Ledn has successfully raised approximately $188 million in Bitcoin-backed debt, structured in two tranches, with the investment-grade portion priced at about 335 basis points above the benchmark. This financing is secured by roughly 4,079 BTC, valued at $357 million. The deal highlights a growing trend in the crypto sector, where lenders are increasingly using Bitcoin as collateral to attract traditional investment, despite the recent price volatility that has led to liquidations in some collateralized loan positions across various platforms.
Ledn raises ~$188M in Bitcoin-backed debt with investment-grade loans
