Bitcoin-backed lending platform Ledn has received a BBB- rating from S&P Global, marking the highest debt rating achieved by a crypto company to date. This rating, while the lowest in the investment-grade category, surpasses the B- ratings previously given to decentralized lending platform Sky and Michael Saylor's Strategy by five notches. Ledn has seen a steady increase in loan demand, with its Bitcoin-backed loans surpassing $1 billion in 2025 alone, and a cumulative total of over $2.8 billion since its inception.