Cryptocurrency Lending Firm Ledn Sells Approximately JPY 29 Billion in Bitcoin-Backed Bonds

Cryptocurrency lending company Ledn has completed the sale of $188 million (approximately JPY 29 billion) in asset-backed securities (ABS) collateralized by Bitcoin (BTC), Bloomberg reported on the 18th. This transaction marks the first instance of a Bitcoin-collateralized ABS in the market. The deal was structured in two tranches, with the investment-grade rated Class A ($160 million) priced at a spread of 335 basis points over the benchmark interest rate. Class B ($28 million) received a B- rating.