Bitcoin lender Ledn announced on Monday that it has surpassed $1 billion in loan originations this year, marking its most successful quarter to date.
The Toronto-based company issued $392 million in BTC-backed loans during the third quarter alone, nearly reaching the firm’s total loan volume for all of 2024. Ledn also reported $100 million in annual recurring revenue (ARR).
The company indicated that this growth reflects an increased demand for credit products secured by bitcoin rather than liquidating holdings. This growth aligns with Ledn’s decision to cease support for ether loans and shifted to a bitcoin-only loan model in May.
“This has been an extraordinary year for Ledn,” said CEO Adam Reeds in a statement.
In its quarterly update, Ledn also released its proof of reserves. The total value of the firm’s outstanding loan portfolio was $836.2 million as of the end of September, with an average loan-to-value ratio of 42.7%, as per the attestation by The Network Firm.
Ledn offers fully collateralized loans where BTC is held in custody for the entire duration of the loan. This service appeals to long-term holders seeking liquidity without forfeiting their BTC exposure. The firm was identified as the third-largest centralized lender after Tether and Galaxy (GLXY) in a Galaxy Research report conducted in April.
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