Bitcoin-collateralized lending platform Ledn has sold approximately $188 million in bonds backed by Bitcoin-collateralized consumer loans to the mainstream asset-backed securities (ABS) market. According to a Bloomberg report on Wednesday citing sources close to the matter, in this first-of-its-kind deal, the investment-grade tranche was priced at approximately 335 basis points over the benchmark rate. The deal is structured through Ledn Issuer Trust 2026-1 and covers 5,441 short-term fixed-rate balloon loans issued to 2,914 U.S. borrowers; collateral consists of 4.078,87 Bitcoin (BTC).
Ledn Bitcoin Collateralized Bond Deal Details
- Class A: $160 million, S&P BBB- (sf) rating
- Class B: $28 million, S&P B- (sf) rating
- Jefferies Financial Group: Sole structurer and bookrunner
- Collateral: 4.078,87 BTC (approximately $273 million in value, current BTC price 67.097$)
According to S&P Global Ratings’ preliminary documents dated February 9, the ratings were completed. Ledn, founded in 2018, has issued over $9.5 billion in loans in 100+ countries; received strategic investment from Tether in November 2025.
Institutional Acceptance of BTC Collateralized Loans
Bitwise Research Head Andre Dragosch stated that BTC is seen as secure collateral by traditional finance. Four Pillars Leader Jinsol Bok emphasized liquidity expansion and on-chain transparency. In recent news, Metaplanet holds 35.102 BTC but announced a $619M valuation loss; Hive mining increased hash rate despite $91M loss – BTC institutional confidence is growing.
Strategic investment from Tether. Source: Ledn.
BTC Price and Critical Levels
- Price: 67.097$, 24h: -1.61%, RSI: 34.50 (Oversold)
- Supports: S1 65.143$ (strong, 77%), S2 62.910$ (63%)
- Resistances: R2 67.962$ (67%), R1 77.303$ (70%)
- Trend: Downtrend, EMA20: 71.663$, futures bearish
FAQ About Bitcoin Collateralized Loans
- Why are Ledn’s bonds important? They bring BTC to mainstream ABS, increasing liquidity.
- How secure is BTC collateral? On-chain transparent, institutionally rated.
- Will BTC price drops affect the deal? Overcollateralization and balloon structure protect it.
Source: https://en.coinotag.com/ledn-sold-188m-btc-backed-abs-bond-to-the-market
