The issuer of the first securitization of loans secured on Bitcoin has shrugged off a bear market for the cryptocurrency to price the $188 million deal. LEDN priced the first securitization of loans secured on Bitcoin at $188 million, finishing after at least two weeks in the market.
The deal priced at or inside guidance despite a bear market for the cryptocurrency, underscoring persistent demand for crypto-backed securitizations. As the issuer, LEDN demonstrates an active willingness to securitize Bitcoin-related debt even in challenging market conditions. The transaction highlights ongoing institutional interest in crypto credit structures and could shape future securitizations in the sector.
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