Arch vs Unchained
A low-rate qualified-custodian loan against collaborative multisig you help control.
By Steven Han and Michael Song · Rates as of September 12, 2026 · Verified daily · Rates unchanged since tracking began June 16, 2026
Arch$114,359 loan, 40.8% LTV · Max LTV 60%
Unchained$114,359 loan, 40.8% LTV · Max LTV 50%
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What it costs over 12 months
Borrowing $114,359 at 40.8% LTV for one year. Interest and the origination fee, on standard published terms. The reference loan is below Unchained's minimum.
The biggest structural difference is custody model: Arch a qualified custodian versus Unchained collaborative multisig.
Full side-by-side on 17 terms below, including custody, rehypothecation and the margin-call cure window.
The bottom line
Arch is far cheaper than Unchained's 14.18% — a monthly-payment tier from around 7.25%, or a deferred-interest tier from around 8.0% where interest capitalizes and you make no monthly payments — and it uses Anchorage qualified custody at a 60% LTV. Unchained costs the most in our set, but its 2-of-3 multisig means you hold a key and no party can move the collateral alone, verifiable on-chain. Choose Arch for rate, leverage, or the deferred structure; choose Unchained only if holding a key yourself is worth a large rate premium.
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.
Arch vs Unchained, side by side
| Arch | Unchained | |
|---|---|---|
| Effective APR$114,359 loan, 40.8% LTV, all-in | 10.49% | By consultation |
| Starting APR | 7.25% | 14.18% |
| Origination fee | 1.49% | 2% |
| Liquidation fee | 2% | 2% |
| Rate type | Fixed | Fixed |
| Max LTV | 60% | 50% |
| Liquidation thresholdLTV at which collateral is sold | 80% | Not published |
| Custody model | Qualified custodian (Anchorage Digital) | Collaborative multisig (Fortis Bank) |
| Rehypothecation | No | No |
| Margin-call cure window | 24 hours | 24 hours |
| Funding speed | Same day to 1 day | 2 days |
| Minimum loan | $5,000 | $150,000 |
| Maximum loan | No stated maximum | $1,000,000 |
| Loan terms | 1 to 12 months; interest-only; rollover available at maturity | 90 to 360 days; standard is 360 days (interest-only, principal at maturity); refinance available at maturity but requires new application |
| Prepayment | No prepayment penalty | No prepayment penalty. Origination fee is non-refundable on early payoff. |
| Operating since | 2023 | 2016 |
| Availability | 39 states (excludes 11) | 43 states (excludes 7) |
| Learn more | Learn more |
Rates and fees
Origination fees differ: 1.49% at Arch versus 2% at Unchained.
Custody and counterparty risk
Arch holds collateral via qualified custodian (Anchorage Digital), while Unchained uses collaborative multisig (Fortis Bank). With Unchained, the collateral sits in a collaborative multisig where you hold one of the keys, so no single party can move your Bitcoin alone, the closest model here to self-custody. Neither rehypothecates collateral.
Loan terms and flexibility
Arch offers 1 to 12 months; interest-only; rollover available at maturity; Unchained offers 90 to 360 days; standard is 360 days (interest-only, principal at maturity); refinance available at maturity but requires new application. Neither penalizes early repayment.
Leverage, limits, and speed
Arch 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: $5,000 at Arch versus $150,000 at Unchained. Funding runs same day to 1 day at Arch and 2 days at Unchained.
Track record and availability
Unchained has the longer history, operating since 2016 versus 2023. On availability, Arch is not available in 11 states, while Unchained excludes 7.
Strengths and trade-offs
Arch
- Anchorage Digital qualified custody
- $100M Lloyd's of London insurance
- Zero rehypothecation, explicit policy
- Segregated wallets
- $75M raised (2024)
- 1.5% origination fee plus 2.5% liquidation fee
- Not available in CA, DE, MS, MT, NV, ND, RI, VT
- Company founded 2023
Unchained
- Multisig collaborative custody, borrower holds 1 of 3 keys
- Non-rehypothecation verifiable on-chain
- Operating since 2016
- Bitcoin-only focus
- $150K minimum loan, not suitable for smaller borrowing needs
- Commercial-only positioning
- Rates by consultation, not publicly posted
About each lender
Arch
Bitcoin-backed loan with Anchorage Digital qualified custody, segregated wallets, $100M Lloyd's of London insurance, and explicit no-rehypothecation policy. Multi-collateral: BTC, ETH, SOL.
Unchained
Operating since 2016. Multisig collaborative custody: borrower holds 1 of 3 keys. Non-rehypothecation is verifiable on-chain. $150K-$1M loan range. Rates by consultation; not publicly posted.
Frequently asked
Which has lower custody risk, Arch or Unchained?
Arch uses qualified custodian and Unchained uses collaborative multisig. Neither rehypothecates pledged collateral.
Can I borrow more with Arch or Unchained?
Arch 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 12, 2026. How we verify rates · Full disclosures.