Bitcoin LendingMARKET FIND
Ledn — Bitcoin-Backed Loans for Individuals and Institutions
Ledn is a digital asset lending platform offering bitcoin-backed loans to individuals in over 120 countries, with approval based on collateral rather than credit history. The company originated Canada's first bitcoin-backed loan in 2018 and reports $1.4 billion in originations in 2025.
Founded in 2018, Ledn is a Toronto-based lending company offering bitcoin-backed loans with a minimum of $1,000 USD equivalent in bitcoin collateral. The firm operates in over 120 countries and does not require a credit check for approval. Ledn estimates it holds approximately 30% of the global consumer bitcoin-backed lending market by volume. In 2025, the company reported originating $1.4 billion in bitcoin-backed loans. In February 2026, Ledn closed what it described as the first investment-grade bitcoin-collateralized asset-backed security — a $200 million bond deal with its senior tranche rated BBB- by S&P Global Ratings — cited by the company as a marker of institutional acceptance of bitcoin-backed credit. Tether made a strategic investment in Ledn in November 2025. Ledn has published analysis projecting the bitcoin-backed lending market could reach $1 trillion within a decade as securitization attracts institutional capital. The firm employs more than 50 people and serves retail and institutional borrowers globally.