Ledn sells $188 million in bitcoin-backed bonds

Crypto lending platform Ledn has sold $188 million in securitized bonds backed by bitcoin, according to a report from Bloomberg.

The transaction includes two bond tranches, with the investment-grade portion priced at a spread of 335 basis points over the benchmark rate. The bonds are secured by a pledge of 4.078,87 BTC with an estimated market value of about $356,9 million, based on figures from S&P Global, which assigned most of the issuance a BBB- rating.

Jefferies Financial Group acted as structuring agent and bookrunner for the deal. Ledn provides loans collateralized by bitcoin and has originated billions of dollars in crypto-backed credit, with prior backing from Tether.