Ledn sells $188 million in Bitcoin-backed bonds

According to The Block, cryptocurrency lending company Ledn has completed a $188 million issuance of Bitcoin-backed securitized bonds. The transaction includes two tranches of bonds, with the investment-grade portion priced 335 basis points above the benchmark rate.

The bonds are backed by approximately 4,078.87 Bitcoins, valued at about $357 million at fair value. S&P Global has assigned a BBB- rating to most of the bonds. Ledn primarily offers lending services backed by Bitcoin, having issued billions of dollars in loans since its inception.

Previously, stablecoin issuer Tether invested in Ledn last November. This bond issuance was structured by Jefferies Financial Group, which acted as the structuring agent and bookrunner.