Ledn Secures $188M from Bitcoin-Backed Bonds in ABS Market
- Ledn sold approximately $188 million in bonds tied to Bitcoin-collateralized loans.
- The investment-grade tranche was priced at a spread of about 335 basis points over a benchmark rate.
- The deal includes a pool of over 5,441 short-term balloon loans secured by approximately 4,078.87 BTC.
- S&P assigned preliminary ratings of BBB- (sf) for senior notes and B- (sf) for subordinated notes.
- Jefferies Financial Group acted as the structuring agent and bookrunner for this transaction.
This securitization marks a significant step as Bitcoin is increasingly recognized as legitimate collateral by traditional financial institutions, with major banks beginning to offer BTC-backed loans.
Ledn’s bond sale reflects growing confidence in crypto-backed lending, evidenced by the substantial $188 million raised through these asset-backed securities.(Source)
