Crypto lending company Ledn has completed a $188 million Bitcoin-backed securitized bond issuance. The transaction comprises two tranches, with the investment-grade tranche priced 335 basis points above the benchmark interest rate. The bonds are secured by approximately 4,078.87 Bitcoins and are valued at approximately $357 million at fair value. S&P Global rated the majority of the bonds BBB-. Ledn primarily provides lending services backed by Bitcoin and has disbursed billions of dollars in loans since its inception. Previously, stablecoin issuer Tether invested in Ledn last November. Jefferies Financial Group served as the arranger and bookrunner for this bond issuance.