Ledn
Takes as collateral: bitcoin
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
- BTC collateral — the bitcoin the desk reports posted against its loans, as it reports it — not independently verified.
- Aggregate LTV — the average LTV the desk reports for its book, as it reports it — not independently verified.
- Borrow rate (USD loans) — a price the desk posts, not one a market cleared.
- Lend rate (USD loans) — a rate the desk posts to lenders, not one a market cleared.
10 of 10 criteria researched. What the criteria are →
Markets — as served, not a venue rate
One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.
No BTC market rows are served for this venue. This venue runs no contracts, so there is no market state to read — the absence is a property of the venue class, not a gap.
Price
What does credit cost here, and how is the price formed?
| Rate formation | posted_cardsourcePublished rate card at the desk's own site (cefi_credit_rates.source_url), re-fetched daily and last confirmed 2026-07-30. posted_card: the rate is an OFFER, not a transacted price — no desk publishes a loan book, which is why these venues' quantity and composition axes are declared unobtainable rather than missing. |
|---|---|
| Term structure | fixed_termsourceLedn rate card — 12-month term (cefi_credit_rates.term_days = 365). |
| Rate certainty | fixed_at_originationsourceLedn rate card — fixed posted rate, tiered by size (9.25% at $2M+, 11.49% under $250k; retail taken as representative). A 2% admin fee is charged and is NOT in the quoted APR. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | undisclosedsourceLedn rate card (https://www.ledn.io/borrowing). LTV thresholds are published — warn at 70%, margin call at 75% — but the price source used to mark collateral against them is not. The question applies; the desk does not answer it. |
|---|---|
| Default & liquidation | thresholdsourceLedn rate card — LTV-triggered: 50% max LTV at origination, warning at 70%, margin call at 75%. Threshold-driven rather than discretionary, though the mark that triggers it is undisclosed. |
| Custody & backing | third_party_custodialsourceLedn rate card — the desk takes custody and states that collateral is not rehypothecated (cefi_credit_rates.custody_model = custodial_no_rehypo). |
| Recourse | undisclosedsourceNot published on the rate card. Non-recourse is the convention for BTC-backed consumer lending, but a convention is not a source and this column will not carry an assumption. |
| Track record | 1 month observedsourceDerived from credit_venues.first_date (2026-07-21), the first observation this dataset holds for the venue. This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before we began reading it reads short here. Not typed, and not a claim about the venue's longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | BTC (desk-held, representation not disclosed)sourcecefi_credit_rates.collateral_class = btc for every borrow product on this desk. Desks take native BTC into custody rather than a wrapped on-chain representation, so there is no token address to cite — which is also why none of this collateral is independently observable. |
|---|---|
| Book depth & concentration | unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.) |
| Observability | price: partial — Rate card held for a single effective date (2026-07-21) in cefi_credit_rates — a snapshot, not a history. A posted card is also an offer, not a transacted rate, which is what the posted_card mechanism label exists to say. The declared backfill_horizon is that one date. quantity: partial — Independently REPORTED, not attested — the Ledn Open Book Report, monthly since 2025-12, with The Network Firm obtaining the balances from the desk's own systems and addresses: loans outstanding, BTC collateral, average LTV and custody status, backfillable to launch. ⚠ The word "attested" stood here until 2026-09-16 and the reporter's own disclaimer refuses it: "This information is not an audit, review, or attestation engagement, nor does it express any form of assurance, opinion, or conclusion". What IS attested is a separate Proof of Reserves under AICPA standards (assets at least client liabilities), as of 2026-03-31, two quarters behind the book figures. Ingested to cefi_book_observations since 2026-09-16; read 2026-09-16 at $757M outstanding, 20,769 BTC posted, 46% average LTV. Aggregate-only is the accepted grade, not a deficiency. Manual-verified versioned config, dated, per-row source citation, no scraper. Staleness is declared at the source's native monthly cadence plus grace, not the 45-day card rule. Ledn being the only desk on this surface with an independently observed book is itself a composition finding. composition: partial — Aggregate statistics only — an average LTV is a point statistic, not a distribution, and this cell says which it is. Loan-level composition is unobtainable everywhere in this class and remains declared so. |
What the loans are denominated in
US dollars, other — as the venue's own pages state itAssets: USD (fiat); USDC; USDT (Private Wealth); USAT (Private Wealth); local fiat currency (unnamed, jurisdiction-dependent). "Receive USD, USDC or your local currency" — https://www.ledn.io/borrowing, read 2026-10-05; "Your loan is always denominated in U.S. dollars, regardless of the disbursement method you choose." — https://help.ledn.io/hc/en-us/articles/28283204866583-How-Do-I-Open-a-Dollar-Loan (Zendesk API), read 2026-10-05; "Loans can be funded in USD, USDC, USD₮, USA₮ or your local currency." — https://www.ledn.io/private-wealth, read 2026-10-05
Each currency is a separate book; the dollar equivalents compare sizes and are never added together.
Backing chain
Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.
How a chain is read, and what it does not claim
backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.
- desk established — the desk · third_party_custodial
source
attribute · custody_model = third_party_custodialLedn rate card — the desk takes custody and states that collateral is not rehypothecated (cefi_credit_rates.custody_model = custodial_no_rehypo). - sub_custodian incompletethe card does not name who holds the coins for the desk
source
card · ledn · custodial_no_rehypo · published_card 2026-07-21https://www.ledn.io/borrowing - reuse establishedthe card states the collateral is not rehypothecated
source
card · ledn · custodial_no_rehypo · published_card 2026-07-21https://www.ledn.io/borrowing
source
The generic axis set
Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.
| Utilisation (venue roll-up) | not applicable — there is no pool of deposits here to be drawn |
|---|---|
| Intermediation margin | +4.99 pts · derived borrow minus lend, as above borrow rate minus lend rate, both as above |
| Trailing realised average (7/30/90d) | unknown (not published by the venue) — a posted or filed rate has no daily series here |
| Rate volatility (30/90d) | unknown (not published by the venue) — a posted or filed rate has no daily series here |
| Spread to the pair aggregate | −2.90 pts vs Posted card · derived this venue's borrow rate minus its class's (14.39%), both as served on the spine /v1/market/tree — the venue's and its class's borrow rates |
| Spread to matched Treasuries | +7.36 pts vs the 1-month bill (4.13%) · derived the venue's borrow rate minus the 1-month bill, both continuously compounded. Loans here carry terms of their own, which the bill does not match: it is the same 30-day reference used for every venue, not a matched maturity macro_rates — the 1-month Treasury bill, 2026-10-08 (Federal Reserve H.15) |
| Origination flow | unknown (not published by the venue) — the venue publishes no loan-by-loan flow |
| Repayment flow | unknown (not published by the venue) — the venue publishes no loan-by-loan flow |
| Aggregate and distributional LTV | 44.3% · partial the average LTV the desk reports for its book, as it reports it — not independently verified; the aggregate only — no distribution is read here the desk's own report — Ledn Open Book Report, figures reported by The Network Firm LLP (not an audit, review or attestation) (self_reported) |
| Residence distribution | unknown (not published by the venue) — the venue publishes no loan durations |
| Liquidation incidence | unknown (not published by the venue) — the venue publishes no liquidations |
| Top-10 concentration share | unknown (not published by the venue) — the venue publishes no borrower distribution |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.
Access routes
Unknown (not surveyed yet). No one has looked for an MCP server for this venue. That is not the same as having looked and found none, and this row will not say the second while meaning the first. The listing criteria are published.
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/venues/cefi_ledn |
|---|---|
| MCP | get_venue({ venue_id: "cefi_ledn" }) get_venue({ venue_id: "cefi_ledn", include: ["axes", "headline"] }) |
The same figures, the same names and dates. Connect your AI →
How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp