Ledn Closes $188M Bitcoin-Backed ABS With First-Ever Investment Grade Rating From S&P

TLDR: S&P assigned a BBB- rating to Ledn’s ABS senior notes, the first for a digital asset lender. The $188M offering was 2x oversubscribed, with institutional demand exceeding the full deal size. Ledn’s bitcoin collateral stays ring-fenced in custody and cannot be lent out by any party. The ABS creates a rated benchmark for bitcoin-backed [...]

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