Bitcoin-backed loans. Keep your Bitcoin.

You use BTC as security for a USD-denominated loan. At a typical 50% initial LTV, $10,000 of Bitcoin supports a $5,000 loan. You receive funds through an available fiat or stablecoin method, interest accrues daily, and remaining collateral is released when the loan closes. If Bitcoin falls far enough, collateral can be sold automatically, so this is not a risk-free way to hold BTC. Collateral may also be sold at maturity to settle unpaid accrued interest and fees and, if needed, bring LTV to 64% for renewal. Renewal requires LTV below 65%.

Published APR currently ranges from 11.4 below $250,000 to 9.2 at $2,000,000+. Your individual loan amount determines the tier. A 2% administration fee is included where applicable; Ledn's Help Center says it does not apply to clients in Canada and the United States. Rates and fees can vary by jurisdiction, and the terms shown in the platform before you apply govern.

Your LTV rises. Ledn sends notifications at 70% and 75%. You can top up with BTC, make a full or partial repayment, or use Auto Top-Up where available. At or above 80%, liquidation is automatic and irreversible: Ledn sells collateral to cover the outstanding balance, applies a 0.50% trade spread, and returns any remainder.

For Custodied Loans, Ledn says collateral remains in verifiable custody. It may only be re-posted to an institutional USD funding partner or a Ledn-sponsored financing vehicle, where it is legally ring-fenced or held in bankruptcy-remote structures. Ledn and those partners do not have the right to lend it out to generate interest.

Depending on availability, repay with collateral, through a USD ACH or wire from a bank account in the same legal name, or from an eligible stablecoin balance. Ledn does not automatically debit your bank account. A collateral or stablecoin repayment can settle quickly; bank funds can take up to five business days to be received and applied.

Yes. You can repay your loan in full or make partial repayments before maturity without an early repayment penalty. Partial repayments reduce your outstanding balance and LTV. Interest accrues daily and is payable when you repay in full. From January 1, 2027, accrued interest and applicable fees must also be paid in full at maturity or when you refinance before maturity, including for existing loans. Only amounts accrued up to that date are due.

From January 1, 2027, existing loans must have accrued interest and applicable fees paid in full at maturity or on a mid-term refinance. Eligible remaining principal may roll into a new term if LTV is below 65%, subject to jurisdiction and the renewal offer. At maturity, Ledn automatically applies your available stablecoin Transaction Account balance to accrued interest and fees. All stablecoins supported by Ledn can be used. If the balance is insufficient, Ledn will sell the minimum BTC needed to cover the shortfall and, if needed, bring LTV to 64%, with advance notice in renewal offer emails.

Potentially. If LTV falls below 30%, eligible clients may redeem BTC to bring LTV back to a 40% target. The loan generally must be more than 60 days old, must not be within 30 days of maturity, and cannot have had another redemption in the last 60 days. A minimum and a $100,000-per-60-day maximum also apply.

Availability depends on country, state, or province. In some eligible locations, Ledn may also require a minimum principal or confirmation of commercial purpose. Check the current eligibility page before applying.

Borrowing is often treated differently from selling and may not itself realize a capital gain, but tax treatment varies by jurisdiction, use of proceeds, and personal circumstances. Liquidation or repaying with collateral may involve a disposal. This page is not tax advice; speak with a qualified tax professional.