Figure vs Nexo
Higher LTV from a public company against a revolving line that re-lends collateral.
Rates as of August 1, 2026 · Verified daily
Figure$100k loan, 50% LTV · Max LTV 75%
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The bottom line
Figure starts far lower (around 10.0% vs near 18.9%), allows up to 75% LTV, and is run by a Nasdaq-listed company, though it holds collateral itself via Fireblocks MPC and does not rehypothecate. Nexo is an open revolving line that re-lends your pledged bitcoin. Choose Figure for the lower rate, higher leverage, and untouched collateral; choose Nexo only if an always-open line outweighs the cost and rehypothecation.
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.
Figure vs Nexo, side by side
| Figure |  Nexo | |
|---|---|---|
| Effective APR$100k loan, 50% LTV, all-in | 9.76% | 15.9% |
| Starting APR | 9.76% | 15.9% |
| Origination fee | 0.85% | None |
| Liquidation fee | 2% | None stated |
| Max LTV | 75% | 50% |
| Custody model | Lender-held (Fireblocks) | Lender-held |
| Rehypothecation | No | Yes |
| Funding speed | Not published | Same day |
| Minimum loan | Not published | $50 |
| Maximum loan | No stated maximum | $2,000,000 |
| Loan terms | 12-month term | Not published |
| Operating since | 2018 | 2018 |
| Availability | 39 states (excludes 11) | All 50 states |
Rates and fees
On a $100,000 loan at 50% LTV, Figure is the cheaper borrow: an all-in effective APR of about 9.76% versus 15.9% at Nexo, a gap of roughly 6.14 points before fees. Nexo charges no origination fee; Figure adds 0.85% up front, which matters most on shorter terms.
Custody and counterparty risk
Figure holds collateral via lender-held (Fireblocks), while Nexo uses lender-held. Nexo rehypothecates pledged Bitcoin (re-lends it); Figure does not, which means less exposure if the lender runs into trouble.
Leverage, limits, and speed
Figure allows the higher maximum LTV (75% vs 50%), so you can borrow more per Bitcoin, at the cost of a thinner buffer before a margin call if the price falls.
Track record and availability
On availability, Figure is not available in 11 states, while Nexo covers all 50 states.
Strengths and trade-offs
Figure
- Publicly traded (Nasdaq: FIGR, $7.6B IPO Sept 2025)
- Fireblocks MPC custody, operated by Figure; no rehypothecation
- No credit check on crypto-backed loan
- Same-day approval available
- HELOC variant with optional BTC pledge available
- Fireblocks MPC custody is operated by Figure, not an independent third-party qualified custodian
- 2% processing fee applies to any collateral sold in a margin call or liquidation
- Excluded from several states including TX and NY (verify current Figure Markets availability)
- HELOC variant is not a purchase mortgage
Nexo
- Relaunched in the US in February 2026 via Bakkt after a 2022 exit
- 15.9% APR for a US borrower holding no NEXO tokens; lower rates require holding NEXO
- 50% LTV on BTC, $50 to $2M, no origination or monthly fees
- Liquidation is partial: Nexo repays part of the credit line from a portion of collateral
- Instant funding once approved
- Lower advertised rates require holding NEXO tokens (a share of your portfolio or a fixed amount), so a Bitcoin-only borrower pays 15.9%
- US availability is state-by-state and pending Nexo's legal confirmation
- 2023 SEC settlement over the now-discontinued Earn product; the US relaunch is via regulated partner Bakkt
About each lender
Figure
Publicly traded on Nasdaq (FIGR; $7.6B IPO Sept 2025). Crypto-backed loans are offered through Figure Markets; collateral is held via Fireblocks MPC custody, operated by Figure itself rather than an independent qualified custodian, and is not rehypothecated. No credit check. 12-month term. Also offers a HELOC product where BTC can be posted in escrow alongside home equity.
Nexo
Nexo offers instant crypto-backed credit lines, letting you borrow against Bitcoin without selling. It relaunched in the US in February 2026 through regulated partner Bakkt. A US borrower holding no NEXO tokens borrows at 15.9% APR; the lower rates Nexo advertises each require holding NEXO tokens (a share of your portfolio or a fixed amount), so a Bitcoin-only borrower does not qualify for them.
Frequently asked
Is Figure or Nexo cheaper?
On a $100,000 loan at 50% LTV, Figure is cheaper, with an all-in effective APR of about 9.76% versus 15.9%. Nexo also charges no origination fee, while Figure adds 0.85% up front.
Which has lower custody risk, Figure or Nexo?
Figure uses lender-held and Nexo uses lender-held. Check the rehypothecation row above, as re-lending of collateral adds counterparty risk.
Can I borrow more with Figure or Nexo?
Figure allows the higher maximum LTV (75% 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 August 1, 2026. How we verify rates · Full disclosures.