The only major Bitcoin lender from the pre-2022 era still operating without customer losses, restructuring, or settlements. $500 minimum, choice between segregated custody or rehypothecated rates, monthly proof-of-reserves.
Ledn is the survivor. Of the major Bitcoin-backed lenders that existed before the 2022 crash, Ledn is the only one still operating without restructuring, bankruptcy, or regulatory settlement. BlockFi went under. Celsius collapsed. Voyager went bankrupt. Nexo took two regulatory hits totaling $45.5M. Ledn just kept lending.
The reason that matters: Ledn made a structural decision in 2020 to offer a Custodied loan product where customer Bitcoin sat in segregated custody at BitGo, not on Ledn books, and was not rehypothecated to generate yield. That decision cost Ledn revenue during the bull market. It also saved the company when the market turned. Compare to BlockFi, which was generating yield on customer Bitcoin and went insolvent when those loans went bad.
In 2026, Ledn offers two clearly labeled products: Custodied at 11.4% APR with segregated custody, and Growth at 10.4% APR that explicitly allows rehypothecation. You pick. The transparency is the product. The company launched a US-compliant loan product in early 2026 using a qualified custodian structure, expanding coverage from its long-standing international operation.
| Category | Score | Notes |
|---|---|---|
| Custody model | 8/10 | Segregated custody on Custodied product; rehypothecation only on opt-in Growth |
| Transparency | 9/10 | Monthly proof-of-reserves attestations from Armanino since 2021 |
| Regulatory record | 9/10 | No SEC actions, no state penalties, no customer fund losses |
| Rate transparency | 9/10 | Fixed APR, zero origination fees, clear Custodied vs Growth pricing split |
| Survived 2022 wipeout | 10/10 | Only major lender from that era still operating without restructuring |
| Overall | 8.5/10 | Cleanest survivor of the 2022 wipeout, transparent custody choice, conservative thresholds |
| Parameter | Details |
|---|---|
| APR (Custodied) | 11.4% fixed |
| APR (Growth) | 10.4% fixed |
| Minimum loan | $500 USD-equivalent |
| Maximum loan | $50,000,000 (institutional) |
| Max LTV | 50% |
| Margin call LTV | 70% |
| Liquidation LTV | 80% |
| Custody model | Segregated custody (Custodied) / Rehypothecated (Growth) |
| Custodian | BitGo international; US-regulated qualified custodian for US product |
| Origination fee | No |
| Prepayment penalty | No |
| Accepted collateral | Bitcoin, Ethereum (USDC on certain products) |
| KYC required | Yes |
| Availability | Global, US product launched 2026 (state-dependent) |
| Proof of reserves | Monthly attestations from Armanino |
| Founded | 2018 |
| Track record | Survived 2022 lending crisis without customer losses |
Ledn is the only major lender that gives you an explicit, labeled choice between custody safety and rate. Most platforms hide rehypothecation in fine print or refuse to disclose it. Ledn puts it in the product name.
Custodied (11.4% APR). Your Bitcoin sits in segregated qualified-custody at BitGo (international) or a US-regulated qualified custodian (US product). Ledn cannot lend it out. Ledn cannot use it to generate yield. In a bankruptcy scenario, the segregation strengthens your claim to recovery, though actual recovery depends on jurisdiction and proceedings.
Growth (10.4% APR). Your Bitcoin can be rehypothecated. Ledn lends it to institutional counterparties to generate yield, and that yield is what lets Ledn offer the lower 10.4% rate. The tradeoff is real: in a bankruptcy scenario, your Bitcoin is part of the rehypothecation pool and recovery would be much harder. This is the BlockFi-style risk you are choosing to take in exchange for 1% cheaper money.
The honest read: for most borrowers, the extra 1% on Custodied is worth paying for the structural safety. For sophisticated borrowers with strong views on Ledn solvency, the Growth tier saves real money. The fact that Ledn lets you choose, and labels both products clearly, is rare in this market.
In 2022, the Bitcoin lending sector collapsed. BlockFi filed Chapter 11 in November 2022. Celsius filed in July 2022 with a $1.2 billion balance-sheet hole. Voyager filed in July 2022. All three were running rehypothecated loan books where customer Bitcoin was relent to generate yield. When yields turned negative and counterparties defaulted, the loan books went underwater faster than withdrawals could be processed.
Ledn did not collapse. Customer withdrawals were not paused. No restructuring. No government settlement. The reason is the Custodied product: customer Bitcoin in segregated custody was not part of any rehypothecation pool, so there was no counterparty risk to absorb when the market turned. The Growth product (then called by a different name) was smaller relative to total Ledn AUM and was managed more conservatively than BlockFi or Celsius equivalents.
That is a meaningful credential. It is also not a guarantee. Past survival does not prove future solvency, and the 2022 cycle was an unusual stress test that future cycles may not repeat. But it is the strongest track record any major custodial Bitcoin lender can offer in 2026.
Three credible custodial or quasi-custodial options for US borrowers in 2026, with very different positioning.
| Parameter | Ledn | Strike | Unchained |
|---|---|---|---|
| Minimum loan | $500 | $10,000 | $150,000 |
| APR | 10.4-11.4% | ~9.5% | ~14.2% |
| Custody | Segregated or rehypo (your choice) | Custodial, no rehypo | Multisig, you hold 1 key |
| Origination fee | No | No | Yes |
| KYC | Yes | Yes | Yes |
| Survived 2022 | Yes | N/A (launched 2024) | Yes |
| US availability | Yes (state-dependent) | Yes (state-dependent) | Yes |
Ledn wins on minimum size (accessible at $500) and on track record (survived 2022). Strike wins on price for loans over $10K. Unchained wins on custody if you can meet the $150K minimum and want to hold a multisig key yourself.
Ledn earns 8.5/10. It is the most balanced custodial Bitcoin loan product on the market in 2026: accessible minimums, transparent product split between custody safety and lower rates, monthly proof-of-reserves, conservative liquidation thresholds, and the only major pre-2022 lender still standing without restructuring.
What holds it back from 9 or 10: it is still custodial. You do not hold a key on your collateral. The auditor (Armanino) has reputation damage from prior FTX work. And Strike now undercuts Ledn on price for loans over $10K with similar custody guarantees.
For most borrowers between $500 and $50,000 who want a custodial product, Ledn Custodied is the safest mainstream option. For lower rates with the same custodial model, look at Strike. For non-custodial security, look at Hodl Hodl / Debifi or Surge Credit.
Pick Custodied or Growth, complete KYC, deposit Bitcoin collateral, receive USD. $500 minimum.
Ledn survived the 2022 lending wipeout that killed BlockFi, Celsius, and Voyager. The reason is structural: Ledn ran a Custodied loan product where client Bitcoin sat in segregated custody without rehypothecation. While BlockFi was generating yield by relending customer coins, Ledn was explicitly not. That decision is the entire reason Ledn is still here. The company has published independent proof-of-reserves attestations through Armanino since 2021. No customer has lost Bitcoin in custody. That said, Ledn is still a custodial product. You are trusting the company plus its custodial partners (BitGo, plus US-regulated qualified custodians for the 2026 Custodied product). For non-custodial alternatives, see Hodl Hodl/Debifi or Surge Credit.
Ledn offers two products with different rates. Ledn Custodied (the safer, segregated-custody option) runs at 11.4% APR. Ledn Growth (which allows rehypothecation in exchange for lower rates) runs at 10.4% APR. The split is intentional: Ledn lets you choose between cheaper money or better custody. Both rates are fixed for the term of the loan. No origination fee on either product.
$500 USD-equivalent. That is significantly lower than Strike ($10,000) or Unchained ($150,000) and makes Ledn accessible to retail borrowers without forcing them into Nexo or other higher-risk platforms. Maximum loan size is $50 million for institutional clients.
Maximum LTV at origination is 50%. So $100,000 of Bitcoin collateral lets you borrow up to $50,000. Margin call triggers at 70% LTV. Liquidation triggers at 80% LTV. Both thresholds are conservative compared to Nexo (~83%) and most DeFi lenders (typically 85-90%). The conservative liquidation floor is one reason Ledn has had so few forced liquidations historically.
It depends on which product. Ledn Custodied does not rehypothecate. Your Bitcoin sits in segregated custody at BitGo (and for the new US product, a US-regulated qualified custodian). Ledn Growth does rehypothecate. Your Bitcoin can be lent out to generate yield, which is how Ledn offers a lower 10.4% rate on Growth. The two products are clearly labeled at signup. This is one of the clearest separations of custody risk on the market.
Yes. Ledn launched a US-compliant loan product in early 2026 after several years operating elsewhere. The US product uses a qualified custodian structure (rather than the international BitGo custody) and follows state-level lending registration. Coverage varies by state. Check Ledn's product page for your state's eligibility before applying.
Strike offers a lower rate (~9.5%) and zero fees but starts at $10,000 minimum. Unchained offers multisig custody where you hold a key, but starts at $150,000 and runs at ~14%. Nexo offers a $50 minimum but has SEC and California regulatory baggage and is fully custodial. Ledn sits in the middle: $500 minimum, 10.4-11.4% APR, segregated custody on Custodied, transparent proof-of-reserves, and a clean public record. It is the most balanced custodial option for borrowers in the $500-$50,000 range.
If Ledn Custodied bankrupted, your Bitcoin should be returnable because it sits in segregated qualified-custody accounts, not on Ledn's balance sheet. That is the legal-structural claim. Reality of bankruptcy proceedings is messier (look at the BlockFi recovery): even with segregated custody, you may face delays, claim filings, and potential haircuts depending on jurisdiction. For Ledn Growth, your Bitcoin is part of the rehypothecation pool and recovery would be much harder. The non-custodial alternatives (Hodl Hodl, Surge Credit) eliminate this failure mode entirely.
Ledn publishes monthly attestations from Armanino verifying that assets in custody match customer obligations. It is meaningful but limited. Attestations confirm that on the day of the report, the books balanced. They do not prove ongoing solvency, audit business operations, or guarantee against fraud between reports. Ledn was a long-time Armanino client before Armanino had reputation problems (the firm worked with FTX before its collapse). Treat proof-of-reserves as a meaningful positive signal but not a substitute for actual custody control.
Good for: borrowers between $500 and $50,000 who want a custodial product with the cleanest track record in the space, transparent custody choice (Custodied vs Growth), conservative liquidation thresholds, and global availability. Look elsewhere if: you want non-custodial security (use Hodl Hodl/Debifi or Surge Credit), the absolute lowest APR for a large loan (use Strike at ~9.5%), or you want to hold your own multisig key (use Unchained).
Lowest US APR (~9.5%), zero fees, similar custodial structure with no rehypothecation.
Non-custodial 3-of-4 multisig. The privacy and custody alternative to Ledn.
Non-custodial Taproot vault. $5 minimum, no KYC, audits pending.
Lowest minimum on the market ($50) but two regulatory settlements on record. Honest 6/10.
How non-custodial Bitcoin lending works structurally.
Full comparison of every major Bitcoin lending platform.