The Blockspace Pod: Wall Street Just Gave Your Bitcoin Bonds A (BBB) Triple B Rating

We just had a historic 14% difficulty adjustment, weather-driven hash rate curtailments, and the groundbreaking Bitcoin-backed bond from Ledn.

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Matt from CoinShares, Kaan from Luxor, and Jay from Lygos join us to talk about the massive 14.7% Bitcoin difficulty adjustment and the impact of the recent Arctic blast on North American miners. We dive deep into Luxor's 21-month mining analysis, showing why hedging has outperformed spot mining since the 2024 halving. Finally, we discuss Ledn's historic Triple B-rated Bitcoin-backed bond and how institutional investors are beginning to view Bitcoin as high-quality collateral compared to traditional assets.

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Notes:

• Bitcoin difficulty spikes +14.73

• Hashprice drops to all-time low of $30/PH/day.

• ERCOT uneconomic hours rose over 900%.

• Ledn bond rated Triple B- by S&P Global.

• Hedging outperformed spot mining in 2025

Timestamps:

00:00 Start

02:56 Bombshell difficulty adjustment!!!

20:08 Ledn's $188M Bitcoin-Backed Bond Securitization

31:03 Nakamoto acquires Bitcoin Conference & UTXO Mgmt

38:24 Datacenter cry corner/culture corner

👉CleanSpark, America's Bitcoin Miner!

CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.

Published thrice weekly, "The Blockspace Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish twos per week, on Tuesday and Thursday, plus our News Roundup on Saturdays!