Bitcoin Loan Comparison

Ledn vs. Strike

Ledn charges 9.25%–11.49% APR with a 2% origination fee (waived for US/Canada) 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.

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

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

For the standardized $250,000, 50% LTV, 12-month scenario, Ledn is 10.99% APR and Strike is 10% APR. Ledn: 12-month loan; published APR tier for the selected size. Strike: Monthly-pay option; 12-month fixed term.

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

On a $250,000 loan held for 12 months, Strike saves $2,475 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. Strike: Feature-by-Feature Comparison

Ledn

Strike

Interest Rate (APR)

10.99%

10%Strike

Pricing Basis

Loan size

Loan size and payment schedule

Fees / Charges

$0 (waived for US/Canada)

Max Starting LTV

50%

Margin Call Threshold

70% LTV

Liquidation Threshold

80% LTV

85% LTVStrike

Margin Call Window

Threshold-based

72 hoursStrike

Custody Model

Custodial (segregated)

Custodial (proof-of-reserves for 50+ BTC)

Rehypothecation

Yes

NoStrike

Interest Payment

At maturity

Monthly

Minimum Loan

$500Ledn

$10,000

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

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; Strike pricing varies by loan size and payment schedule. Actual offers can differ when those inputs change.

Loan Size	Ledn APR	Strike APR	Ledn Total Year-1 Cost	Strike Total Year-1 Cost	Savings
$250,000	10.99%	10%	$27,475	$25,000	$2,475 with Strike

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; Strike: 2026-09-29.

Custody and Collateral Security

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 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. Strike uses custodial (proof-of-reserves for 50+ BTC). 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.

Strike: High (Custodial)

•Custodial (proof-of-reserves for 50+ BTC)
•Rehypothecation: No
•Monthly interest payments
•0.

Margin Call and Liquidation: Ledn vs. Strike

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

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). Strike: 35.0 percentage point modeled buffer between maximum starting LTV (50%) and liquidation (85% LTV). Strike provides a wider safety margin.

Which is better: Ledn or Strike?

Choosing between Ledn and Strike requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Ledn uses custodial (segregated) with 9.25%–11.49% APR, while Strike uses custodial (proof-of-reserves for 50+ BTC) with 7.49%–10.5% APR.

On the standardized $250,000, 50% LTV, 12-month scenario, Strike costs $25,000 in the first year versus $27,475 at Ledn, a difference of $2,475. 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). Ledn rehypothecates 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 for US/Canada. No monthly payments; accrued interest and any applicable admin fee are due at maturity or refinance. Strike: 0.79% fee if repaying with BTC collateral, 0.

Frequently Asked Questions

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

Strike 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 Strike costs $25,000 (10% APR). That is a $2,475 difference in the first year.

How does Ledn's custody model compare to Strike?

Ledn uses custodial (segregated) and rehypothecates deposited assets. Strike uses custodial (proof-of-reserves for 50+ BTC). Both platforms present similar custody risk profiles.

What is the minimum loan amount at Ledn vs Strike?

Ledn's minimum loan is $500. Strike's minimum is $10,000. Ledn is more accessible for smaller borrowers.

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

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. For a common 50% starting LTV (rather than each lender's maximum), the modeled buffers are 30 points at Ledn and 35 points at Strike.

Should I use Ledn or Strike 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. 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.

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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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