Ledn dumps Ethereum — goes back to its Bitcoin-only roots

Ledn dumps Ethereum — goes back to its Bitcoin-only roots originally appeared on TheStreet.

In an interview with TheStreet Roundtable, Ledn co-founder & Chief Strategy Officer Mauricio Di Bartolomeo explained why the firm is abandoning Ethereum-based lending and concentrating exclusively on Bitcoin.

He noted that “98% of Ledn’s loan book was made up of Bitcoin-backed loans. Ethereum only made 2% of our loans.” Di Bartolomeo said client feedback drove the decision: “Our clients, we listen to our clients and our clients love focus. Our clients are also very Bitcoin centric.”

What is Bitcoin lending?

Bitcoin lending allows individuals to use their Bitcoin holdings as collateral to borrow cash or stablecoins, without having to sell their Bitcoin. Platforms like Ledn offer this service by holding the borrower’s Bitcoin in secure custody while issuing a loan based on a percentage of its current market value.

Ethereum’s unclear value proposition

Di Bartolomeo described Ethereum as a network trying to “fight too many fights. they want to be the internet computer, they want to have programmability, they want to be proof of stake, they want to be energy efficient, it’s trying to fight too many fights as far as the things that it wants to be known for.”

He warned that competing rails such as Solana and Cardano already “start eating some of Ethereum’s lunch,” making the native token’s investment case “unclear.” In his view, “You don’t have to own a part of the highway. You will just pay the toll the moment you want to get on and when you get off and that’s it.”

Di Bartolomeo argued that Ethereum’s programmability complicates its narrative as a store of value. “Bitcoin is supposed to be simple and easy to understand. And by adding that complexity, you start messing with that narrative about simplicity.” Without clear token value accrual — unlike Bitcoin’s defined role as “sound money” — Ethereum’s native asset faces uncertainty even as its rail remains strong.

A 'multi-billion dollar' opportunity

By contrast, Di Bartolomeo highlighted that major investors like Paul Tudor Jones and corporations such as MicroStrategy view Bitcoin as a reserve asset. El Salvador and Bhutan have adopted Bitcoin treasury strategies. He believes Bitcoin-backed loans represent a “multi-billion dollar” opportunity that will “10 X over the coming years.”

Ledn can underwrite Bitcoin loans globally — with uniform rates and funds delivered “within 24 hours” — offering legal agreements, customer support and tax statements that DeFi platforms cannot. Di Bartolomeo said, “Investors seeking long-term stability should favor Bitcoin lending through regulated, centralized channels.

Story ContinuesLedn dumps Ethereum — goes back to its Bitcoin-only roots first appeared on TheStreet on Jun 6, 2025

This story was originally reported by TheStreet on Jun 6, 2025, where it first appeared.

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