Fidelity Digital Assets as Crypto Custodian in First-of-Its-Kind $188 Million Securitized Bond Offering

Cleary Gottlieb represented Fidelity Digital Assets, NA as crypto custodian in a first-of-its-kind $188 million securitized bond offering.

The transaction marks the first securitized bond offering backed by Bitcoin in the market for asset-backed debt. The bonds are secured by a pool of over 5,400 loans issued by Ledn Inc. to consumers against their Bitcoin. Fidelity will act as custodian of the Bitcoin collateral.

The transaction closed on February 20, 2026.

The Cleary team was led by partners Brandon Hammer and Macey Levington, with support from counsel emerita Sandra Rocks and law clerk Niko Gekakis. Partner Samuel Chang advised on sanctions matters. Partner Lauren Semrad advised on bank regulatory matters.