Ledn Q3 Bitcoin-Backed Loans $392M, Cumulative $2.8B
Ledn reported record Bitcoin-backed loans of $392 million in Q3 2025, pushing cumulative originations past $2.8 billion. Year-to-date, Bitcoin-backed lending has exceeded $1 billion as investors tap gains for liquidity amid the 2025 bull market. Ledn’s fully collateralized crypto lending platform generates around $100 million in annual recurring revenue. The firm uses independent Proof-of-Reserves attestations and secure custody to verify Bitcoin-backed loans. Serving over 100 countries, Ledn ranks among the top CeFi lenders alongside Tether and Galaxy. Institutional adoption is growing: Cantor Fitzgerald’s $2 billion crypto credit facility and partnerships with Maple Finance and FalconX highlight rising demand. Market forecasts project crypto lending could expand to $45 billion by 2030, with traders leveraging Bitcoin-backed loans to avoid capital gains tax while maintaining exposure to BTC.
Bullish
The record growth in Bitcoin-backed loans indicates strong demand for BTC-based credit products. As more holders opt to borrow against their Bitcoin rather than sell, immediate sell pressure on BTC is reduced, which can buoy prices in the short term. The involvement of major CeFi lenders and institutions like Cantor Fitzgerald highlights growing confidence, further supporting positive market sentiment. Over the long term, the projection that the crypto lending sector could reach $45 billion by 2030, coupled with expanding institutional facilities, suggests sustained demand for Bitcoin collateral. This adoption trajectory and the platform’s transparent Proof-of-Reserves attestations strengthen network trust and encourage broader participation, reinforcing a bullish outlook for Bitcoin’s price trend.