2 minute read | March.09.2026
Ledn, one of the world’s largest bitcoin-backed lending platforms, announced the closing of a $188 million asset-backed security (ABS). S&P Global Ratings assigned the senior notes of the asset-backed security an investment grade BBB- rating, the first time a major credit rating agency has given this designation to a digital asset-backed security.
Bloomberg covered the milestone.
Ledn is a financial services company built for Bitcoin & digital assets, offering a suite of lending products and services to digital asset holders in over 130 countries. The company has originated over $2.8 billion in retail loans.
The ABS gives institutional investors who require rated securities, including insurance companies, pension funds and endowments, their first opportunity to gain exposure to Bitcoin-backed loans through a traditional ABS structure. This transaction also establishes a benchmark in demonstrating how rated bitcoin-backed credit is priced, helping investors and clients compare risk and terms across the category.
"A broad spectrum of asset managers and traditional fixed income investors can now access Bitcoin-backed cash flows through a structure they understand and trust," said Ledn co-founder and CEO, Adam Reeds. "We created a roadmap for the entire digital asset industry to follow."
Orrick acted as legal counsel to Ledn with a team led by Orion Mountainspring and Alexander Radisich and supported by Sherry-Maria Safchuk, James Larkin, Tyler Dorf and Margo Schwartz.