Data & Education

September 8, 2026

The State of Bitcoin Yield 2026

Bitcoin yield as a matching problem: holder and cost basis first, access point second, headline rate last. Six conclusions, co-authored by Sypher Bitcoin Yield Fund and Borrow on Bitcoin. Free 18-page PDF.

August 17, 2026

Bitcoin Loan Rates August 2026: Where APRs Stand and How to Compare Lenders

Current Bitcoin-backed loan rates for August 2026: the average all-in APR at $100k and 50% LTV across US lenders, plus how borrowing more or at a lower LTV changes your rate.

August 17, 2026

Bitcoin Loan Rates July 2026: Where APRs Stood Across US Lenders (Covers July 2026)

Bitcoin-backed loan rates for July 2026: the average all-in APR at $100k and 50% LTV across the six US lenders in our index, what changed during the month, and how the figures compare to June and August.

August 17, 2026

DeFi Bitcoin Loan Rates August 2026: Onchain Borrow APRs Across Protocols

Current onchain Bitcoin borrow rates for August 2026: the TVL-weighted average variable USDC APR against wrapped Bitcoin across 10 DeFi protocols, how much they moved during the month, and how they compare to centralized lenders.

August 17, 2026

DeFi Bitcoin Loan Rates July 2026: Onchain Borrow APRs Across Protocols (Covers July 2026)

Onchain Bitcoin borrow rates for July 2026: the TVL-weighted average variable USDC APR against wrapped Bitcoin across 10 DeFi protocols, how far individual markets moved during the month, and how they compared to centralized lenders.

Updated August 13, 2026

PowerCompute's 2% Bitcoin Loan from Arch Lending, Decoded: How the $18M Collar Facility Works

PowerCompute refinanced $18M against 307 BTC at 2% APR with Arch Lending. We pulled the 8-K and read the collar annex: the filed floor, the filed ceiling, the 15% bridge, and why both sides came out ahead.

August 12, 2026

If Your Stack Could Pay Off Your Mortgage, Would You?

Reddit argues the interest rate decides it. The bigger variable is when. A worked example of a $400,000 mortgage against a 10 BTC stack, priced across the cycle, with the coverage ratio and the after-tax hurdle that actually settle it.

August 4, 2026

Which Bitcoin Lenders Publish Proof of Reserves, and What It Actually Proves (2026)

Two of the ten active US Bitcoin lenders publish a third-party reserves attestation. Here is who, what their reports cover, and the four things proof of reserves does not tell you.

August 4, 2026

The Custody Premium: What a Custodian Actually Costs You (2026)

Custodial Bitcoin lenders charge about six percentage points more than on-chain protocols. We measure that gap daily. Here is what the premium buys, and when it is worth paying.

August 4, 2026

Stacks vs Ethereum vs Solana: What the Chain Changes About a Bitcoin Loan (2026)

Borrowing against Bitcoin on-chain means choosing a network before you choose a protocol. What changes across Ethereum, Base, Stacks, Solana and the rest, and why the cheapest rates sit where they do.

August 4, 2026

Which Bitcoin Lenders Offer Collaborative Custody or Multisig? (2026)

Only one active US Bitcoin lender holds collateral in collaborative multisig. Here is who does, who uses a qualified custodian instead, and why those two are not the same thing.

August 4, 2026

What Happens in a DeFi Bitcoin Loan Liquidation (2026)

An on-chain liquidation has no margin call, no cure period, and no one to phone. Here is the sequence, the buffer each protocol gives you, and how it differs from a CeFi margin call.

August 4, 2026

How Bitcoin Lenders Price a Loan (2026)

Your rate is not one number. It moves with loan size, LTV tier, term and origination fee, and the advertised headline is usually the best case. How each lever works and what actually determines your cost.

August 4, 2026

How Does Arch Compare to Other Bitcoin Lenders? (2026)

Arch against Ledn, Strike, SALT, Figure, APX, CoinRabbit, Nexo and Unchained. Where its qualified custody and low starting rate win, and where its origination fee and 24-hour cure window cost you.

August 4, 2026

How Does Ledn Compare to Other Bitcoin Lenders? (2026)

Ledn against APX, Arch, Strike, SALT, Nexo, Figure and Unchained. Where its proof-of-reserves record and qualified custody win, and where its full liquidation and 50% LTV cap cost you.

August 4, 2026

What Moves the DeFi Borrow Rate (2026)

An on-chain borrow rate is not a quote. It is an output of pool utilisation that resets every block, with no ceiling. How the curve works, why rates jump, and what that means if you are borrowing.

August 4, 2026

Wrapped Bitcoin Explained: cbBTC, wBTC, sBTC and What You Are Actually Pledging (2026)

Borrow against Bitcoin on-chain and you do not pledge Bitcoin. You pledge a token representing it. Who issues each wrapper, how you redeem it, and what breaks if the issuer does.

Updated July 31, 2026

Best Bitcoin Credit Cards of July 2026

Compare bitcoin rewards credit cards, crypto-collateralized spending cards and BTC debit cards, with the rewards, balance-transfer and tax math most reviews skip.

Updated July 30, 2026

Best Bitcoin-Backed Mortgage Loans of July 2026

Compare crypto mortgage lenders, rates, margin call rules, and how to qualify for a mortgage with crypto, all without selling your bitcoin. Eight programs, three structures, verified July 2026.

July 29, 2026

Granite Joins the Borrow on Bitcoin DeFi Rate Index (2026)

We added Granite, a Bitcoin liquidity protocol on the Stacks layer-2, to our DeFi Rate Index. What Granite is, the rate it lists at, and what it adds to the onchain index.

July 22, 2026

Zest Protocol Joins the Borrow on Bitcoin DeFi Rate Index (2026)

We added Zest Protocol, a Bitcoin lending market on the Stacks layer-2, to our DeFi Rate Index. What Zest is, the rate it lists at, and what it adds to the onchain index.

July 14, 2026

What Loan Features Bitcoin Borrowers Actually Want

Every calculator request and lender click-out since inception, distilled to the five features that decide where Bitcoin borrowers go: custody, payment structure, term, fees, and rate design.

Updated July 5, 2026

Bitcoin Loans: How They Work, Rates, and How to Compare Lenders (2026)

Everything you need to know about bitcoin-backed loans: how they work, current rates, LTV, custody risk, and how to compare lenders independently.

June 30, 2026

Bitcoin Is Down — What Do I Do With My Loan?

Bitcoin dropped and your loan-to-value is climbing. A calm, math-first playbook: find your liquidation price, then decide whether to pay in capital or refinance — with the exact numbers to use.

Updated June 25, 2026

DeFi Bitcoin Loan Rates June 2026: Onchain Borrow APRs Across Protocols

Current onchain Bitcoin borrow rates for June 2026: the average variable USDC APR against wrapped Bitcoin across DeFi protocols, and how they compare to centralized lenders.

June 24, 2026

Bitcoin Debit Cards: How They Work and How to Compare (2026)

How bitcoin debit cards work, how they differ from credit and rewards cards, the fees and custody to check, and why every spend can be a taxable sale.

June 24, 2026

How Do IBIT Options and ETF Borrowing Power Work? (2026)

How options on spot bitcoin ETFs like IBIT work, covered calls, protective puts, cash-secured puts, and how they interact with margin and borrowing.

June 24, 2026

How to Refinance a Bitcoin Loan: The Complete 2026 Guide

How to refinance a Bitcoin-backed loan: refinance vs renew vs roll over vs upsize, the break-even math, what each lender charges, the tax angle, and the risks.

June 24, 2026

Should You Borrow Against Bitcoin or Sell It? (2026)

Why borrowing against bitcoin generally defers capital gains while selling triggers them, the real cost comparison, and when selling still wins.

June 24, 2026

Coinbase vs APX Lending: Bitcoin Loan Comparison (2026)

Coinbase's DeFi USDC loan vs APX Lending's no-fee, qualified-custodian loan: rate, LTV, custody, liquidation, and payout compared so you can see which fits.

June 24, 2026

Coinbase vs Arch: Bitcoin Loan Comparison (2026)

Coinbase's DeFi USDC loan vs Arch's low-rate, qualified-custodian dollar loan: rate, LTV, custody, liquidation, and payout compared so you can see which fits.

June 24, 2026

Coinbase vs CoinRabbit: Bitcoin Loan Comparison (2026)

Coinbase's DeFi USDC loan vs CoinRabbit's high-LTV, fast-funding loan: rate, LTV, custody, liquidation, and payout compared so you can see which fits.

June 24, 2026

Coinbase vs Figure: Bitcoin Loan Comparison (2026)

Coinbase's DeFi USDC loan vs Figure's higher-LTV dollar loan from a public company: rate, LTV, custody, liquidation, and payout compared so you can see which fits.

June 24, 2026

Coinbase vs Nexo: Bitcoin Loan Comparison (2026)

Coinbase's DeFi USDC loan vs Nexo's revolving credit line: rate, LTV, custody, rehypothecation, liquidation, and payout compared so you can see which fits.

June 24, 2026

Coinbase vs Strike: Bitcoin Loan Comparison (2026)

Coinbase's DeFi USDC loan vs Strike's fee-free in-app dollar loan: rate, LTV, custody, liquidation, and payout compared so you can see which fits.

Updated June 24, 2026

Bitcoin Loan Rates June 2026: Where APRs Stand and How to Compare Lenders

Current Bitcoin-backed loan rates for June 2026: the average all-in APR at $100k and 50% LTV across US lenders, plus how borrowing more or at a lower LTV changes your rate.

Updated June 24, 2026

Is Borrowing Against Bitcoin a Taxable Event?

Borrowing against Bitcoin generally is not a taxable event; selling is. How collateral is treated for US taxes, the gray areas, and what to confirm with a CPA.

Updated June 21, 2026

How to Borrow Against Bitcoin: A Step-by-Step Guide (2026)

How to borrow against your Bitcoin without selling it: the five steps, how much you can borrow, what it costs, the liquidation risk, and how to pick a lender.

June 19, 2026

Bitcoin-Backed Loans: What RIAs and Wealth Managers Should Consider (2026)

A diligence framework for advisors fielding client questions about borrowing against bitcoin: liquidation risk, custody and rehypothecation, effective cost, tax treatment, and how it compares to an SBLOC.

June 19, 2026

How to Handle a Bitcoin Loan Margin Call (2026)

A calm, step-by-step playbook for what to do when you get a bitcoin loan margin call: your options in order, how much to add, your cure window, and what not to do.

June 16, 2026

CeFi vs DeFi Bitcoin Loans: The Complete 2026 Guide

How CeFi and DeFi Bitcoin loans differ on custody, rates, liquidation, KYC, wrapping, and tax, using Coinbase's Morpho-powered USDC loan as the DeFi example.

June 16, 2026

Coinbase Bitcoin Loan Review (2026): USDC Loans via Morpho

An independent review of Coinbase's Bitcoin-backed USDC loan: how the Morpho-powered product works, the variable rate, 86% liquidation, custody, and catches.

June 16, 2026

Can You Get a Mortgage Through Coinbase?

How the Coinbase and Better Bitcoin mortgage works: a Fannie Mae conforming home loan plus a crypto-secured down-payment loan, what you pledge, and the catches.

June 16, 2026

Can You Borrow Against XRP, Dogecoin, or Solana? (2026)

Coinbase now lets you borrow against more than Bitcoin. How ETH and altcoin loans work, and why the altcoin markets carry a tighter 62.5% liquidation risk.

June 16, 2026

What Is the Coinbase Morpho Loan? The DeFi Backend Explained

Coinbase's Bitcoin loan runs on Morpho, not Coinbase's balance sheet. What Morpho is, who sets your rate, and what it means for your risk, explained plainly.

June 16, 2026

Coinbase vs Ledn: Bitcoin Loan Comparison (2026)

Coinbase's DeFi USDC loan vs Ledn's centralized dollar loan: rate, LTV, custody, liquidation, and payout compared, so you can see which fits.

June 16, 2026

Coinbase vs SALT: Bitcoin Loan Comparison (2026)

Coinbase's DeFi USDC loan vs SALT's dollar loan with stabilization: rate, LTV, custody, margin-call handling, and terms compared.

June 16, 2026

Coinbase vs Unchained: Bitcoin Loan Comparison (2026)

Coinbase's DeFi USDC loan vs Unchained's collaborative-multisig loan: who controls the keys, rate, LTV, and liquidation compared.

June 16, 2026

Is Wrapping Bitcoin to cbBTC a Taxable Event?

Borrowing on Coinbase converts BTC to cbBTC. Whether that wrap is a taxable event is unsettled. The two positions, what the experts say, and how to be careful.

June 13, 2026

What Do Bitcoin Loans Actually Cost Beyond the Interest Rate? (2026)

A plain-English guide to bitcoin-backed loan fees: origination, liquidation, the 360-day interest trick, conversion spreads, renewal, and the true all-in cost.

June 13, 2026

SALT Cuts Bitcoin Loan Rates Across the Board (2026): New APRs From 7.49%

SALT lowered its Bitcoin-backed loan rates across every LTV tier and term and dropped origination to zero. The full before-and-after and what it means.

June 12, 2026

Borrow Against Your Bitcoin ETF: How IBIT Margin Loans Work (2026)

How to borrow against a spot Bitcoin ETF like IBIT on brokerage margin: how much you can borrow, the cost, the margin-call risk, and how US brokers compare.

June 10, 2026

Are Bitcoin Loans Safe? An Honest Look at the Real Risks (2026)

An honest, risk-by-risk look at bitcoin-backed loans: liquidation, custody, rehypothecation, cost, and regulation, plus how to borrow more safely.

June 10, 2026

Bitcoin Business Loans: Fund Your Company Without Selling Your BTC (2026)

A vendor-neutral guide to bitcoin business loans: how borrowing against bitcoin works, how it compares to an SBA loan or bank line, and the risk that matters.

June 10, 2026

Where Does Your Bitcoin Actually Go During a Loan? (2026)

Where your bitcoin is held during a loan, what rehypothecation is and why it sank the 2022 lenders, the custody spectrum, and how to vet a lender.

June 10, 2026

What Happens to a Bitcoin Loan When the Price Drops? (2026)

How margin calls and liquidation work on a bitcoin-backed loan: the LTV thresholds that trigger them, what liquidation does, and how lenders differ.

June 8, 2026

Bitcoin Auto Loans: How to Buy a Car Without Selling Your BTC (2026)

A vendor-neutral guide to bitcoin auto loans: how borrowing against bitcoin to buy a car works, what it costs, the margin-call risk, and the tax angle.

May 18, 2026

Bitcoin Backed Lending: Managing Loans, Volatility, and Risk

Why holders borrow against bitcoin instead of selling, how loans are structured and liquidated, what each lending channel charges, and the tax trap inside a forced liquidation. January 2026 paper by Sypher Bitcoin Yield Fund.

May 18, 2026

Tax Considerations for Earning Income on Bitcoin

Which bitcoin yield and borrowing steps are taxable dispositions under current IRS guidance: minting a staked token, swapping into a custodial one, rehypothecation, pledging collateral, and staking rewards. August 2025 paper by Sypher Bitcoin Yield Fund.