolled out the first, and longest running Proof of Reserves program in the digital asset lending industry, followed by monthly Open Book Reports through 2023, 2024 and 2025.

Today, we're introducing the next evolution of Ledn’s Open Book Report—the first monthly report in bitcoin-backed lending, which now includes reporting by The Network Firm LLP (“The Network Firm”), a U.S.-based certified public accounting firm*.

Facts Over Hype

We believe clients should make decisions based on facts, not promises. When choosing where to get a loan against your bitcoin, you deserve complete transparency about how your assets are treated.

Too many exchanges and lenders have failed after offering slick marketing and lip service instead of proof. At Ledn, we back our claims with verifiable evidence. The latest version of Ledn’s Open Book Report is how we prove—not promise—that your bitcoin is safe, and precisely accounted for.

Every month, The Network Firm reports on key data elements using various methods:

• % of BTC collateral in custody through observation of on-chain addresses and/or custodial accounts
• BTC-backed loans outstanding as reported by the Ledn database
• Average Loan-to-Value Ratio (LTV)

You don't need to just trust us—you can see proof, every month.

What’s Included

Proof of Reserves Attestation

Our bi-annual proof of reserves attestation, demonstrating that Ledn retains assets in excess of 100% of client liabilities, with the ability for each client to verify their assets were included via the Merkle Tree.

Monthly Updated Loan Book Reporting

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For the first time in CeFi lending, Ledn is publishing the details of our loan book. This includes reporting from The Network Firm, who report key data points of Ledn’s loan book and that all BTC collateral is held in on-chain addresses and/or custodial accounts. 

We want you to have proof that every bitcoin posted as collateral is exactly where we say it is—custodied, never lent out, always protected.

Ledn’s Track Record

Ledn has been building since 2018, and we are proud of the track record we have accumulated by doing things right, every single day. We are proud to publish details about the clients we have served and the track record we have of protecting their assets through all market conditions (hint: it’s perfect).

Your Bitcoin Deserves Proof

Our goal is to help remove opacity from the lending industry. As we continue this journey, we'll keep finding new ways to prove rather than promise that your bitcoin is safe.

Clients deserve the highest standard of proof that their lender takes asset protection seriously. You still have full access to our proof of reserves attestations, and the new Open Book Report adds another layer of transparency—independently reported, regularly updated, and accessible to everyone.

This gives existing and potential clients the information they need to make educated decisions. Clients shouldn't have to wonder if their bitcoin is safe. They should be able to verify it.

Never sell your Bitcoin. Borrow against it—with complete transparency.

View the full Ledn Open Book Report and see the proof for yourself.

*The Network Firm 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.