Crypto lender Ledn has sold $188mn of bonds backed by $BTC collateralized consumer loans, Bloomberg reported.
This marks the first securitization of its kind in the asset-backed securities (ABS) market and signals a further convergence between digital assets and traditional structured credit.
The transaction was structured and placed by Jefferies Financial Group. It comprises two tranches, including an investment-grade portion that priced at a spread of 335 basis points over benchmark rates. The bonds are backed by more than 5,400 loans extended to borrowers who pledged their own Bitcoin as collateral. $ETH
