The 50 Most Interesting Companies In Bitcoin's History: 41/50
Ledn
The Idea: Bitcoin-backed lending — allowing holders to access liquidity without selling their BTC. Ledn issued Canada's first Bitcoin-backed loan and built a lending platform designed for long-term holders who want to use their Bitcoin as collateral rather than liquidate it. The thesis is that Bitcoin is the most pristine collateral in the world, and the financial infrastructure around it should reflect that.
Early Traction: Ledn launched at the right moment — demand for Bitcoin-backed lending exploded during the 2020-2021 bull market. Unlike competitors (BlockFi, Celsius, Voyager), Ledn focused on transparency and proof-of-reserves from the start.
Peak Stats: Surpassed $1 billion in Bitcoin-backed loan originations in 2025. Record $392M lending volume in Q3 2025 alone — nearly matching the entire prior year. Crossed $100M in annual recurring revenue. $540M valuation.
Status Today: Active and growing. Raised $104M total across 7 rounds from investors including Kingsway Capital, White Star Capital, 10T, and a strategic investment from Tether (November 2025). One of the few crypto lending platforms to survive the 2022 wipeout that killed BlockFi, Celsius, and Voyager.
Why It Matters:
Ledn is the counterexample to every failed crypto lender. While BlockFi, Celsius, and Voyager all collapsed by taking reckless risks with depositor funds, Ledn survived by doing the boring things right: proof-of-reserves, conservative underwriting, and actually treating Bitcoin as collateral.