Effects that modify a creature's power and/or toughness, such as the effect of Bleeding Edge, will apply to the creature no matter when they started to take effect. The same is true for any counters that change its power and/or toughness.

If the affected creature gains an ability after Kasmina's Transmutation becomes attached to it, it will keep that ability.

Kasmina's Transmutation overwrites all previous effects that set the creature's base power and toughness to specific values. Any power- or toughness-setting effects that start to apply after Kasmina's Transmutation becomes attached to a creature will overwrite this effect.