The ABS is backed by 5,441 fixed-rate balloon loans tied to bitcoin holdings. The loans have an outstanding balance of $199.1 million. There are concerns about rising LTV ratios as the value of bitcoin drops.
Issuers of utility recovery bonds want the SEC to treat the asset as corporate bonds. They raised concerns about a recent flip by the SEC to treat URBs as ABS, though the SEC notes that it has considered some URBs to be ABS for years.