Asset-Backed Lending ยท Structured Credit

Where Does Your Loan Sit in the Waterfall?

In February, Ledn packaged 5,441 Bitcoin-backed loans into a $188M bond deal, split into a senior slice rated BBB- and a subordinated slice rated B-. Drag the sliders below and watch who eats the loss first when collateral drops.

$36B
On-Chain RWA Today
$188M
Ledn's BTC-Backed ABS
335bps
Spread Over Benchmark
4,079
BTC Held as Collateral
Structure the Pool
Loan Pool Size$188M
Starting LTV50%
Senior Tranche Size85%
BTC Price Stress0%
Collateral Waterfall

The gold band is the senior tranche. The pale band is subordinated capital, the first cushion against loss. Red only appears once the subordinated tranche is wiped out.

BBB-

Senior Tranche

Paid first, protected by everything below it
Face value$0
Loss absorbed$0
Remaining value$0
StatusProtected
B-

Subordinated Tranche

Paid last, absorbs the first dollar of loss
Face value$0
Loss absorbed$0
Remaining value$0
StatusIntact
Event Log