Ledn Sells $188M Bitcoin-Backed Bonds in First-of-Its-Kind Deal with Investment-Grade Rating

Crypto lender Ledn Inc. has executed a landmark $188 million securitized bond deal backed by Bitcoin-collateralized consumer loans, the first such transaction in the asset-backed debt market. The offering includes two tranches, with the senior tranche receiving an investment-grade rating (BBB-) from S&P Global Ratings and pricing at 335 basis points over the benchmark. The underlying pool comprises over 5,400 loans with a weighted average interest rate of 11.8%. S&P's analysis highlights risks from Bitcoin's price volatility but notes structural mitigants including Ledn's automated liquidation engine, which has successfully liquidated 7,493 loans over seven years without principal losses. Jefferies served as sole structuring agent and bookrunner.