Bitcoin Loan Comparison

Ledn vs. SALT

Ledn charges 9.25%–11.49% APR with a 2% origination fee (waived for US/Canada) using custodial (segregated). SALT charges 7.49%–10.5% APR with $0 origination fees using custodial. See the full breakdown of rates, thresholds, and custody risk below.

Terms checked individually — Ledn: 2026-09-02; SALT: 2026-09-29.

How do Ledn and SALT compare for Bitcoin-backed loans?

For the standardized $250,000, 50% LTV, 12-month scenario, Ledn is 10.99% APR and SALT is 8.75% APR. Ledn: 12-month loan; published APR tier for the selected size. SALT: 50% LTV · 1-year term.

Ledn charges a 2% origination fee (currently waived for US and Canada borrowers).

On a $250,000 loan held for 12 months, SALT saves $5,600 in total first-year cost (interest plus applicable fees or charges) — excluding Ledn's 2% origination fee, which is waived for US/Canada but applies elsewhere.

Ledn vs. SALT: Feature-by-Feature Comparison

Ledn

SALT

Interest Rate (APR)

10.99%

8.75%SALT

Pricing Basis

Loan size

Starting LTV and term

Fees / Charges

$0 (waived for US/Canada)

Max Starting LTV

50%

70%SALT

Margin Call Threshold

70% LTV

83.33% LTVSALT

Liquidation Threshold

80% LTV

90.91% LTVSALT

Margin Call Window

Threshold-based

48 hoursSALT

Custody Model

Custodial (segregated)

Custodial

Rehypothecation

Yes

NoSALT

Interest Payment

At maturity

Monthly

Minimum Loan

$500Ledn

$1,000

Cost on a $250,000 Loan: Ledn vs. SALT

To keep the comparison clean, both lenders are modeled at $250,000 principal, 50% starting LTV, and a 12-month term, using monthly-pay pricing where available. Ledn pricing varies by loan size; SALT pricing varies by starting ltv and term. Actual offers can differ when those inputs change.

Loan Size	Ledn APR	SALT APR	Ledn Total Year-1 Cost	SALT Total Year-1 Cost	Savings
$250,000	10.99%	8.75%	$27,475	$21,875	$5,600 with SALT

Assumptions: $250,000 principal, 50% starting LTV, 12-month term, and monthly-pay pricing where offered. Total year-1 cost includes annualized interest and fees, but does not add a fee again when the lender's published APR already includes it. Ledn: $0 (waived for US/Canada) — excluded from the total for the stated waiver. Terms checked individually — Ledn: 2026-09-02; SALT: 2026-09-29.

Custody and Collateral Security

Both Ledn and SALT use similar custody approaches: custodial (segregated) and custodial respectively. Ledn uses custodial (segregated). Your Bitcoin depends on the security and solvency of that custody arrangement and could be at risk in the event of a hack, insolvency, or regulatory action. Ledn also rehypothecates deposited assets, meaning your collateral may be lent to third parties. SALT uses custodial. Your Bitcoin depends on the security and solvency of that custody arrangement and could be at risk in the event of a hack, insolvency, or regulatory action.

Ledn: High (Custodial)

•Custodial (segregated)
•Rehypothecation: Yes
•At-maturity interest payments
•2% origination waived for US/Canada.

SALT: High (Custodial)

•Custodial
•Rehypothecation: No
•Monthly interest payments
•Standard rates vary by starting LTV and term, not loan size.

Margin Call and Liquidation: Ledn vs. SALT

Ledn triggers margin calls at 70% LTV and liquidates at 80% LTV. SALT triggers margin calls at 83.33% LTV and liquidates at 90.91% LTV. SALT gives borrowers 48 hours to respond to a margin call. Ledn uses threshold-based triggers without a fixed response window.

Threshold	Ledn	SALT
Max Starting LTV	50%	70%
Margin Call	70% LTV	83.33% LTV
Margin Call Window	Threshold-based	48 hours
Liquidation	80% LTV	90.91% LTV

Safety Buffer at Each Lender's Maximum Starting LTV

This comparison uses each lender's own maximum starting LTV, not a common 50% starting position. Ledn: 30.0 percentage point modeled buffer between maximum starting LTV (50%) and liquidation (80% LTV). SALT: 20.9 percentage point modeled buffer between maximum starting LTV (70%) and liquidation (90.91% LTV). Ledn provides a wider safety margin.

Which is better: Ledn or SALT?

Choosing between Ledn and SALT requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Ledn uses custodial (segregated) with 9.25%–11.49% APR, while SALT uses custodial with 7.49%–10.5% APR.

On the standardized $250,000, 50% LTV, 12-month scenario, SALT costs $21,875 in the first year versus $27,475 at Ledn, a difference of $5,600. SALT charges no origination fee, so the only cost is interest.

Both platforms use similar custody approaches. Ledn operates via custodial (segregated), and SALT uses custodial. Ledn rehypothecates collateral.

Ledn is the better fit for borrowers who need smaller loans or instant access. SALT is the better fit for borrowers who need smaller loans or more flexible access.

Key details to be aware of: Ledn: 2% origination waived for US/Canada. No monthly payments; accrued interest and any applicable admin fee are due at maturity or refinance. SALT: Standard rates vary by starting LTV and term, not loan size. Published one-year APRs are 7.

Frequently Asked Questions

Is Ledn or SALT cheaper for a $250,000 Bitcoin-backed loan?

SALT is cheaper under the stated assumptions. On a $250,000 loan at 50% LTV held for 12 months, Ledn costs $27,475 (10.99% APR) while SALT costs $21,875 (8.75% APR). That is a $5,600 difference in the first year.

How does Ledn's custody model compare to SALT?

Ledn uses custodial (segregated) and rehypothecates deposited assets. SALT uses custodial. Both platforms present similar custody risk profiles.

What is the minimum loan amount at Ledn vs SALT?

Ledn's minimum loan is $500. SALT's minimum is $1,000. Ledn is more accessible for smaller borrowers.

What happens if Bitcoin drops while I have a loan with Ledn or SALT?

Ledn issues a margin call at 70% LTV (threshold-based, no fixed window) and liquidates at 80% LTV. SALT issues a margin call at 83.33% LTV with a 48-hour response window and liquidates at 90.91% LTV. For a common 50% starting LTV (rather than each lender's maximum), the modeled buffers are 30 points at Ledn and 41 points at SALT.

Should I use Ledn or SALT for a Bitcoin-backed loan?

It depends on your priorities. Ledn (9.25%–11.49% APR, custodial (segregated), min $500) is better for borrowers who value custodial (segregated) and need smaller loan access. SALT (7.49%–10.5% APR, custodial, min $1,000) is better for borrowers who value custodial and need smaller loan access. Use the rate table and cost comparison above to model your specific scenario.

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Understand the key terms

Rehypothecation Discreet Log Contracts Custodial vs. Non-Custodial LTV Ratio Margin Call Counterparty Risk

See loan scenarios

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