So lately there’s been a lot of talk about Fed Rate hikes, CLARITY Act and all sorts of other ins and outs of being adopted by the mainstream system.

But just for a moment I want to concentrate on who’s out there actually building systems around Bitcoin because each crypto winter tends to end with something being built that allows more useful participation in the market and somehow, magically price goes up and we reach new all time highs.

And building is the appropriate word considering that today I wanted to talk about what’s happening in the Bitcoin Mortgage world.

So this one flew totally under the radar and yet it might be the most important Bitcoin story this month.

Crypto lending firm Ledn just sold $188 million in securitized bonds backed by Bitcoin then packaged into asset-backed securities and sold to institutional investors.

Now $188 Million in a world market with hundreds of trillions of dollars is just a drop in the bucket.

But so was Bitcoin when it first started and once it’s usefulness proves itself, it’s utility will grow.

Now asset-backed securities are not new to Wall Street BUT what is new is that they’re using Bitcoin itself as the asset in question.

The structure looks exactly like what Wall Street uses for mortgages, auto loans, and credit cards. Pool the loans, tranche them by risk and get S&P to rate them and then sell them to pension funds and insurance companies.

Except the collateral is Bitcoin.

S&P gave the senior tranche a BBB- rating... investment grade.

Jefferies structured and ran the books and the bonds are secured by 4,078 Bitcoin worth roughly $357 million with the underlying loans carry an 11.8% weighted average interest rate.

And Ledn’s automated liquidation engine has processed 7,493 loans over seven years without a single principal loss and even when Bitcoin crashed to $60,000 in early February, the system kept every investor whole.

When you don’t build a system on sand, it turns out things run much smoother and now that Wall Street is slowly starting to understand that.

So even when your grandma’s pension fund can buy Bitcoin exposure through a rated bond from Jefferies Bitcoin’s speculation phase is clearly being sunsetted and is now becoming financial plumbing.

That utility creates more demand over time and eventually the $1 Million Bitcoin.

Because if watching the Fed panic while Bitcoin’s infrastructure gets valued at $21 billion doesn’t show you the thesis playing out in real-time... I don’t know what will.

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Same day Ledn made history in the bond market, a company called Milo quietly announced it crossed $100 million in crypto-backed mortgages. Including a single $12 million transaction... the largest crypto mortgage ever recorded.

Think about what that means for a second.

Someone pledged their Bitcoin as collateral and bought a $12 million home.

No selling. No capital gains tax. No giving up their position.

They kept every sat and got the house.

Milo’s model is simple. You pledge 100% of the property value in Bitcoin or Ethereum.

You make monthly payments like any other mortgage, starting around 7% interest and when you pay off the loan, you get your Bitcoin back.

And here’s the part that blows my mind: zero margin calls across their entire portfolio.

Even through Bitcoin’s drop from $126,000 to $60,000.

Their system is designed to handle a 65% drawdown before anything gets liquidated.

Adam Back who Satoshi cited in one the original whitepaper called Milo’s product “a game changer that unlocks real world use cases for so many Bitcoiners.”

Another brick in the road to $1M Bitcoin. Every time someone uses Bitcoin to buy a house instead of selling it for cash, that’s supply locked up and turned into a real world asset and diversify their portfolios without losing their Bitcoin.

P.S. If you haven’t ordered “The Million Dollar Bitcoin” yet, do it now. This newsletter gives you headlines. The book gives you the complete thesis. Available on Amazon right now. Start reading today when it can still change your tomorrow, not “someday.”