The crypto market saw a mix of financial innovation, regulatory optimism and corporate pressure today as major players moved across lending, policy and infrastructure. From a landmark Bitcoin-backed securitization to fresh signals from Washington and renewed scrutiny on mining firms diversifying into AI, the day highlighted how digital assets are becoming more intertwined with traditional finance and broader tech trends.
Ledn completes landmark Bitcoin-backed securitization
Bitcoin-backed lending firm Ledn has entered the mainstream debt market after selling roughly $188 million worth of bonds tied to consumer loans collateralized by Bitcoin. According to people familiar with the matter, the deal places crypto-linked credit products directly into the asset-backed securities market, a space usually dominated by auto loans, credit cards and mortgages.
The transaction was completed through a special purpose vehicle called Ledn Issuer Trust 2026-1. It bundles more than 5,400 short-term, fixed-rate balloon loans issued to nearly 3,000 US borrowers. These loans are secured by over 4,000 Bitcoin held as collateral. Balloon loans typically keep monthly payments low while leaving a large principal amount due at maturity, a structure that appeals to borrowers seeking short-term liquidity.
Brian Armstrong and Bernie Moreno joined CNBC on Wednesday. Source: CNBC
One tranche of the deal, rated investment grade, was priced at a spread of around 335 basis points above a benchmark rate. This pricing suggests that investors are demanding extra yield to compensate for the risks associated with crypto-backed credit compared with traditional consumer debt.
Founded in 2018, Ledn says it has facilitated more than $9.5 billion in loans across over 100 countries. The company received a strategic investment from Tether, the issuer of the USDT stablecoin, in late 2025, adding further weight to its balance sheet and market profile.
US CLARITY Act gains momentum in Washington
Regulation also took center stage as US Senator Bernie Moreno expressed confidence that the long-awaited CLARITY Act could pass Congress as early as April. Speaking in an interview with CNBC from former President Donald Trump’s Mar-a-Lago property in Florida, Moreno said lawmakers are pushing to resolve long-standing uncertainties around crypto market structure.
The CLARITY Act aims to define regulatory boundaries for digital assets in the United States, an issue that has lingered for years as agencies debate oversight responsibilities. Industry leaders have argued that the lack of clear rules has slowed innovation and driven some firms offshore.
Joining Moreno in the interview, Brian Armstrong said discussions at the World Liberty Financial crypto forum included representatives from crypto firms, banks and members of Congress. One topic that resurfaced was the question of whether stablecoins should be allowed to offer yield or rewards.
Traditional banks have previously warned that yield-bearing stablecoins could pull deposits away from the banking system. Supporters counter that such products represent healthy competition and reflect evolving consumer preferences in a digital economy.
Riot Platforms faces pressure to accelerate AI strategy
In the corporate sector, crypto miner Riot Platforms is facing renewed pressure from activist investor Starboard Value to speed up its expansion into high-performance computing and artificial intelligence.
Starboard, which owns about 12.7 million shares of Riot, sent a letter to the company’s leadership urging faster execution on AI and HPC data center projects in Texas. The investor estimates that Riot could unlock between $9 billion and $21 billion in equity value by monetizing its remaining power capacity through AI-focused infrastructure.
According to Starboard, Riot still has around 1.4 gigawatts of gross capacity available, putting it in a strong position to attract major tenants. The firm emphasized that timing matters, arguing that competition for AI data center deals is intensifying and that delays could erode potential returns.
From crypto mining to AI infrastructure
Starboard pointed to Riot’s recently announced agreement with Advanced Micro Devices as a positive but limited step. The deal involves leasing data center space and providing related services, validating the underlying value of Riot’s sites. However, the investor described it as a proof-of-concept rather than a transformative move.
Source: Starboard Value
Like several other miners, Riot has been exploring diversification as mining economics become more volatile and energy-intensive. By repurposing existing infrastructure for AI and HPC workloads, miners hope to stabilize revenue and appeal to a broader set of institutional partners.
Taken together, today’s developments show how crypto firms are branching into traditional finance, engaging more directly with regulators and rethinking their business models. Whether through securitized Bitcoin loans, clearer rules in Washington or a shift toward AI-powered data centers, the sector continues to evolve beyond its early boundaries.
