Ledn’s latest research elevates the potential market size for Bitcoin-backed loans. The company disclosed that the current $3 billion consumer Bitcoin-backed loan market could expand to $1 trillion over the next decade. However, only a small fraction of cryptocurrency holders currently use such products.
Survey shows higher intent than actual usage.
This study, conducted by consumer research firm Protocol Theory in February 2026, surveyed 1,244 cryptocurrency asset holders in the United States and Australia. The results showed that 88% of respondents indicated they would consider borrowing against their digital assets, but only 14% currently do so.
This means there is a 74-percentage-point gap between potential demand and actual borrowing behavior. The report concludes that the issue is not users' lack of awareness of the product, but rather their willingness to take on the associated risks.
Concerns center on volatility and liquidation.
The top three concerns for users who have not borrowed are cryptocurrency price volatility, liquidation triggered by price declines, and unclear regulatory environments. When choosing a lending platform, respondents prioritize risk management, platform reputation, and clarity of terms—not interest rates.
Ledn co-founder Mauricio Di Bartolomeo said that demand is not the main barrier; what’s truly needed is the trust infrastructure that motivates borrowers to take action.
$200 million bond receives investment-grade rating
The company disclosed that Ledn completed a $200 million bitcoin-backed asset-backed securities transaction in February 2026, describing it as the first investment-grade transaction of its kind. The senior tranche received a BBB- rating from S&P Global.
Galaxy Research views this transaction as a signal that crypto credit is moving from a niche product toward broader institutional adoption. The report notes that, following the bond issuance, the spread narrowed by approximately 5%, indicating that institutional buyers are pricing the underlying credit risk more favorably.
The loan purpose is more like traditional pledged financing.
Among respondents who have used crypto-backed loans, the usage of such products closely resembles traditional mortgage or securities-backed lending common among high-net-worth individuals—obtaining cash without selling long-held assets. The survey found that 72% of crypto asset holders agree that Bitcoin-backed loans help them gain liquidity without selling their holdings.
There are also behavioral differences between Australian and U.S. users. Australian respondents are more likely to incorporate such lending into their personal financial planning and are more willing to compare terms across different platforms, reflecting a still fragmented local market.
Additional information: Ledn stated that since its founding in 2018, the company has facilitated over $10 billion in loans, serving more than 100 countries.