Ledn completed a $188 million Bitcoin-backed asset securitization in February 2026, with $160 million in senior notes receiving a preliminary "BBB-" rating from S&P Global, Decrypt reported. SVB stated that this was the first time a Bitcoin-collateralized loan portfolio had received an investment-grade rating. Additionally, Galaxy Research data showed that the total value of cryptocurrency-backed loans reached $56.16 billion as of Q2 2026, a 16.8% decrease from the previous quarter.