Catenaa, Thursday, February 26, 2026- Ledn has issued $188 million in bitcoin-backed bonds, marking a significant expansion of its crypto-lending offerings as demand rises from retail and institutional investors.
The transaction includes two bonds, one of which carries an investment-grade rating and was priced at 335 basis points above the benchmark rate, according to Bloomberg.
The bonds are secured by 4,078.87 bitcoin, valued at approximately $356.9 million. S&P Global assigned a BBB- rating to the majority of the issuance, reflecting moderate credit risk for investors. Jefferies Financial Group acted as structuring agent and bookrunner for the offering.
Ledn enables clients to borrow against bitcoin holdings without selling them, a model that has seen billions in loans originated since the company’s founding.
The sale follows Tether’s investment in Ledn last November, as market participants increasingly seek access to bitcoin-backed credit solutions.
Bitcoin itself has retreated nearly 30% over the past month, trading at $66,329.34 as of Wednesday afternoon, highlighting the volatility that underpins the collateral for Ledn’s new bonds.
Analysts note that the issuance demonstrates growing acceptance of securitized crypto products, providing both leverage opportunities for lenders and a pathway for institutional investors to gain indirect exposure to bitcoin.
Ledn’s move also aligns with a broader trend of digital-asset companies structuring regulated financial products to attract capital while mitigating direct market exposure.
The offering is expected to strengthen Ledn’s market position as a provider of innovative lending and structured credit solutions in the evolving digital-asset ecosystem.
