TL;DR

Ledn surpasses $1 billion in bitcoin-backed loan originations this year.

Company reports $100 million in annual recurring revenue for 2025.

Firm ends ether lending to maintain a bitcoin-only loan model.

Ledn reported surpassing $1 billion in loan originations so far in the year, a marker of growing demand for credit backed by Bitcoin. The Toronto-founded lender issued $392 million in BTC-backed loans during the third quarter. 

The firm also reported $100 million in annual recurring revenue, reflecting rising use of loans which let holders keep Bitcoin while accessing cash. Revenue of such scale gives management recurring cash flow to run operations and compliance.

Ledn phased out ether lending earlier in the year and adopted a Bitcoin-only product model in May. CEO Adam Reeds called the year a breakout for Ledn. The company published a proof of reserves alongside the update. The attestation by The Network Firm shows a total loan book at $836.2 million and an average loan-to-value ratio of 42.7%.

Quarterly Results and Risk Controls

Ledn offers fully collateralized loans where BTC stays in custody during the loan period. The model appeals to long-term holders who prefer liquidity without selling coins. Risk controls include conservative loan-to-value limits and independent attestations of reserves. Regulatory scrutiny of digital credit products has increased, and Ledn reports policies intended to align operations with financial rules.

Market data places Ledn behind only a few larger centralized lenders in loan volume. The firm recorded $392 million in Q3, nearly equal to total originations in the prior year. Management frames growth as demand-driven and operationally supported by proof of reserves and custody practices.

Borrowers choose Ledn when they need cash but want to retain exposure to bitcoin. The lender reports an average loan-to-value ratio below half, which reduces liquidation pressure. Traders may call the outcome cautious optimism among Bitcoin holders. The update provides concrete metrics for analysts tracking the credit side of the Bitcoin market.

BTCUSD Technical Analysis

Bitcoin (BTC/USD) is trading at $115,037, reflecting a 0.42% daily gain and maintaining strong momentum above the $110K psychological level. The market shows a neutral to bullish bias on oscillators and moving averages, suggesting a consolidation phase after a strong rally.

Source: Tradingview

The support zone lies between $107,500 – $109,500, while immediate resistance is seen around $116,000 – $118,000. Institutional inflows remain robust, with $931M added to Bitcoin funds last week and total inflows of $30.2B YTD, reflecting renewed capital allocation post–Fed rate cuts.

Source: SosoValue

Public company holdings surged from 476,000 BTC to 869,000 BTC in 2025, driven by U.S. Spot ETF demand.

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Filed under: News - @ October 27, 2025 5:27 pm