Ledn is a global digital asset financial services company founded in 2018. Headquartered in Toronto, Canada, the firm primarily focuses on providing lending, savings, and trading products for Bitcoin and other digital assets. ^[2] Its core offerings include Bitcoin-backed loans, allowing asset holders to access liquidity without selling their holdings, and a leveraged Bitcoin acquisition product known as B2X. The company operates in over 120 countries and is registered as a Virtual Asset ServiceProvider in the Cayman Islands. ^[1]​

Overview

Ledn positions itself as a secure and transparent platform for individuals and institutions to manage and build wealth through digital assets. ^[1] The company's philosophy is centered on serving long-term Bitcoin holders, often referred to as "hodlers," by providing financial tools that align with a long-term investment strategy. ^[2] This is reflected in its marketing and product design, which emphasize institutional-grade risk management and client education on topics such as Loan-to-Value (LTV) management during market volatility. ^[2]​

A central pillar of Ledn's brand identity is its commitment to transparency. The company was an early proponent of formal Proof of Reserves attestations in the digital asset lending sector and regularly publishes "Open Book" reports to provide clients with insight into its operations. ^{[1] [2]} This focus on transparency and robust risk management has been highlighted by clients and market observers as a key factor in the company's ability to navigate market downturns and periods of high volatility within the cryptocurrency industry. ^[1]​

Ledn serves a diverse client base, from retail investors to high-net-worth individuals, family offices, and institutional entities through its specialized service divisions. The company's legal and operational structure is based in the Cayman Islands, where it operates as Ledn Cayman SEZC Inc., a registered Virtual Asset Service Provider (VASP) under the supervision of the Cayman Islands Monetary Authority (CIMA). ^[1]​

History

Ledn was founded in 2018 by co-founders Adam and Mauricio Di Bartolomeo. The company began as a "passion project" and has since grown into a global financial services firm with over 50 employees as of early 2026. The founders are reportedly graduates of the Ivey Business School. ^{[1] [2]}

The company has established itself by navigating several cryptocurrency market cycles. Customer testimonials have noted its resilience, particularly in surviving the "Yield Wars" and other market "blow ups" that affected many of its competitors, an attribute credited to its conservative risk management practices. ^[1]​

Since its inception, Ledn has experienced significant growth in its core lending business. As of early 2026, the company had funded over 1 billion in Bitcoin-backed loan originations year-to-date while achieving $100 million in annual revenue. ^[1]​

Investment from Tether

On November 18, 2025, Ledn announced a strategic investment from Tether, the issuer of the world's largest stablecoin. The stated purpose of the partnership was to expand Ledn's leadership position in the consumer Bitcoin-backed lending market. ^[2]​

Forbes Fintech List 2026

In early 2026, the company received wider industry recognition when it was included in the Forbes Fintech 50 list for the year. Co-founder Mauricio Di Bartolomeo commented on the achievement, stating,

"Proud to have representing the Bitcoin ecosystem in this year's Forbes Fintech Top 50 list. The bitcoin credit revolution has begun." ^[2]

Products and Services

Ledn offers a suite of financial products designed for both retail and institutional digital asset holders. Product availability may be subject to jurisdictional restrictions. ^[2]​

Bitcoin-Backed Loans

The company's flagship product is its Bitcoin-backed loan, which allows clients to borrow against their Bitcoin holdings without needing to sell the asset. This provides liquidity while allowing the borrower to retain their exposure to Bitcoin's potential price appreciation. ^[1]​

Key features of the loan product include:

• Loan Currency: Loans are denominated in USD but can be disbursed in USD, the USDC stablecoin, or select local fiat currencies.
• Loan-to-Value (LTV) Ratio: The standard starting LTV is 50%, meaning a client can borrow up to half the value of their Bitcoin collateral.
• Interest Rates: The Annual Percentage Rate (APR) is listed as being between 11.9% and 12.4% as of early 2026.
• Loan Term and Repayment: Loans have a 12-month term with no mandatory monthly interest or principal payments. The full balance can be repaid at any time without penalty. Loans can be renewed if the LTV ratio is at a healthy level.
• Minimums and Accessibility: A minimum of 500. The application process does not require a credit check.
• Funding Speed: The median time from a completed loan application to funds being sent is 18 hours.

The above details on Ledn's Bitcoin-backed loans are based on information from its corporate website. ^[1]​

B2X (Bitcoin Multiplier)

B2X is a specialized, leveraged loan product that enables clients to increase their Bitcoin holdings. The service works by taking a client's existing Bitcoin, issuing a loan against it, and immediately using the loan proceeds to purchase an equivalent amount of Bitcoin.

The original collateral and the newly purchased Bitcoin are then held together as collateral for the loan, effectively doubling the client's Bitcoin exposure. Ledn markets this as a way to "double your BTC in just a few clicks."

The entire process is executed through the Ledn platform. ^{[1] [2]}​

Additional Services

• DCN (Dual-Cryptocurrency Notes): Ledn offers DCNs, which are a type of structured product designed for more sophisticated investors. ^[1]
• Trade: The platform includes a service for trading digital assets. ^[1]
• Savings and Transaction Accounts: Ledn provides accounts for clients to hold their digital assets. While originally known for interest-bearing savings products, the platform also features standard "Transaction accounts." ^[1]
• Auto Top-Up: This is an automated collateral management feature designed to protect loans from liquidation during market downturns. When enabled, the tool automatically adds more collateral from a client's account to their loan if the LTV ratio reaches a predefined threshold. According to the company, thousands of clients utilized this feature in the period from late January to mid-February 2026. ^[2]

Institutional and High-Net-Worth Services

• Ledn Private Wealth: This is a dedicated service offering tailored financial solutions for high-net-worth individuals and family offices.
• Ledn Capital: This division focuses on providing services for institutional clients, such as hedge funds and other corporate entities.

The services for institutional and high-net-worth clients are a distinct part of Ledn's business model. ^[1]​

Transparency and Security

Ledn emphasizes a security-first and transparent operational model, which it promotes as a key differentiator in the digital asset industry. ^[1]​

Proof of Reserves

Ledn conducts an independent Proof of Reserves attestation every six months. This process, performed by a third-party public accounting firm, is designed to publicly verify that the client assets held by Ledn are fully collateralized and that the company holds more assets than it owes. Ledn claims to be the first digital asset lender to have undertaken a formal Proof of Reserves attestation, setting a precedent for transparency in the sector. ^{[1] [2]}​

Open Book Report

In addition to Proof of Reserves, the company publishes a regular "Open Book Report." This report provides a detailed breakdown of the utilization of its USD stablecoin, ETH, and BTC assets, offering clients a transparent view into the company's business activities and balance sheet health. ^[1]​

Collateral Management and Security

For its "Custodied loans," Ledn holds client Bitcoin collateral in custody either directly or with trusted institutional funding partners. The company explicitly states that this collateral is not lent out or rehypothecated to generate yield. The collateral's sole purpose is to secure the loan, and it may only be re-posted to a funding partner as security for that specific loan. ^[1]​

To protect client assets in a counterparty failure scenario, all collateral is held in segregated, on-chain addresses that are legally ring-fenced. This structure is intended to safeguard client collateral from being claimed by creditors in the event of a funding partner's bankruptcy. ^[1]​

Corporate Structure and Regulation

Ledn operates under a defined corporate and regulatory framework. Its parent company is 21 Technologies Inc., which holds the registered trademarks for Ledn® and its B2X® product. The primary operating entity is Ledn Cayman SEZC Inc. ^[1]​

Ledn Cayman SEZC Inc. is formally registered as a Virtual Asset Service Provider (VASP) with the Cayman Islands Monetary Authority (CIMA). Its registration number is 1976951. This registration places the company under the regulatory oversight of CIMA for its digital asset business activities. ^[1]​

Leadership and Recognition

Ledn's leadership team and its industry accolades contribute to its public profile.

Leadership

• Adam and Mauricio Di Bartolomeo: The co-founders of Ledn. Mauricio Di Bartolomeo serves as a public face for the company, frequently commenting on company milestones and market trends via his X account, @cryptonomista. ^{[1] [2]}