Strike vs Ledn: Bitcoin-Backed Loans Compared in 2026

Strike and Ledn both offer loans backed by native Bitcoin, with no conventional credit check and no requirement to sell the collateral. Their current products overlap, but the pricing, payment choices, availability and operating histories differ.

This comparison focuses on Strike’s 12-month fixed-term loan rather than its separate revolving line of credit.

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 Bitcoin carries counterparty, custody, market and liquidation risk.

Strike vs Ledn at a glance

The short answer

Strike may suit an eligible borrower who already uses its Bitcoin app, wants a choice between monthly interest and payment at maturity, or qualifies for one of its lower large-loan rates.

Ledn may suit a borrower who wants a longer-established Bitcoin-lending provider, no scheduled monthly payments, wider international availability and recurring company transparency reporting.

How Strike’s fixed-term loan works

Strike offers a 12-month lump-sum loan secured by Bitcoin. Eligible borrowers can choose monthly interest payments or defer interest until maturity. The APR is fixed for the term.

Strike’s published rate table runs from approximately 9.5% APR for qualifying monthly-payment loans of $10 million or more to 13% APR for smaller payment-at-maturity loans. Rates vary by loan amount, payment structure and jurisdiction.

Strike states that it charges no origination or early-repayment fee. Its public terms say early closure becomes available after the loan has been open for 60 days. Applicable liquidation or payment-processing costs should be confirmed in the live offer and agreement.

Strike also offers a separate revolving line of credit. That product has no maturity date, charges interest only on the amount drawn and may adjust its APR quarterly. It should not be treated as the same product as the fixed-term loan compared here.

How Ledn’s loan works

Ledn offers 12-month loans secured by native Bitcoin, generally beginning at 50% LTV. Eligible borrowers can receive USD, supported local currency or supported stablecoins. The debt remains denominated in US dollars.

Ledn currently publishes 9.25%–11.49% APR. Larger qualifying loans generally receive lower rates, and the applicable rate is displayed before application.

Interest accrues daily and is due when the loan closes, so there are no scheduled monthly payments. Borrowers can repay before maturity without a prepayment penalty. A 2% administrative fee generally applies outside Canada and the United States; the live quote and agreement are authoritative.

Rates and total borrowing cost

Strike’s and Ledn’s rate ranges overlap. The exact comparison depends on the loan size, jurisdiction and how the borrower wants to pay interest.

Strike’s monthly-interest option generally has a lower stated interest rate than its payment-at-maturity option. That distinction matters because the borrower must maintain a payment method and meet the monthly schedule.

Ledn’s structure defers interest until closure but may include an administrative fee outside Canada and the US. A borrower should compare total interest, applicable fees, payment timing and the amount of Bitcoin required—not simply the lowest number advertised by either provider.

How collateral is held

Strike says collateral is held in segregated wallets or accounts by Strike Lending or one of its capital providers. Its current FAQ states that the Bitcoin is not further rehypothecated, lent out, shorted or transferred to another external third party.

Ledn’s current loans use its Custodied structure. Ledn says collateral may be reposted only to an approved institutional funding partner or financing vehicle, remains ring-fenced or held through a bankruptcy-remote structure, and cannot be lent onward to generate interest.

These are different legal and operational arrangements. Borrowers should review the precise contracting entity and collateral language in the agreement offered to them.

Proof of Reserves and transparency

Strike publishes the findings of a quarterly Agreed-Upon Procedures engagement by an independent accounting firm for Bitcoin collateral held on behalf of US lending customers. Its first report was dated 31 December 2025; its public FAQ lists subsequent reports for March and June 2026.

Ledn has conducted Proof-of-Reserves attestations for several years and currently states that they occur at least every six months. It also publishes an Open Book Report covering aspects of assets, liabilities and loan operations.

The scopes are not identical, and neither form of reporting guarantees solvency or future performance. Review what assets, liabilities, entities, customers and dates each report actually covers.

LTV, margin calls and liquidation

Strike’s current FAQ states a maximum initial LTV of 50%. At 70% LTV, a margin call is triggered and the borrower generally has 24 hours to reduce the ratio to 60% or below. At 85%, Strike states that a partial liquidation can occur to restore the LTV to 60%.

Ledn starts at 50% LTV and sends alerts at 70% and 75%. Its optional Auto Top-Up feature can add Bitcoin from the borrower’s Transaction Account at 70%, attempting to reduce LTV to 68%. Borrowers may also add collateral or make a partial repayment. At 80%, Ledn may sell sufficient collateral to close the loan and return any remainder, subject to the agreement.

Strike’s higher published liquidation threshold provides more numerical distance after the initial margin call, but its LTV calculation and partial-liquidation mechanics differ from Ledn’s. Compare the complete rules, cure periods and costs.

Learn more about Bitcoin loan rates and liquidation risk.

Availability and minimums

Strike’s fixed-term loans are available to fully verified users in select US states and a limited list of other countries. Its published international list currently includes Argentina, Brazil, Chile, Costa Rica, El Salvador, Guatemala and South Korea, plus eligible New Zealand business accounts. US minimums vary by state.

Ledn offers loans in more than 100 countries, but availability, minimums, rates and disbursement methods differ by country, state and province.

Neither platform should be assumed to serve a particular borrower until eligibility is confirmed directly.

Which one may suit you?

Consider Strike if:

• you already use the Strike app;
• you want monthly-interest and payment-at-maturity options;
• its loan is available in your jurisdiction;
• its collateral and partial-liquidation structure fits your preferences.

Consider Ledn if:

• you want no scheduled monthly payments;
• wider international availability matters;
• you value a longer Bitcoin-lending operating history;
• recurring Proof-of-Reserves and Open Book reporting are important to your evaluation.

Frequently asked questions

Which has the lower APR, Strike or Ledn?

It depends. Strike publishes fixed-term rates of approximately 9.5%–13%, depending on size and payment method. Ledn publishes 9.25%–11.49%, generally based on loan size and jurisdiction. Fees and payment timing also affect total cost.

Does Strike lend out loan collateral?

Strike states that collateral is held by Strike Lending or a capital provider in segregated wallets or accounts and is not further rehypothecated or lent out.

Does Ledn require monthly payments?

No scheduled monthly payment is required under Ledn’s standard structure. Interest accrues daily and is due when the loan is closed.

Does Strike publish Proof of Reserves?

Strike publishes quarterly AUP findings for Bitcoin collateral held on behalf of US lending customers. Review the report scope and date rather than treating it as a blanket guarantee.

Can both lenders liquidate Bitcoin collateral?

Yes. Both products can liquidate collateral if the LTV reaches applicable thresholds or other contractual conditions are met.

This article is for general information only and is not financial, investment, tax or legal advice. Product availability and terms vary by jurisdiction. A significant fall in collateral value may lead to liquidation and financial loss. Verify current information with each provider before acting.