Ledn, a leading crypto lending firm, sold $188 million in securitised bonds backed by Bitcoin loans on February 18, 2026, marking the first such deal in the asset-backed securities market, according to Bloomberg. Structured by Jefferies Financial Group as the bookrunner, the bonds include an investment-grade tranche priced at a 335-basis-point spread over the benchmark rate, according to Bloomberg. The collateral consists of 4,078.87 BTC, valued at $356.9 million, with S&P Global assigning a BBB- rating to the majority. X posts from @FundBreakdown highlight this as a milestone, noting that the securitisation infrastructure now extends to Bitcoin collateral.
The bonds are secured by Bitcoin-linked loans, with Ledn originating billions in such products since its founding, according to Bitcoin Magazine. S&P Global’s report details 5,441 fixed-rate balloon loans to 2,914 obligors, with original terms not exceeding 12 months and bullet repayments, S&P Global. Ledn’s ability to liquidate BTC collateral in “10 seconds” on average when loan-to-value ratios exceed 80% enhances security, GlobalCapital reports. This structure, rated BBB-, reflects moderate credit risk but underscores Bitcoin‘s volatility as a factor. X posts from @Crypto_TownHall emphasise the deal’s innovation in crypto credit markets.
Ledn’s move aligns with growing demand for Bitcoin-backed credit, boosted by Tether’s November 2025 investment in Ledn, according to Yahoo Finance. The deal enables institutions to access yield on BTC holdings without liquidation, The Block. Coinbase’s strengthened lending push, despite market volatility, complements this trend, according to Yahoo Finance. With BTC at $66,329, down 30% monthly, the transaction demonstrates resilience in crypto debt markets, Bloomberg. Cross-referencing with prior BTC treasury strategies, like MicroStrategy’s holdings, shows increasing integration of crypto into traditional finance.
While innovative, Bitcoin-backed bonds carry volatility risks, with S&P noting that Ledn’s rapid collateral liquidation is a mitigating factor but also highlighting BTC price swings. Investors should monitor support at $60,000 for BTC, as a breach could pressure bond values, according to TradingView. Actionable advice: Diversify into stable assets like USDC and track ETF inflows via SoSoValue. With regulatory clarity from the GENIUS Act, such deals may proliferate, but caution is advised amid market corrections. Following X accounts, such as @MartyPartyMusic, for updates on similar transactions can provide timely insights.
