Ledn refinanced a $50 million Bitcoin-backed loan with Swiss crypto bank Sygnum, producing a twice-oversubscribed, partially tokenized facility that broadens institutional access to tokenized private credit and inflation-resistant yield for qualified investors.
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Twice-oversubscribed $50M Bitcoin-backed loan
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Portion of the facility tokenized on Sygnum’s Desygnate platform to reach qualified onchain investors
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Onchain private credit now represents majority of tokenized value (onchain private credit: $15.6B, 58% of RWA market)
Bitcoin-backed loan refinanced by Ledn and Sygnum; twice-oversubscribed, tokenized private credit opportunity — learn how qualified investors can access yield.
The twice-oversubscribed facility underscores rising institutional demand for Bitcoin-backed credit and inflation-resistant yield products.
Digital asset lender Ledn has tapped Swiss crypto bank Sygnum to refinance its $50 million Bitcoin-backed loan, creating a facility that the companies say opens the door to tokenized, Bitcoin-collateralized investment opportunities.
The refinancing matches Ledn’s $50 million syndicated loan from 2024 and, according to the firms, the latest offering was twice oversubscribed on issuance.
An oversubscribed offering means investor demand exceeded the available allocation, signaling strong institutional interest and selective distribution to qualified participants.
Source: Sygnum Bank
What is the Ledn–Sygnum Bitcoin-backed loan refinancing?
The Ledn–Sygnum Bitcoin-backed loan is a $50 million refinance of Ledn’s existing syndicated credit, partially tokenized on Sygnum’s Desygnate platform. The facility was twice oversubscribed, reflecting growing institutional demand for Bitcoin-collateralized credit and inflation-resistant yield products.
How was the facility tokenized and distributed?
Sygnum used its Desygnate platform to tokenize a portion of the loan as onchain investment products. Tokenization enables fractional ownership, programmability, and broader distribution to qualified investors while preserving traditional private credit characteristics.
Tokenized tranches allow issuers to present private credit to institutional and accredited onchain participants with streamlined settlement and custody features. The approach aims to combine traditional credit underwriting with blockchain-native distribution mechanics.
Private credit powers tokenization boom — why does it matter?
The Sygnum–Ledn facility sits within the expanding tokenized private credit market, which now represents the largest share of tokenized real-world assets onchain. Industry data indicates onchain private credit markets total approximately $15.6 billion, making up about 58% of tokenized RWA value.
The growth of tokenized private credit. Source: RWA.xyz
Institutional reports, including an industry analysis by Galaxy Digital, note that tokenization drives yield expansion through programmability and new distribution channels. Independent analyses from Gauntlet and RWA.xyz estimate tokenized private credit yields typically range from 8% to 12% depending on structure and collateral quality.
What does oversubscription indicate for investors?
Oversubscription signals robust institutional appetite for inflation-resistant income and Bitcoin-secured credit. Investors facing allocation limits may receive partial subscriptions, while issuers sometimes increase facility size if market conditions permit.
Earlier market data from Neutrl highlighted flattening yields in DeFi, with stablecoin APRs dipping below 6% in parts of 2025. That environment makes tokenized private credit’s higher yields comparatively attractive to yield-seeking allocators.
Frequently Asked Questions
How does tokenization affect loan liquidity?
Tokenization can enhance secondary liquidity by enabling fractional trading and simpler transfer mechanics, but actual liquidity depends on market depth, regulatory constraints, and issuer terms.
Who can access tokenized private credit?
Access is typically limited to qualified, accredited, or institutional investors under the issuer’s offering terms and applicable securities rules.
Key Takeaways
- Oversubscribed facility: Twice-oversubscription indicates strong institutional demand for Bitcoin-backed credit.
- Tokenization expands access: Sygnum’s Desygnate platform enables fractional, onchain distribution to qualified investors.
- Relative yield opportunity: Tokenized private credit often targets 8%–12% yields, attractive amid lower stablecoin APRs.
Conclusion
The Ledn–Sygnum refinance demonstrates growing institutional appetite for Bitcoin-backed loans and the maturation of tokenized private credit markets. As tokenization and custody frameworks evolve, qualified investors can expect more programmable, onchain access to inflation-resistant credit products. For updates and official disclosures, refer to COINOTAG coverage and issuer documentation.
