Our assessment
Strike offers several Bitcoin borrowing structures, so choose the product before comparing its rate with Ledn. The lowest standard APR is a large-loan tier. Protection has an additional cost and conditions; availability is limited to supported US states.
Start with Ledn if…
You want a managed Bitcoin-backed loan and put weight on Ledn’s lending history, Open Book Report and separate Proof of Reserves program.
Explore Ledn ↗Consider Strike if…
Choice of monthly-interest or maturity payments, plus a separate credit line and optional volatility-protected term loans.
Explore Strike ↗The comparison at a glance
| Dimension | Ledn | Strike |
|---|---|---|
| Rate shown | 9.25–10.99% published APR | 7.49–11.25% · Standard term-loan APRs |
| Rate context | 9.25% tier begins at $2M; 10.99% below $250K. See source discrepancy note. | Size and payment schedule matter; protected loans cost more. Credit line is separately priced. |
| Collateral | BTC | BTC |
| Starting LTV | 50% typical starting LTV | 50% in standard illustration |
| Term | 12 months standard | 12-month term illustration; separate credit line |
| Collateral model | Custodied; restricted re-posting permitted | Held by Strike or capital providers; no further rehypothecation |
| Fees | APR includes applicable fees; jurisdiction matters | No origination or prepayment fee stated |
Source snapshots: Ledn and Strike. See rate-source discrepancies; these figures are not executable quotes.
Payment schedule changes the price
For standard term loans below $250,000, Strike lists 10.50% APR with monthly payments and 11.25% with payment at maturity. Compare the schedule as well as the percentage against Ledn’s amount-based tiers. Its separate credit line is variable, currently listed at 11.25%, rather than fixed at a term-loan rate.
Protection is a separate product decision
Strike’s volatility-proof option adds 2.95 percentage points to standard APRs. Its product page conditions protection from price-driven liquidation on keeping payments current. Ask for the precise protection agreement and compare the extra cost against the liquidity needed to maintain a standard loan.
Read the collateral permissions
Strike says it may hold collateral or transfer it to capital providers, with no further rehypothecation. This is not a promise that collateral never leaves Strike. Ledn also permits specified re-posting. For either loan, identify the funding entity, security interests and release process in your agreement.
How we weigh the evidence
Ledn’s operating record and published reports provide due-diligence material, not guarantees. Its reported investment-grade rating applies to senior notes of a specific securitization, not to customer collateral or every Ledn obligation.
Compare dated evidence for the exact product: collateral permissions, funding arrangements, performance during market stress and the borrower’s contractual rights. Different custody and funding models deserve specific analysis rather than a blanket safe-or-unsafe label.
A practical next step: Request quotes for the same net amount and planned repayment date. Keep collateral value, fee treatment and exit assumptions consistent. Use the cost calculator to explore how an upfront charge changes a short loan.
Common questions
Is Strike’s lowest APR available on a small loan?
No. The published 7.49% standard tier is for $5 million–$10 million with monthly payments. Smaller amounts, deferred payments and protection have different prices.
Explore the individual guides: Ledn FAQs and Strike FAQs.
Sources and scope
This analysis uses provider documentation, not hands-on loan testing. Comparative assessments are analysis, not provider guarantees. Financial figures and availability can change after the review date.
- Strike: product / borrowing documentation
- Strike: supporting product documentation (/borrow/)
- Ledn: rates, LTV and repayment
- Ledn: Custodied Loan policy
- Ledn: Open Book Report and separate Proof of Reserves
- Ledn: senior ABS-note rating announcement
- Ledn: published operating history