Sygnum arranges USD $50 million in BTC-backed financing for Ledn, with a portion of the facility tokenized via the bank’s integrated, end-to-end tokenization solution. The transaction marks a milestone in the evolution of tokenized private credit that meets rising institutional demand for yield-bearing, crypto-collateralised debt instruments.
Zurich, 27 August 2025, 8am CET — Ledn, one of the world’s largest BTC-backed lenders, has appointed Sygnum, a global digital asset banking group, as Lead Arranger for the refinancing of its BTC-backed loan. This follows the successful close of their USD $50 million syndicated loan in 2024. The new 2x oversubscribed transaction further strengthens the relationship between Ledn and Sygnum and provides Ledn’s clients with continued access to the best product and pricing in the market.
As the tokenization of private market assets accelerates, Sygnum is driving innovation in on-chain private credit initiatives by offering its clients access to a fully collateralised, Bitcoin-backed loan through a tokenized investment instrument.
“In collaboration with Ledn, we are bringing an innovative investment opportunity with an efficient risk-return profile to our client base,“ says Benedikt Koedel, Head Credit & Lending at Sygnum. ”This also showcases how Sygnum makes use of the breadth of its capabilities to create value, not only for Ledn by ensuring their successful refinancing, but also for its broader client base by simultaneously creating a unique investment opportunity.“
The transaction is in response to broader shifts in investor appetite. With traditional and DeFi yields flattening, institutional and qualified investors are increasingly looking for stable, inflation-resistant income products. The Ledn facility provides access to a premium yield secured by overcollateralised BTC-backed loans, with collateral managed by Sygnum.
“We are happy to continue expanding the range of innovative financial products that not only combine legacy and digital financial systems, but also make participation more accessible to everyday users,” said John Glover, Chief Investment Officer at Ledn. “What started as an unprecedented, first-ever syndicated loan, now continues to evolve further in products that can benefit a large number of new investors, accelerating the mass adoption of digital assets.”
In August 2024, Sygnum issued the industry’s first syndicated loan backed by BTC which was used to fund the growth of Ledn’s retail lending operations. The company continues to see strong demand from Bitcoin holders who want to monetise the value of their BTC without selling it. Syndicated among Sygnum’s institutional clients, the USD $50 million loan allowed Ledn to bring additional liquidity to both the crypto sector and the existing USD $1.38 trillion syndicated loan market at the time.
By leveraging Desygnate, Sygnum’s primary market issuance platform, Ledn and Sygnum are democratising access to private debt at the intersection of traditional finance and digital assets. They are doing this by empowering investors with access to collateralised investment opportunities with a premium yield. Notably, these loans will also be secured by strict collateral requirements, margin call protocols and liquidation mechanisms managed by Sygnum.
About Ledn
Ledn is the leading platform for bitcoin-backed loans globally, offering a secure and transparent way to unlock liquidity without selling your bitcoin. The company, founded in 2018, has serviced over $10B+ in loans and offers it’s products in more than 100 countries. Ledn is dedicated to building world-class bitcoin-backed lending products, with a focus on helping clients build and maintain long-term wealth. For more information about Ledn and its services, visit the company’s website at www.ledn.io
About Sygnum
Sygnum is a global digital asset banking group, founded on Swiss and Singapore heritage. We empower professional and institutional investors, banks, corporates and DLT foundations to invest in digital assets with complete trust. Our team enables this through our institutional-grade security, expert personal service and portfolio of regulated digital asset banking, asset management, tokenization and B2B services.
In Switzerland, Sygnum holds a banking license and has CMS and Major Payment Institution licences in Singapore. The group is also regulated in the established global financial hubs of Abu Dhabi and Luxembourg and is registered in Liechtenstein.
We believe that the future has heritage. Our crypto-native team of banking, investment and digital asset technology professionals are building a trusted gateway between the traditional and digital asset economies that we call Future Finance. To learn more about how Sygnum’s mission and values are shaping this digital asset ecosystem, please visit sygnum.com and follow us on LinkedIn and X.
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