🚨 Ledn raises $188 million with its first Bitcoin-backed bond sale. Ledn structured and placed a bond backed by over 5,400 loans collateralized in BTC, transforming Bitcoin credit into a traditional capital market instrument (ABS) for approximately $188 million. In practice, it's pure securitization: ➡️ pooled loans ➡️ Bitcoin collateral ➡️ converted into bonds for institutional investors Key challenges include: * BTC custody * on-chain/off-chain reconciliation * managing collateral volatility risk Exactly the same process as with mortgages or credit cards… but now with Bitcoin as collateral. 🧱 BTC + DeFi + TradFi = Lego Money in action Article: https://www.coindesk.com/markets/2026/02/19/ledn-raises-u…