Sygnum, a global digital asset banking group with around USD 4.5 billion in client assets, has issued the industry-first syndicated loan backed by Bitcoin (BTC) to premier crypto lender Ledn, which will be used to fund the growth of Ledn’s retail lending operations. The financing constitutes the first Bitcoin-backed syndicated loan from a regulated bank. Syndicated among Sygnum’s institutional clients, the loan will allow Ledn to bring additional liquidity to both the crypto sector and the existing USD 1.38 trillion syndicated loan market. Ledn will use the loan to fund its retail book growth, offering its clients even more flexible opportunities to access capital while using their BTC holdings as collateral held in qualified custody to ensure the highest levels of security and regulatory compliance. The NKF team advising Sygnum on this transaction was led by Finance partners Philip Spoerlé and Adrian Koller, working with associate Selim Lötscher and junior associate Norina Frey (both Finance) as well as partner Markus Kronauer (Tax).

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