PANews reported on October 27th that Bitcoin lending institution Ledn has surpassed $1 billion in loan originations this year, issuing $392 million in BTC-collateralized loans in the third quarter. The company's annual recurring revenue reached $100 million. Ledn removed ETH lending in May, transitioning to a BTC-only product. As of the end of September, its outstanding loan book reached $836.2 million, with an average LTV of 42.7%. Ledn also published a certificate of reserves (issued by The Network Firm). Ledn attributes this demand to BTC holders collateralizing their BTC for liquidity. According to Galaxy Research, Ledn is the third-largest centralized lending institution, behind only Tether and Galaxy.