Ledn Raises $188 Million with First Bitcoin-Backed Bond Sale
- Ledn completed the first asset-backed securities (ABS) deal backed by bitcoin collateral, raising $188 million.
- The bonds are secured by over 5,400 consumer loans, each backed by borrowers’ bitcoin holdings.
- Loans have a weighted average interest rate of 11.8% and include two tranches.
- The investment-grade tranche was priced at +335 basis points over the benchmark rate.
- Jefferies acted as the sole structuring agent and bookrunner for the deal.
This transaction marks a significant milestone in crypto credit markets, showcasing how traditional financial instruments can integrate with bitcoin assets. The automated collateral liquidation feature aims to protect investors during market volatility.
Ledn’s innovative bond sale demonstrates the growing acceptance of bitcoin in mainstream finance, with $188 million raised through this unique ABS structure.
