Ledn
@hodlwithLedn
Hard assets. Higher standards.
Bitcoin-backed loans, trading and more.
Visit for product terms. Product availability varies by jurisdiction.
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Good move from @hodlwithLedn
From 9 Nov, if a bitcoin-backed loan hits 80% LTV, they won't close it any more. They sell just enough bitcoin to bring it back to 65%, and the loan stays open.
On top of that:
No margin calls, ever
Auto Top-Up from bitcoin you already hold
Repay any time, no early repayment penalty
No liquidation or top-up fee, and a 0.5% spread only on bitcoin actually sold
If you plan to hold for a decade and borrow against it, this is how a lender should work.
My view, not advice.
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Our new mark is built around an aperture: a narrow opening every asset, product and partner has to pass through before it reaches a client.
Heavy shapes on the outside for strength and structure. A clear view in the middle.
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Three questions worth putting to any lender: where the bitcoin sits, whether it’s lent out, and when you can see the proof.
We answer all three every month, in public.
Bitcoin is the only collateral in wide use that a lender and a borrower can both verify independently, at the same moment, without asking anyone’s permission.
Mau on why gold sits alongside bitcoin on the platform now, and what each one is actually for.
100% of client bitcoin collateral held in custody. That's the standard.
A fixed rate means the lender carries the change in their own funding costs rather than passing it to you mid-loan. Set on day one, held to maturity.
Mauricio on what institutional capital needs to see before it will fund bitcoin credit at scale.
Bitcoin's Bull Market Signal Is Hiding In Its Loan Book | @cryptonomista from @hodlwithLedn
00:00 What Bitcoin Borrowers Are Doing During This Volatility
03:18 How Borrowers Defended Loans Through the Selloff
06:05 Record Margin Debt and the Cost of Leverage
08:31 Bitcoin-Backed Loans vs. Stock Margin Loans
12:00 Why Bitcoin Is Becoming Pristine Collateral
13:47 Liquidation Thresholds
16:58 Could Options Push Bitcoin Above $95K?
20:20 Tokenized Gold and Borrowing Against Gold
22:16 Why Gold’s Biggest Problem Is Geography
25:42 From Analog Gold to Digital Gold
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The Week Ahead:
Monday: IMF World Bank Annual Meeting begins in Bangkok
Tuesday: OPEC October Oil Market Report, ECB President Lagarde speech, Inflation data from China. Earnings from $JPM, $GS. $C
Wednesday: Australia unemployment rate, earnings from $BAC, $WF, $BLK
Thursday: Fed Chair Warsh speech
Friday: Bitcoin Mining Difficulty expected to increase by +3.98% to ~138TH
Catch the full details in our Bitcoin Economic Calendar for the week of October 12th
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Rated at investment grade. Custodied, never lent out. Attested every two quarters.
Go and ask another lender for all three.
Bitcoin and gold on one platform, swapped at a 0.5% spread built into the price. No added fees on top.
Two hard assets. One standard for how they're held.
A rate that moves mid-loan is a rate you have to keep watching.
Set on day one, held for the term. Your weekend is for other things.
Average loan-to-value across our book: 44%.
The average client here is borrowing less than half of what their collateral is worth. That's not a limit we impose. It's how people behave when they intend to keep the bitcoin.
Published in the October Open Book Report, with the rest of the numbers.
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Bitcoin credit stays niche until institutional capital funds it.
Mau's case for how it gets there, from the BTC Prague stage back in August.
In 2025, Tether made a strategic investment in Ledn.
You do not need investor access to see our book. Our loan book and client collateral are published every month, independently reported by The Network Firm LLP.
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2.1 hour is our median funding time.
Opportunity rarely waits for a credit committee.
When S&P rated the notes in our securitization as investment grade, it was rating our loans, not our marketing. It was looking at the loans in the ABS.
Those loans were originated the same way every Ledn loan is, with discipline. That discipline, not a rating, is what you get when you take out a loan with us.
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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.
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