Episode #185 – ABS Ratings = Milkshake NGU

Episode #185 | Published February 26, 2026 A lender took a pool of bitcoin-collateralized loans, packaged the pool into an asset-backed security, sold roughly $188 million of bonds, and cleared investment-grade treatment on senior notes. That is not just a headline event. It is a structural transition where Bitcoin collateral gets translated into bond language: […]