đš Major milestone for crypto finance
Crypto lender Ledn just completed a landmark $188M asset-backed securities (ABS) deal backed by Bitcoin-collateralized loans.
This is one of the first times Bitcoin-backed consumer loans have been packaged into rated securities and sold into traditional fixed-income markets.
Hereâs why this matters đ
đč The deal includes $160M senior notes (rated BBB-) and $28M junior notes (rated B-), according to S&P Global Ratings.
đč The loans are backed by 4,078+ BTC used as collateral.
đč Structured and bookrun by Jefferies Financial Group.
Instead of holding Bitcoin directly, investors gain exposure to the cash flows from $BTC -backed loans â a big step in bringing crypto credit into mainstream structured finance.
âïž Risk management is key.
Bitcoin volatility remains the elephant in the room. During recent price swings, liquidation mechanisms automatically sold collateral when loan-to-value thresholds were breached â a programmable safeguard built into the structure.
Founded in 2018, Ledn has originated over $9.5B in loans globally and even secured strategic backing from Tether in 2025.
đ Bottom line:
Bitcoin-backed lending is no longer just a crypto-native experiment. Itâs entering the traditional ABS market â rated, structured, and institutional.
Crypto and Wall Street are converging faster than many expected.
