{"id":106148,"date":"2026-02-19T11:20:14","date_gmt":"2026-02-19T11:20:14","guid":{"rendered":"https:\/\/neclink.com\/index.php\/2026\/02\/19\/ledn-sells-188m-bitcoin-backed-bonds-in-unprecedented-deal\/"},"modified":"2026-02-19T11:20:14","modified_gmt":"2026-02-19T11:20:14","slug":"ledn-sells-188m-bitcoin-backed-bonds-in-unprecedented-deal","status":"publish","type":"post","link":"https:\/\/neclink.com\/index.php\/2026\/02\/19\/ledn-sells-188m-bitcoin-backed-bonds-in-unprecedented-deal\/","title":{"rendered":"Ledn Sells $188M Bitcoin-Backed Bonds In Unprecedented Deal"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p class=\"nitro-lazy\">Crypto lender Ledn Inc. has sold $188 million in securitized bonds backed by Bitcoin-linked loans, marking a first-of-its-kind deal in the asset-backed debt market.<\/p>\n<p>The transaction includes two bond tranches, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-02-18\/crypto-firm-ledn-sells-bitcoin-backed-bonds-in-abs-market-first\" target=\"_blank\" rel=\"noopener\">according<\/a> to <em>Bloomberg,<\/em> one of which received an investment-grade rating and priced at a spread of 335 basis points over the benchmark rate, according to people familiar with the matter. Jefferies Financial Group Inc. served as the sole structuring agent and bookrunner.<\/p>\n<p>The bonds are secured by a pool of more than 5,400 consumer loans issued by Ledn, where borrowers used their Bitcoin holdings as collateral, <a href=\"https:\/\/bitcoinmagazine.com\/news\/bitcoin-backed-bonds-facing-stress-test\">according to an S&amp;P Global Ratings report<\/a>.\u00a0<\/p>\n<p>The loans carry a weighted average interest rate of 11.8%.<\/p>\n<p>Bitcoin\u2019s price volatility remains a central risk. Loans tied to the cryptocurrency can fall underwater if prices decline sharply.\u00a0<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JUST IN: Crypto lending firm Ledn sold $188 million of securitized bonds backed by Bitcoin, making it the first ever BTC deal in the market for asset-backed debt \u2014 Bloomberg \ud83d\ude80<\/p>\n<p>\u2014 Bitcoin Magazine (@BitcoinMagazine) <a href=\"https:\/\/twitter.com\/BitcoinMagazine\/status\/2024233503529857156?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">February 18, 2026<\/a><\/p><\/blockquote>\n<p><template data-nitro-marker-id=\"372de9843891598aa58675a785cc4349-1\"\/> <\/div>\n<\/figure>\n<h2 class=\"wp-block-heading\">S&amp;P\u2019s Ledn bitcoin bond ratings<\/h2>\n<p>S&amp;P said investors may be partly protected because Ledn uses algorithmic liquidation to sell Bitcoin collateral when a default trigger is reached, applying the proceeds to repay outstanding loans.<\/p>\n<p>The report noted that bitcoin\u2019s sharp decline in early February forced Ledn to liquidate a \u201csignificant share\u201d of loans slated for the deal. S&amp;P said all liquidations were executed below an 81.4% LTV threshold, shifting the portfolio mix toward fewer loans and more cash in the funding account, while keeping the total collateral package at $200 million.<\/p>\n<p>S&amp;P\u2019s analysis focused on borrower default behavior, recovery rates during liquidation, and concentration risk.\u00a0 The agency said margin-driven defaults represent the most acute stress scenario because liquidations occur when bitcoin prices are falling, potentially into thin or volatile markets where execution slippage matters most.<\/p>\n<p>Because Ledn underwrites loans primarily based on bitcoin collateral rather than borrower credit profiles, S&amp;P said traditional consumer loan performance metrics are limited.\u00a0<\/p>\n<p>At the \u2018A\u2019 stress level, the agency applied a conservative 100% default assumption, with modeled stresses for the rated notes including a 79% default rate and 68% recovery for the BBB- class A tranche.<\/p>\n<p>S&amp;P highlighted structural mitigants including overcollateralization, early amortization triggers, a liquidity reserve funded at 5% of note balance, and Ledn\u2019s automated liquidation engine, which it said has successfully liquidated 7,493 loans over seven years without principal losses.<\/p>\n<p>Ledn plans to require cash interest payments for renewals starting in 2027, which S&amp;P said reduces liquidity stress over time.\u00a0<\/p>\n<p>Bitcoin has since recovered modestly but remains about 46% below its October high, trading near $66,000 today.<\/p>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/bitcoinmagazine.com\/news\/ledn-sells-188m-bitcoin-backed-bonds\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto lender Ledn Inc. has sold $188 million in securitized bonds backed by Bitcoin-linked loans, marking a first-of-its-kind deal in the asset-backed debt market. The<\/p>\n","protected":false},"author":1,"featured_media":106149,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[151],"tags":[],"class_list":["post-106148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/posts\/106148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/comments?post=106148"}],"version-history":[{"count":0,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/posts\/106148\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/media\/106149"}],"wp:attachment":[{"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/media?parent=106148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/categories?post=106148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/neclink.com\/index.php\/wp-json\/wp\/v2\/tags?post=106148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}