Digital asset lending institution Ledn has partnered with Swiss crypto bank Sygnum to refinance its $50 million Bitcoin-backed loan, with both companies stating that this transaction opens the door to tokenized, Bitcoin-collateralized investment opportunities.
Although this refinancing matches the $50 million syndicated loan amount from Ledn in 2024, the two companies indicated on Wednesday that the latest financing was oversubscribed by two times.
The oversubscription of the loan indicates that investor demand exceeded the available loan quota, typically signaling strong institutional interest. In this case, investors may only receive a portion of their requested quota, or the issuer may increase the loan size to accommodate more funds.
Part of the loan is tokenized through Sygnum's Desygnate platform, which allows private credit transactions to be issued as on-chain investment products. By utilizing tokenization, this financing can be more broadly distributed to qualified investors.
The two companies stated that the oversubscription highlights the growing demand from investors for inflation-hedging yield products, especially as traditional markets and DeFi yields continue to flatten.
Earlier this year, DeFi analytics firm Neutrl reported evidence of flattening yields, noting that stablecoin annual yields have dropped below 6%—a stark contrast to the double-digit returns investors enjoyed in the previous market cycle before the 2022 bear market.
Ledn is not alone in the Bitcoin lending space. In January, Coinbase relaunched Bitcoin-backed loans for U.S. customers, facilitated by Morpho Labs.
In July, Cointelegraph reported that Cantor Fitzgerald-backed Twenty One Capital is exploring dollar loans secured by Bitcoin collateral. Meanwhile, JPMorgan is reportedly considering its own Bitcoin-backed loan product, potentially launching in 2026—though the timeline may still change.
The Sygnum-Ledn financing belongs to the tokenized private credit market, which is currently the largest and fastest-growing segment of asset tokenization.
However, not all Bitcoin-backed loans meet private credit criteria. Retail-focused lending products are generally considered outside this category.
According to industry data, private credit currently accounts for more than half of all on-chain tokenized value. As of Wednesday, the on-chain private credit market is valued at $15.6 billion, representing 58% of the tokenized real-world asset market.
As noted by Galaxy Digital in its April crypto lending report, on-chain private credit is "based on tokenization, programmability, and utility, thus achieving yield expansion."
According to an analysis by DeFi protocol Gauntlet and industry platform RWA.xyz in June, tokenized private credit opportunities typically offer yields of 8% to 12%.
Related: Based on record liquidity and institutional adoption, Bitcoin (BTC) is set to rise to $190,000.
Original article: “Ledn, Sygnum refinance $50 million Bitcoin (BTC) loan, achieving two times oversubscription”
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