29.08.2025

Sygnum opens access to bitcoin-backed tokenized private credit in milestone transaction with Ledn

Niederer Kraft Frey advised Sygnum on its offering of a tokenized investment instrument, for which a collateralized BTC-backed loan serves as underlying asset. The instrument was structured as part of the refinancing of a USD 50 million syndicated loan to Ledn, which originally marked the industry’s first syndicated loan backed by Bitcoin in 2024.

The transaction represents a major milestone in the evolution of tokenized private credit, meeting rising institutional demand for yield-bearing, crypto-collateralized debt instruments. By leveraging Sygnum’s regulated primary market issuance platform “Desygnate” the tokenization unlocks access to private debt markets at the intersection of traditional finance and digital assets.

Sygnum is a global digital asset banking group, founded on Swiss and Singapore heritage. The group empowers professional and institutional investors, banks, corporates and DLT foundations to invest in digital assets. In Switzerland, Sygnum holds a banking license and has CMS and Major Payment Institution licences in Singapore. The group is also regulated in the established global financial hubs of Abu Dhabi, Luxembourg and is registered in Liechtenstein. Ledn, founded in 2018, is the leading platform for bitcoin-backed loans globally, having serviced over USD 10 billion in loans and offering its products in more than 100 countries.

The NKF team advising Sygnum on this transaction was led by Transactions partners Philip Spoerlé and Adrian Koller, working with associate Carlotta Ulmer (Transactions), associate Reto Seiler and junior associate Caterina Moor (both Banking/Regulatory).