Overview
- The bonds were sold in two tranches, with the senior piece pricing around 335 basis points over benchmark and Jefferies serving as sole structuring agent and bookrunner.
- The pool comprises more than 5,400 short-term consumer loans to 2,914 borrowers, carrying a weighted‑average interest rate of 11.8% and roughly 55–56% loan‑to‑value.
- At S&P’s presale cutoff the collateral totaled 4,078.87 BTC valued near $356.9 million, versus about $273 million at recent prices.
- Early‑February volatility triggered automated liquidations on a significant share of loans—executed below an 81.4% LTV threshold—with no principal losses reported.
- Protections include overcollateralization, early amortization triggers, and a 5% liquidity reserve, setting a template for future Bitcoin‑collateralized securitizations.