The world's first investment-grade Bitcoin ABS bond, with Adam Reeds

In this episode, Mauricio sits down with Adam Reeds, co-founder and CEO of Ledn, to discuss his upbringing in Canada in a family shaped by his father's work in agricultural banking and his mother's career in education — a stable, functional financial backdrop that would later contrast sharply with Mauricio's Venezuelan experience and ultimately inspire the founding of Ledn. Adam breaks down Ledn's landmark $188 million Bitcoin-backed loan ABS (Asset-Backed Securities) bond — the first of its kind in history. He explains how the structure mirrors traditional finance vehicles used for auto loans, mortgages, and credit card debt, and why fitting Bitcoin-backed loans into that framework unlocks access to the $3 trillion US ABS market. He details why Ledn was uniquely positioned to pull this off after eight years of operating with zero client or loan losses. He also explains how that track record was essential for S&P Global to issue the first-ever investment grade rating on a Bitcoin product. Adam walks through the rigorous year-long process with S&P, including stress tests around Bitcoin volatility, liquidation thresholds, and systemic risk scenarios — many of which played out live as Bitcoin's price dropped from the 80s to the 60s during the deal's marketing period, ultimately validating Ledn's automated and non-discretionary processes in real time. Led by Jefferies as structuring agent, the deal attracted 15 institutional participants across 50 meetings, including a major reinsurance company, traditional credit funds, and hedge funds. It closed more than two times oversubscribed on the senior tranche and three times on the mezzanine. Adam explains how the bond's structure — with Fidelity as custodian and a blended rate of 7.2% — brings unprecedented transparency to Ledn's operations, allowing clients to see exactly where their Bitcoin sits and how the funding side of the business works. He also discusses how this model removes the arbitrary jurisdictional barriers of traditional lending by treating Bitcoin collateral from borrowers around the world as equal, regardless of geography. Looking ahead, Adam previews lower rates for borrowers, expansion into more US states, better functionality for business accounts at Ledn, and the rollout of Ledn's mobile app.