Figure vs Nexo
Higher LTV from a public company against a revolving line that re-lends collateral.
By Steven Han and Michael Song · Rates as of October 30, 2026 · Verified daily · Rates last changed July 15, 2026
Figure$117,297 loan, 40.8% LTV · Max LTV 75%
Some “Visit” links are affiliate links. No lender can pay for placement, and this never changes which lenders we include or the data we show. The rates compared here are each lender's standard published effective APR. See disclosures.
What it costs over 12 months
Borrowing $117,297 at 40.8% LTV for one year. Interest and the origination fee, on standard published terms.
Figure costs $7,202 less over twelve months at this loan size, before any difference in how the two handle collateral.
The biggest structural difference is maximum LTV: Figure 75% versus Nexo 50%.
Full side-by-side on 16 terms below, including custody, rehypothecation and the margin-call cure window.
The bottom line
Figure starts far lower (around 10.0% vs 15.9% without NEXO tokens), 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$117,297 loan, 40.8% LTV, all-in | 9.76% | 15.9% |
| Starting APR | 9.76% | 15.9% |
| Origination fee | 0.85% | None |
| Liquidation fee | 2% | None stated |
| Rate type | Fixed | Fixed |
| Max LTV | 75% | 50% |
| Liquidation thresholdLTV at which collateral is sold | 90% | 83.3% |
| Custody model | Lender-held (Fireblocks) | Lender-held (Bakkt) |
| Rehypothecation | No | Yes |
| Funding speed | Not published | Instant |
| Minimum loan | $5,000 | $50 |
| Maximum loan | No stated maximum | $2,000,000 |
| Loan terms | 12-month term | Not published |
| Prepayment | No prepayment penalty | Not published |
| Operating since | 2018 | 2018 |
| Availability | 40 states (excludes 10) | 48 states (excludes 2) |
| Learn more | Learn more |
Rates and fees
On a $117,297 at 40.8% LTV loan, 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 (Bakkt). 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. Minimums differ: $5,000 at Figure versus $50 at Nexo.
Track record and availability
On availability, Figure is not available in 10 states, while Nexo excludes 2.
Strengths and trade-offs
Figure
- Publicly traded (Nasdaq: FIGR, $7.6B IPO Sept 2025)
- Decentralized MPC custody; no rehypothecation
- No hard credit check
- Same-day approval available for eligible borrowers; approval is not guaranteed
- Borrow against BTC, ETH or SOL, from a $5,000 minimum
- 2% processing fee applies to any collateral sold in a margin call or liquidation
- Excluded from DC, ID, IL, KY, MD, MS, SD, TX, VT and VA. New York borrowers are served by a separate entity, Figure Markets Credit LLC
- Liquidation Protection is optional, costs an additional fee, and is available in only ten states; it does not stop a liquidation if the loan becomes delinquent
Nexo
- Relaunched in the US in February 2026 in partnership with Bakkt, a publicly listed US company, after a 2022 exit
- Operating since 2018; Nexo reports 10M+ clients, $7B+ in assets under management and a $1.7B+ loan book, and states it is SOC 2 Type 2 certified
- 15.9% APR without NEXO token holdings; Wealth Club tiers holding NEXO tokens are priced from 12.9% down to as low as 0.9%
- BTC, ETH and 30+ supported assets can be combined in one credit line; LTV 50% on BTC and ETH, 90% on USDT and USDC
- $50 to $2M per day, up to $200M for Nexo Private clients, no origination or monthly fees
- The lower Wealth Club rates require holding NEXO tokens (for example, Elite needs a $1M+ portfolio with 8% in NEXO, or 1M NEXO). A borrower without NEXO pays 15.9%
- Not available to residents of New York or Washington. Nexo confirmed on 2026-08-03 that those two states are restricted and the credit line is otherwise available
- Borrowing against crypto is generally treated differently than selling it for tax purposes, but tax treatment depends on your individual situation and jurisdiction. This is not tax advice, so confirm with a tax professional before relying on it
About each lender
Figure
Publicly traded on Nasdaq (FIGR; $7.6B IPO Sept 2025). Figure offers Crypto Backed Loans against BTC, ETH and SOL via decentralized MPC custody with Fireblocks and no rehypothecation. No prepayment penalty. 12-month interest-only term, maximum initial LTV 75%, liquidation at 90% LTV, minimum loan $5,000. No hard credit check. Loans are made by Figure Lending LLC (NMLS 1717824), and to New York residents through Figure Markets Credit LLC (NMLS 2559612). Figure also offers Democratized Prime, a separate yield product paying up to 8.35% as of 21 July 2026.
Nexo
Nexo offers crypto-backed credit lines, letting you borrow against Bitcoin and 30+ other supported digital assets in the US without selling, which generally avoids realizing a capital gain. It relaunched in the US in February 2026 in partnership with Bakkt. A borrower holding no NEXO tokens pays 15.9% APR, the rate we compare on. Lower Wealth Club tier rates, from 12.9% down to as low as 0.9%, require holding NEXO, Nexo's own token, and also depend on your loan-to-value.
Frequently asked
Is Figure or Nexo cheaper?
On a $117,297 at 40.8% LTV loan, 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 October 30, 2026. How we verify rates · Full disclosures.