Ledn Sells $188 Million in Bitcoin-Backed Bonds

Odaily News: Cryptocurrency lending firm Ledn has completed the issuance of $188 million in securitized bonds backed by Bitcoin. The transaction includes two tranches of bonds, with the investment-grade portion priced at 335 basis points above the benchmark rate. The bonds are collateralized by approximately 4,078.87 Bitcoins, valued at around $357 million based on fair market value. S&P Global has assigned a BBB- rating to the majority of the bonds. Ledn primarily offers lending services to users using Bitcoin as collateral and has originated billions of dollars in loans since its inception. Previously, stablecoin issuer Tether invested in Ledn in November last year. Jefferies Financial Group acted as the structuring agent and bookrunner for this bond issuance.