Ledn has sold $188 million in securitized bonds backed by bitcoin, Bloomberg reported Wednesday.
“The deal comprises two bonds, including an investment-grade portion that was priced at a spread of 335 basis points over the benchmark rate,” Bloomberg said, citing anonymous sources.
Ledn, which allows users to borrow against their bitcoin rather than sell it, has originated billions of dollars in loans since its founding. In November, stablecoin giant Tether invested in Ledn, seemingly as demand for bitcoin-backed credit accelerates across retail and institutional markets.
The new bonds are secured by a pledge of 4,078.87 bitcoin with a fair market value of approximately $356.9 million, according to S&P Global. The rating agency gave the majority of the bonds the less-than-stellar rating of BBB-, according to a Feb. 9 report.
Bitcoin, trading at $66,329.34 as of 4:54 p.m. ET, is down nearly 30% over the past month, according to The Block price page.
Jefferies Financial Group served as the structuring agent and bookrunner for Ledn’s bond deal, according to Bloomberg.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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