Ledn

Ledn is a Bitcoin company in the Lending category, founded in 2018 by Adam Reeds, Mauricio Di Bartolomeo.

The Idea

Bitcoin-backed lending that lets holders tap liquidity without selling their BTC. Ledn issued Canada's first Bitcoin-backed loan and built its platform for long-term holders who would rather borrow against their Bitcoin than sell it, on the thesis that Bitcoin is the most pristine collateral in the world.

Early Traction

Ledn launched in 2018, well before demand for Bitcoin-backed lending exploded in the 2020-2021 bull market. In January 2021 it became the first Bitcoin lender to publish proof-of-reserves attestations, verified by an outside accountant every six months, a transparency step competitors like BlockFi, Celsius, and Voyager never matched.

Peak Stats

Surpassed $1 billion in Bitcoin-backed loan originations in 2025. Record $392M lending volume in Q3 2025 alone, nearly matching the entire prior year. Crossed $100M in annual recurring revenue. $540M valuation.

Status Today

Active and growing. Raised $104M total across 7 rounds from investors including Kingsway Capital, White Star Capital, 10T, and a strategic investment from Tether (November 2025). One of the few digital asset lending platforms to survive the 2022 wipeout that killed BlockFi, Celsius, and Voyager.