Ledn has successfully sold $188 million in Bitcoin-backed bonds, which includes an investment-grade portion priced at 335 basis points over the benchmark rate, according to a report from Bloomberg. This sale reflects the growing demand for bitcoin-backed loans, as Ledn offers users the option to borrow against their bitcoin holdings instead of selling them. The new bonds are secured by a pledge of approximately 4,078.87 bitcoin, valued at about $356.9 million, and received a BBB- rating from S&P Global. This comes on the heels of an investment from stablecoin issuer Tether in November, indicating increasing interest in crypto credit across both retail and institutional markets.
Ledn sells $188 million in bitcoin-backed bonds
