Bitcoin Lender Ledn Hits $1B in Loan Origination This Year as BTC Credit Market Picks Up

Core Insights - Ledn has achieved over $1 billion in loan originations in 2023, marking its strongest quarter to date [1] - The company issued $392 million in BTC-backed loans in Q3 2023, nearly matching its total loan volume for all of 2024 [1] - Ledn reported an annual recurring revenue (ARR) of $100 million [1] Company Performance - The growth in loan originations reflects increasing demand for credit products secured by bitcoin, as users prefer not to cash out their holdings [2] - Ledn transitioned to a bitcoin-only loan model in May 2023, removing support for ether (ETH) loans, which contributed to the growth [2] - The total value of Ledn's outstanding loan book was $836.2 million at the end of September 2023, with an average loan-to-value ratio of 42.7% [3] Service Offering - Ledn provides fully collateralized loans where BTC remains in custody throughout the loan duration, appealing to long-term holders seeking liquidity without losing exposure to BTC [4] - The company is recognized as the third-largest centralized lender after Tether and Galaxy (GLXY) according to a Galaxy Research report [4]