{"id":36209,"date":"2026-02-18T21:50:25","date_gmt":"2026-02-18T21:50:25","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=36209"},"modified":"2026-02-18T21:50:25","modified_gmt":"2026-02-18T21:50:25","slug":"ledn-sells-188m-bitcoin-backed-bonds-in-first-of-its-kind-deal","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=36209","title":{"rendered":"Ledn Sells $188M Bitcoin-Backed Bonds in First-of-Its-Kind Deal"},"content":{"rendered":"

Bitcoin Magazine<\/a>
\n
\nLedn Sells $188M Bitcoin-Backed Bonds in First-of-Its-Kind Deal<\/a><\/p>\n

<\/div>\n

Crypto lender Ledn Inc. has sold $188 million in securitized bonds backed by Bitcoin-linked loans, marking a first-of-its-kind deal in the asset-backed debt market.<\/p>\n

The transaction includes two bond tranches, according<\/a> to Bloomberg,<\/em> one of which received an investment-grade rating and priced at a spread of 335 basis points over the benchmark rate, according to people familiar with the matter. Jefferies Financial Group Inc. served as the sole structuring agent and bookrunner.<\/p>\n

The bonds are secured by a pool of more than 5,400 consumer loans issued by Ledn, where borrowers used their Bitcoin holdings as collateral, according to an S&P Global Ratings report<\/a>.\u00a0<\/p>\n

The loans carry a weighted average interest rate of 11.8%.<\/p>\n

Bitcoin\u2019s price volatility remains a central risk. Loans tied to the cryptocurrency can fall underwater if prices decline sharply.\u00a0<\/p>\n

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JUST IN: Crypto lending firm Ledn sold $188 million of securitized bonds backed by Bitcoin, making it the first ever BTC deal in the market for asset-backed debt \u2014 Bloomberg \"\ud83d\ude80\"<\/p>\n

\u2014 Bitcoin Magazine (@BitcoinMagazine) February 18, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

S&P\u2019s Ledn bitcoin bond ratings<\/h2>\n

S&P said investors may be partly protected because Ledn uses algorithmic liquidation to sell Bitcoin collateral when a default trigger is reached, applying the proceeds to repay outstanding loans.<\/p>\n

The report noted that bitcoin\u2019s sharp decline in early February forced Ledn to liquidate a \u201csignificant share\u201d of loans slated for the deal. S&P said all liquidations were executed below an 81.4% LTV threshold, shifting the portfolio mix toward fewer loans and more cash in the funding account, while keeping the total collateral package at $200 million.<\/p>\n

S&P\u2019s analysis focused on borrower default behavior, recovery rates during liquidation, and concentration risk.\u00a0 The agency said margin-driven defaults represent the most acute stress scenario because liquidations occur when bitcoin prices are falling, potentially into thin or volatile markets where execution slippage matters most.<\/p>\n

Because Ledn underwrites loans primarily based on bitcoin collateral rather than borrower credit profiles, S&P said traditional consumer loan performance metrics are limited.\u00a0<\/p>\n

At the \u2018A\u2019 stress level, the agency applied a conservative 100% default assumption, with modeled stresses for the rated notes including a 79% default rate and 68% recovery for the BBB- class A tranche.<\/p>\n

S&P highlighted structural mitigants including overcollateralization, early amortization triggers, a liquidity reserve funded at 5% of note balance, and Ledn\u2019s automated liquidation engine, which it said has successfully liquidated 7,493 loans over seven years without principal losses.<\/p>\n

Ledn plans to require cash interest payments for renewals starting in 2027, which S&P said reduces liquidity stress over time.\u00a0<\/p>\n

Bitcoin has since recovered modestly but remains about 46% below its October high, trading near $66,000 today.<\/p>\n

This post Ledn Sells $188M Bitcoin-Backed Bonds in First-of-Its-Kind Deal<\/a> first appeared on Bitcoin Magazine<\/a> and is written by Micah Zimmerman<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine Ledn Sells $188M Bitcoin-Backed Bonds in First-of-Its-Kind Deal Crypto lender Ledn Inc. has sold $188 million in securitized bonds backed by Bitcoin-linked loans, marking a first-of-its-kind deal in the asset-backed debt market. The transaction includes two bond tranches, according to Bloomberg, one of which received an investment-grade rating and priced at a spread […]<\/p>\n","protected":false},"author":1,"featured_media":36210,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[45],"tags":[],"class_list":{"0":"post-36209","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin"},"yoast_head":"\nLedn Sells $188M Bitcoin-Backed Bonds in First-of-Its-Kind Deal - Cryptomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptomag.finance\/?p=36209\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ledn Sells $188M Bitcoin-Backed Bonds in First-of-Its-Kind Deal - Cryptomag\" \/>\n<meta property=\"og:description\" content=\"Bitcoin Magazine Ledn Sells $188M Bitcoin-Backed Bonds in First-of-Its-Kind Deal Crypto lender Ledn Inc. has sold $188 million in securitized bonds backed by Bitcoin-linked loans, marking a first-of-its-kind deal in the asset-backed debt market. 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