So they securitized 5,441 loans and sold them as investment grade. The spread is 335 basis points over the benchmark which tells you exactly how much fear is priced into this crypto credit play. You really think institutional desks care about the underlying tech? They care about the yield spread and the ability to offload the risk to pension funds who dont know a private key from a hole in the wall. I need a new job. If the market bleeds out, these BBB- notes are the first thing that gets crushed in the wash, proving yet again that finance is just gambling with a nicer desk. @cryptonoisefree
August 22, 2026 3.8K
