Bitcoin lending platform Ledn has issued over $1 billion in loans this year, with $392 million in BTC-collateralized loans in Q3 alone. The company's annual recurring revenue has reached $100 million. Following its shift to a BTC-only product in May, Ledn's outstanding loan book stood at $836.2 million by the end of September, with an average loan-to-value ratio of 42.7%. The firm attributes the surge in demand to Bitcoin holders seeking liquidity through collateralization. Ledn, now the third-largest centralized lending institution after Tether and Galaxy, has published a certificate of reserves, verified by The Network Firm, to bolster transparency. The rebound in the Bitcoin credit market is reflected in Ledn's growth, as the company continues to capitalize on the increasing demand for BTC-backed loans.