What Proof of Reserves means at Ledn, since the term gets used loosely. An independent U.S. accounting firm attests that Ledn holds assets in excess of 100% of client liabilities. This runs every two quarters, and the most recent attestation was as of 31 March 2026. The half people skip: each client balance is committed to a Merkle tree, and you can confirm your own account was included from inside your Ledn account. The aggregate figure is only as good as your ability to find yourself in it. Separately, key loan book metrics are reported monthly by the same firm — percentage of collateral in custody, loans outstanding, average LTV across the book. Verification you perform beats any number we publish on our own.

By Mauricio's figures, roughly 60% of homes are mortgaged. Bitcoin pledged as collateral sits at 0.2%. That gap is the whole thesis. Ledn co-founder @cryptonomista at BTC Prague 2026: Proof of Scale.

Cheaper borrowing usually means someone took a risk you can't see. Mauricio Di Bartolomeo on What Bitcoin Did podcast with @_DannyKnowles what lies behind "no-liquidation" loans, why Auto Top-up exist, and whether parts of this industry are rebuilding the same structure that failed last time.

The Week Ahead: Monday: Start of the SALT Wyoming Blockchain Symposium Tuesday: SEC Chairman Atkins speech Wednesday: Inflation data from the EU and U.K. Thursday: Inflation data from Japan Saturday: Bitcoin mining difficulty expected to increase by +0.48% to 128.T Catch the full details in our Bitcoin Economic Calendar for the week of August 17th!

Four numbers appear in every Open Book Report. Worth knowing what each one is doing. BTC collateral posted: the total bitcoin clients have put up against loans. The Network Firm queries the custodial accounts and on-chain addresses directly and sums them. Ledn doesn't hand over the figure. Loans outstanding: principal, interest and admin fees across every active loan at the snapshot date. Average LTV: the second number divided by the first, adjusted for bitcoin's price. A lower figure means more room across the book before volatility becomes anyone's problem. 100% of collateral in custody: every satoshi sitting in an address or custodial account someone outside Ledn has verified control of. Read together they answer one question — is the book carrying more risk this month than last. Published either way. August OBR is here:

60% of homes are pledged as collateral. Only 0.2% of Bitcoin is. @cryptonomista from @hodlwithLedn on the trillion dollars sitting in that gap, and the one rating standing between Bitcoin and the $1.83T market that funds America's car loans and mortgages.

Wiring more cash is one way to add bitcoin exposure. Borrowing against the bitcoin you already hold is another. B2X does the second one: your collateral goes into custody, the loan buys an equal amount of bitcoin, and you walk out with roughly double the exposure you walked in with. That's more bitcoin working for you, and more at stake if the price drops. Know your LTV top-up thresholds and comfort levels before you start. See where your numbers land:

"It was very important for us to choose a partner for custody of our assets that we were proud of and that we could present to any one of our funding partners." @cryptonomista on how Ledn thinks about custody, and why we work with @BitGo

Highlights for the Week Ahead: Monday: Australian Central Bank expected to hold rates unchanged Wednesday: U.S. Inflation data, OPEC Monthly Oil Market report. Earnings: $XXI $SECZ Catch the full details in our Bitcoin Economic Calendar for the week of August 10th!

Ledn exists because a co-founder watched a currency come apart in real time. @cryptonomista left Venezuela in 2003, having seen the early tremors of a collapse that would eventually wipe out savings across the country. He started Ledn in 2018. Bitcoin was the straightforward part. A currency nobody can print more of solves the exact problem he'd lived through. The rest came from watching people take an institution's word for where their money was and lose it anyway.

What a Ledn loan looks like in practice? Bitcoin deposited as collateral. Stablecoins funded in hours. Fixed APR from day one. Collateral never lent out. Repay when ready. Bitcoin comes back.