Bitcoin-backed lender Ledn reported record loan growth this quarter, surpassing $1 billion in originations for 2025 amid surging crypto prices.
The Toronto-based company issued $392 million in Bitcoin-backed loans during Q3, bringing its total since inception to $2.8 billion across 100+ countries.
Ledn, which focuses exclusively on Bitcoin lending after discontinuing Ether loans, now generates around $100 million in annual recurring revenue.
All loans are fully collateralized, with custody and reserves independently verified through Proof-of-Reserves attestations.
Galaxy Research ranks Ledn among the top three centralized finance lenders alongside Tether and Galaxy.
Together, they account for nearly 89% of the CeFi lending market.
Analysts from Osler, Hoskin & Harcourt LLP project the Bitcoin-backed lending sector could grow to $45 billion by 2030, up from $8.5 billion today, as long-term holders prefer borrowing against Bitcoin over selling it.
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