Ledn charges 9.99%–11.49% APR with a 2% origination fee using custodial (segregated). Strike charges 7.49%–10.5% APR with $0 origination fees using custodial (proof-of-reserves for 50+ btc). See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-05-14
Strike advertises a lower headline rate at 7.49%–10.5% compared to Ledn's 9.99%–11.49%. On a $1M loan held for 12 months, Strike saves $24,900 in total first-year cost (interest plus origination fees).
Ledn offers tiered rates that decrease with larger loan amounts, while Strike structures rates by loan-size. Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Ledn APR | Strike APR | Ledn Total Year-1 Cost | Strike Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $100,000 | 11.49% | 10.5% | $13,490 | $10,500 | $2,990 with Strike |
| $250,000 | 10.99% | 9.5% | $32,475 | $23,750 | $8,725 with Strike |
| $500,000 | 10.49% | 9.5% | $62,450 | $47,500 | $14,950 with Strike |
| $1M | 9.99% | 9.5% | $119,900 | $95,000 | $24,900 with Strike |
| $5M | 9.99% | 7.49% | $599,500 | $374,500 | $225,000 with Strike |
Total year-1 cost includes annualized interest plus origination fees. Ledn: 2% origination fee. Rates sourced from each lender's public rate pages as of 2026-05-14.
Both Ledn and Strike use similar custody approaches: custodial (segregated) and custodial (proof-of-reserves for 50+ btc) respectively. Ledn uses Custodial (segregated). Your Bitcoin is held by Ledn and could be at risk in the event of a hack, insolvency, or regulatory action. Strike uses Custodial (proof-of-reserves for 50+ BTC). Your Bitcoin is held by Strike and could be at risk in the event of a hack, insolvency, or regulatory action.
Ledn triggers margin calls at 70% LTV and liquidates at 80% LTV. Strike triggers margin calls at 70% LTV and liquidates at 85% LTV. Strike gives borrowers 72 hours to respond to a margin call. Ledn uses threshold-based triggers without a fixed response window.
| Threshold | Ledn | Strike |
|---|---|---|
| Max Starting LTV | 50% | 50% |
| Margin Call | 70% LTV | 70% LTV |
| Margin Call Window | Threshold-based | 72 hours |
| Liquidation | 80% LTV | 85% LTV |
Ledn: 30.0 percentage point buffer between starting LTV (50%) and liquidation (80%). Strike: 35.0 percentage point buffer between starting LTV (50%) and liquidation (85%). Strike provides a wider safety margin.
Choosing between Ledn and Strike requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Ledn uses custodial (segregated) with 9.99%–11.49% APR, while Strike uses custodial (proof-of-reserves for 50+ btc) with 7.49%–10.5% APR.
On a $250,000 loan, Strike costs $23,750 in the first year versus $32,475 at Ledn, a difference of $8,725. Part of Ledn's higher cost comes from its 2% origination fee, which adds $5,000 upfront on this loan size. Strike charges no origination fee, so the only cost is interest.
Both platforms use similar custody approaches. Ledn operates via custodial (segregated), and Strike uses custodial (proof-of-reserves for 50+ btc). Neither platform rehypothecates borrower collateral.
Ledn is the better fit for borrowers who need smaller loans or instant access. Strike is the better fit for borrowers who are borrowing $10,000 or more and prefer this platform's specific features.
Key details to be aware of: Ledn: 2% origination waived US/Canada. Monthly interest payments required. Strike: 0.79% fee if repaying with BTC collateral, 0.
Strike is cheaper. On a $500,000 loan held for 12 months, Ledn costs $62,450 (10.49% APR + 2% origination fee) while Strike costs $47,500 (9.5% APR). That is a $14,950 difference in the first year.
Ledn uses custodial (segregated). Strike uses custodial (proof-of-reserves for 50+ btc). Both platforms present similar custody risk profiles.
Ledn's minimum loan is $500. Strike's minimum is $10,000. Ledn is more accessible for smaller borrowers.
Ledn issues a margin call at 70% LTV (threshold-based, no fixed window) and liquidates at 80% LTV. Strike issues a margin call at 70% LTV with a 72-hour response window and liquidates at 85% LTV. Starting from a 50% LTV, Ledn provides a 30-point buffer before liquidation, while Strike provides a 35-point buffer.
It depends on your priorities. Ledn (9.99%–11.49% APR, custodial (segregated), min $500) is better for borrowers who value custodial (segregated) and need smaller loan access. Strike (7.49%–10.5% APR, custodial (proof-of-reserves for 50+ btc), min $10,000) is better for borrowers who value custodial (proof-of-reserves for 50+ btc) and prefer this platform's lending structure. Use the rate table and cost comparison above to model your specific scenario.
Already borrowing with Strike? See your interest savings, terms head-to-head, and counterparty risk on your own numbers.
Open Compare LendersLygos offers 10% APR, $0 origination fees, and DLC-secured collateral where rehypothecation is cryptographically impossible.