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CoinVoice has learned that the international credit rating agency Fitch Ratings released an assessment report on Monday, listing Bitcoin-backed securities as "speculative grade" credit ratings, warning of "high risk" that could lead to losses for lenders and investors.
The report points out that the sharp volatility in Bitcoin prices is a primary risk factor. When collateral coverage falls below regulatory thresholds, it can quickly erode collateral value and trigger margin calls and forced liquidations.
Fitch cites the collapse of crypto lending platforms such as BlockFi and Celsius in 2022-2023, emphasizing the fragility of collateral models under market stress. This assessment mainly targets credit instruments that rely directly on collateral value for repayment and does not include equity-type products such as spot Bitcoin ETFs.