Ledn Issues First-Ever Investment Grade-Rated ABS in Digital Asset Industry

Ledn Issues First-Ever Investment Grade-Rated ABS in Digital Asset Industry

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Since 2018, we have been focused on a single mission: building a lending platform that does things the right way. We have always believed that earning and maintaining our clients' trust is a continuous process—one that requires more than just words. It requires a relentless commitment to transparency, rigorous risk management, and a sustainable model that protects your wealth. Today, we are taking a significant step forward in that journey.

We are proud to announce the successful closing of our inaugural $188M asset-backed security (ABS) backed by our portfolio of bitcoin-collateralized loans. Standard & Poor’s (S&P) has assigned an investment grade rating (BBB-) to the senior notes under the offering. 

This achievement represents the first time that a major global rating agency has provided independent, institutional validation of a digital asset lending portfolio—confirming that the standards we’ve worked to establish meet the highest requirements of global finance.

The ABS, backed by Ledn's portfolio of Bitcoin-collateralized retail loans, has been 2x oversubscribed, with institutional demand exceeding the $188 million offering size.

The Significance: A Historic Industry First

The significance of achieving an "investment grade" rating in the digital asset industry cannot be overstated. In global finance, this rating is a rigorous benchmark reserved for assets that meet the strictest standards of credit quality, structural resilience, and payment performance. 

Ledn is the first crypto-native company in history to achieve this.

This transaction further bridges the gap between the Bitcoin ecosystem and traditional capital markets. This milestone signals to the world’s most conservative investors—such as pension funds and insurance companies—that Bitcoin-backed lending is a legitimate and stable asset class when managed with institutional-grade discipline. 

What This Means for You: Validation of a Resilient Business

While this is a historic moment for the industry, its true value lies in the level of certainty it provides our clients. This investment grade rating is not a snapshot of a moment in time in Ledn’s history—it is the direct result of the resilient business we have spent eight years building. 

To achieve this milestone, Ledn’s operations were subjected to an intensive and extended evaluation – the ultimate stress test – that scrutinized every pillar of our business to ensure it met the standards of global institutional finance.

• Excellence Under Scrutiny: While others avoid transparency, we invited it. Our internal risk management protocols and loan book were evaluated using the same rigorous analytical frameworks applied to traditional "gold standard" assets like auto loans and mortgages. This exhaustive review confirmed that our operational procedures, technology platforms, custody standards and structural protections meet or exceed the requirements of the world’s most sophisticated institutions.
• Built for Every Cycle: It is easy to manage risk when prices are stable. It is much harder during the "deep valleys" of a Bitcoin bear market. This rating reflects the durability of a portfolio that has navigated every major market cycle since 2018—including the 2022 credit crisis—maintaining a perfect record of protecting client assets.
• A New Standard: For the first time, there is a clear, rated benchmark for what a sustainable Bitcoin-backed loan looks like. We believe this is the standard that all lenders should hold themselves to, assisting clients in evaluating the risks and pricing of different lenders. 
• Custodied Collateral: This milestone changes where we source the dollars to fund your loans. It does not change how your bitcoin is secured. Your collateral remains held securely in custody, ring-fenced from our funding partners' assets. Neither Ledn nor our funding partners nor any financing vehicle has the right to lend out your collateral to generate interest.

Unlocking New Frontiers: Leading the Way in Credit Markets

At Ledn, we are constantly investing in our infrastructure to provide the most stable and diverse sources of liquidity for our clients. While we have always maintained a strong funding base, this ABS represents a new frontier.

By unlocking the Asset-Backed Securities (ABS) market, Ledn is leading the way in creating a direct pipeline between Bitcoin holders and institutional credit markets. This doesn't just reinforce our current stability; it sets the stage for the future. As we continue to lead through the ABS markets, we are ensuring that Ledn remains the most reliable partner for your liquidity needs, backed by deep institutional capital that is independent of the volatility in the broader digital asset markets.

The Path Forward

We are experts in Bitcoin-backed lending because we have spent 8 years perfecting it. We understand the nuances of Bitcoin’s volatility and the specific needs of its holders because we are Bitcoiners ourselves.

Having S&P—a leading global credit rating agency—assign an investment grade rating to our inaugural ABS issuance following a comprehensive institutional credit review marks a significant milestone for our platform and reflects the robustness of our structure. It reinforces our commitment to building a resilient business that puts your peace of mind above all else.

Never sell your Bitcoin. Borrow against it with the only lender proven to bring investment grade standards to Bitcoin-backed loans.

Adam & Mauricio Co-Founders, Ledn