FITCH: BITCOIN-BACKED SECURITIES CARRY HIGH RISK Fitch Ratings warns that Bitcoin-backed securities carry high market value risk due to price volatility, structural complexity, and counterparty exposures. These instruments rely on Bitcoin as collateral, with liquidation triggers that can amplify losses. Past crypto lender bankruptcies and extreme Bitcoin swings, like the 49% drop in March 2020, highlight the need for conservative coverage and robust risk management.(*Walter Bloomberg)