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Ledn Inc. Launches $188M Bitcoin-Backed Bond Offering

2/19/2026

30 3 Full Breakdown

Summary

Story summary

Ledn Inc. sold $188 million in securitized bonds backed by Bitcoin-linked loans, a first in asset-backed debt.
The deal has two tranches, including BBB- by S&P Global and a 335-basis-point spread.
Jefferies Financial Group acted as structuring agent for the transaction.
The bonds are secured by 4,078 Bitcoin valued at about $356.9 million, with mitigants.
Ledn plans cash interest payments for renewals in 2027 to reduce liquidity stress.

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Story summary

Ledn Inc. sold $188 million in securitized bonds backed by Bitcoin-linked loans, a first in asset-backed debt.
The deal has two tranches, including BBB- by S&P Global and a 335-basis-point spread.
Jefferies Financial Group acted as structuring agent for the transaction.
The bonds are secured by 4,078 Bitcoin valued at about $356.9 million, with mitigants.
Ledn plans cash interest payments for renewals in 2027 to reduce liquidity stress.