- Ledn earned the first-ever investment-grade score for a Bitcoin-backed ABS from S&P International.
- The $188M providing was 2x oversubscribed, displaying robust institutional urge for food for crypto debt.
- Ledn’s mortgage guide survived each Bitcoin bear market since 2018, together with the 2022 credit score disaster.
The crypto lending world has hit a significant milestone. Ledn has closed a $188 million asset-backed safety tied to its Bitcoin-collateralized mortgage portfolio.
Normal and Poor’s assigned the senior notes a BBB- investment-grade score. That is the primary time a significant world score company has carried out this for any digital asset lending portfolio. Apart from, the deal was additionally two instances oversubscribed, with institutional demand surpassing the providing measurement.
Ledn Turns into the First Crypto Agency to Earn an Funding-Grade ABS Ranking
This isn’t a small win. In conventional finance, an investment-grade score indicators strict credit score high quality, structural energy, and dependable fee historical past.
Ledn is the primary crypto-native firm to hit this benchmark. S&P evaluated the corporate’s mortgage guide utilizing the identical frameworks utilized to auto loans and mortgages.
The consequence confirmed that Ledn’s operations meet the requirements of worldwide institutional finance.
The agency shared the information on its official weblog, noting that the score displays eight years of constructing what it calls a resilient lending platform. Ledn says the method concerned an intensive evaluate of its threat administration techniques, custody requirements, and know-how infrastructure.
What the S&P Ranking Means for Bitcoin-Backed Lending
The score opens a door the crypto trade has lengthy been unable to entry.
Conservative institutional traders, together with pension funds and insurance coverage corporations, are inclined to require unbiased credit score validation earlier than committing capital. Ledn’s BBB- score now offers these traders a reputable benchmark to work with.
Based on the corporate’s weblog submit, the ABS is backed by Ledn’s portfolio of Bitcoin-collateralized retail loans. The agency careworn that the score doesn’t change how they deal with consumer collateral.
Borrower Bitcoin stays in custody, ring-fenced from funding companions, and can’t be lent out to generate curiosity.
A Direct Pipeline Between Bitcoin Holders and Institutional Capital
Ledn says this deal creates a brand new funding channel. By tapping the ABS market, the corporate is constructing what it describes as a direct pipeline between Bitcoin holders and institutional credit score markets.
The agency believes this provides long-term stability to its liquidity base, unbiased of swings within the broader crypto market.
The oversubscription of the deal provides weight to that declare. Institutional demand exceeded $188 million, which indicators robust urge for food from conventional finance gamers.
Ledn posted concerning the milestone on social media platform X, calling it a historic second for the digital asset trade.
Ledn has issued the primary funding grade-rated bitcoin-backed ABS within the digital asset trade.
The senior notes below the providing have been rated BBB- by S&P. Plus, the ABS has been 2x oversubscribed, with institutional demand exceeding the $188 million providing measurement.
That is… pic.twitter.com/D35fwVyxYq
— Ledn (@hodlwithLedn) February 20, 2026
How Ledn Constructed a Mortgage E book That Survived Each Bitcoin Cycle
The corporate has been working since 2018. Its mortgage portfolio has lived by means of a number of Bitcoin bear markets, together with the sharp 2022 credit score disaster that worn out a number of crypto lenders. Ledn says it maintained a clear file by means of every of these downturns.
That monitor file performed a key function within the score course of. S&P’s analysis stressed-tested the portfolio throughout market cycles, not simply present situations.
For Ledn, the score can also be a sign to the broader trade about what accountable Bitcoin-backed lending ought to appear to be.