S&P Global Ratings has rated Ledn's Bitcoin-backed loan trust at BBB-, the highest rating achieved by the crypto lending company to date. According to NS3, Ledn has packaged over-collateralized Bitcoin loans into investment trusts sold to institutional investors, successfully launching over $2.8 billion in loans since 2018. While the rating acknowledges Ledn's strong loan management and conservative lending policies, the volatility of Bitcoin and the novelty of the lending industry have limited the ceiling of the rating.

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