Ledn, one of the world’s largest bitcoin lenders, announced that it is releasing an Open Book Report, providing standardized, independent disclosures of its BTC loan book, collateral levels, and loan‑to‑value ratios. The first report shows $868 million in outstanding loans backed by 18,488  BTC, with 100 % of collateral held in custody and verified by The Network Firm LLP.

The initiative aims to set an industry transparency benchmark and highlight risks of a 2022‑style crisis as traditional banks expand into crypto credit without clear rehypothecation rules. “If lenders do not have to disclose how they use client collateral, the clients become the leverage,” said John Glover, Ledn’s Chief Investment Officer, emphasizing the need for ongoing, real‑time disclosure.

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• What does the Open Book Report disclose? It details loan balances, BTC collateral, and average loan‑to‑value ratios.
• When is the report released? The first monthly report is published on 18 December, with future updates each month.
• Which jurisdiction governs Ledn’s disclosures? Ledn operates under Cayman Islands regulations and U.S. audit standards.
• Who verifies the collateral holdings? The Network Firm LLP, a U.S. certified public accounting firm, independently confirms 100 % custody.

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