APX Lending vs Strike
A no-fee qualified-custodian loan against the lower in-app rate.
By Steven Han and Michael Song · Rates as of September 11, 2026 · Verified daily · Rates last changed August 22, 2026
APX Lending$114,652 loan, 40.8% LTV · Max LTV 60%
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What it costs over 12 months
Borrowing $114,652 at 40.8% LTV for one year. Interest and the origination fee, on standard published terms.
APX Lending costs $34 less over twelve months at this loan size, before any difference in how the two handle collateral.
The biggest structural difference is custody model: APX Lending a qualified custodian versus Strike a lender-held pool.
Full side-by-side on 17 terms below, including custody, rehypothecation and the margin-call cure window.
The bottom line
APX holds collateral with BitGo Trust, never rehypothecates, charges no origination or admin fee, and runs no credit check, starting around 9.99% at a 60% LTV. Strike is cheaper (around 7.49%) with no origination or liquidation fee and lending in its app, but holds collateral in its own pool at a 50% LTV cap. Choose APX for independent custody and higher LTV; choose Strike for the lower rate and app convenience.
Conditional guidance, not a recommendation. The right pick depends on your loan size, LTV, state, and what you value most. Rates can change; the table below is the live source.
APX Lending vs Strike, side by side
| APX Lending |  Strike | |
|---|---|---|
| Effective APR$114,652 loan, 40.8% LTV, all-in | 10.99% | 11.02% |
| Starting APR | 9.99% | 7.75% |
| Origination fee | None | None |
| Liquidation fee | None stated | None |
| Rate type | Fixed | Fixed |
| Max LTV | 60% | 50% |
| Liquidation thresholdLTV at which collateral is sold | 90% | 85% |
| Custody model | Qualified custodian (BitGo Trust) | Lender-held |
| Rehypothecation | No | No |
| Margin-call cure window | Not published | 72 hours |
| Funding speed | Same day to 1 day | Same day to 1 day |
| Minimum loan | $25,000 | $10,000 |
| Maximum loan | No stated maximum | $5,000,000 |
| Loan terms | 3 to 60 months, extendable | 12-month fixed-term loan. Separate line-of-credit product also available (revolving, no maturity date). |
| Prepayment | Not published | No prepayment penalty. Full closure permitted after 61 days. Cash repayments free; BTC collateral repayment incurs 0.79% processing fee (state-dependent). |
| Operating since | Not published | 2017 |
| Availability | All 50 states | 47 states (excludes 3) |
| Learn more | Learn more |
Rates and fees
On a $114,652 at 40.8% LTV loan, APX Lending is the cheaper borrow: an all-in effective APR of about 10.99% versus 11.02% at Strike, a gap of roughly 0.03 points before fees. Neither charges an origination fee, so the headline rate is closer to the real cost.
Custody and counterparty risk
APX Lending holds collateral via qualified custodian (BitGo Trust), while Strike uses lender-held. Neither rehypothecates collateral.
Loan terms and flexibility
APX Lending offers 3 to 60 months, extendable; Strike offers 12-month fixed-term loan. separate line-of-credit product also available (revolving, no maturity date)..
Leverage, limits, and speed
APX Lending allows the higher maximum LTV (60% vs 50%), so you can borrow more per Bitcoin, at the cost of a thinner buffer before a margin call if the price falls. Minimums differ: $25,000 at APX Lending versus $10,000 at Strike.
Track record and availability
On availability, APX Lending covers all 50 states, while Strike excludes 3.
Strengths and trade-offs
APX Lending
- No origination or management fees
- No credit check
- BTC and ETH accepted as collateral
- Segregated cold-storage custody with BitGo Trust
- US minimum loan 25,000 dollars
- US state-by-state availability not publicly itemized
- Maximum loan size not publicly posted
- Margin-call and liquidation LTV thresholds not publicly itemized
Strike
- No origination fee
- Proof-of-reserves for collateral
- $2.1B credit facility with Tether (2026)
- Volatility-proof loan structure (announced 2026)
- Bitcoin-only
- Collateral held by Strike or capital partners, not a named third-party qualified custodian
- Limited consumer state coverage (21 states as of March 2026)
- Lending product launched 2024
About each lender
APX Lending
Regulated crypto-backed lender serving US and Canadian borrowers, with no credit checks and no origination or management fees. Collateral (BTC, ETH) is held in segregated, insured cold storage with BitGo Trust. US loans start at 25,000 dollars with tiered APRs.
Strike
Bitcoin-only loans with no origination fee. Collateral held by Strike or capital partners in segregated wallets, no named third-party qualified custodian. Proof-of-reserves published. $2.1B credit facility with Tether.
Frequently asked
Is APX Lending or Strike cheaper?
On a $114,652 at 40.8% LTV loan, APX Lending is cheaper, with an all-in effective APR of about 10.99% versus 11.02%.
Which has lower custody risk, APX Lending or Strike?
APX Lending uses qualified custodian and Strike uses lender-held. Neither rehypothecates pledged collateral.
Can I borrow more with APX Lending or Strike?
APX Lending allows the higher maximum LTV (60% versus 50%), so you can borrow more per Bitcoin pledged. The trade-off is a thinner buffer before a margin call if Bitcoin's price drops.
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borrowonbitcoin.com is a comparison publisher, not a lender or financial advisor. Rate data verified September 11, 2026. How we verify rates · Full disclosures.