Ledn Launches $188M Bitcoin‑Backed Bonds in Historic ABS Market First

Crypto lending firm Ledn has officially successfully priced the world’s first-ever Bitcoin-backed bonds in the Asset-Backed Securities (ABS) market. While Bitcoin has long been viewed by Wall Street as a speculative digital gold, this $188 million issuance structured by investment banking giant Jefferies transforms BTC from a volatile holding into a sophisticated collateral engine for regulated debt instruments.

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How Bitcoin‑Backed Bonds and Ledn’s Crypto Lending ABS Signal a Market Shift

For the first time, institutional investors are not just buying Bitcoin (BTC); they are buying debt secured by it. Institutional markets accustomed to mortgage, auto-loan, or credit-card ABS structures, the novelty lies in the collateral, and now, a historically volatile digital asset follows suit.

The bond is backed by a pool of over 5,400 loans that Ledn provided to its clients. These BTC-collateralized loans allow holders to access liquidity without selling their assets. By bundling these loans into an ABS, Ledn has created a bridge for institutional capital to enter the crypto lending space through a familiar, regulated vehicle.

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It all seems to be true, and there’s scepticism surrounding the Bitcoin-backed bonds. The issue has always been volatility. How can a bond remain stable when its underlying collateral can drop 10% in an hour? Ledn took up the task with a real-life test. Ledn stress-tested these mechanisms during periods when BTC dropped by as much as 50%. The portfolio maintained performance metrics strong enough to support institutional credit ratings.

New Pace-setter For DeFi

For years, the crypto lending industry has been overshadowed by the collapse of unregulated, under-collateralized entities. Ledn’s move toward the ABS market provides a starkly different blueprint: transparency, third-party ratings, and institutional-grade structuring.

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With Bitcoin now acting as the bedrock for rated debt securities, the line between decentralized finance and Wall Street has never been thinner. This $188M milestone isn’t just a win for Ledn; it is a signal to the world that Bitcoin has officially graduated to the big leagues of global credit.