Figure vs Strike
Higher LTV against the lower rate, with both holding collateral themselves.
Rates as of August 11, 2026 · Verified daily
Figure$100k loan, 50% LTV · Max LTV 75%
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The bottom line
Neither uses an independent qualified custodian. Strike is cheaper (around 7.49% vs 10.0%) with no origination or liquidation fee and a 50% LTV cap. Figure allows up to 75% LTV and is backed by a public company, but adds a small origination fee and a 2% liquidation fee. Choose Strike for cost; choose Figure when you need to borrow more per coin.
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 Strike, side by side
| Figure |  Strike | |
|---|---|---|
| Effective APR$100k loan, 50% LTV, all-in | 9.76% | 11.02% |
| Starting APR | 9.76% | 7.75% |
| Origination fee | 0.85% | None |
| Liquidation fee | 2% | None |
| Max LTV | 75% | 50% |
| Custody model | Lender-held (Fireblocks) | Lender-held |
| Rehypothecation | No | No |
| Margin-call cure window | Not published | 72 hours |
| Funding speed | Not published | Same day to 1 day |
| Minimum loan | $5,000 | $10,000 |
| Maximum loan | No stated maximum | $5,000,000 |
| Loan terms | 12-month term | 12-month fixed-term loan. Separate line-of-credit product also available (revolving, no maturity date). |
| Prepayment | No prepayment penalty | No prepayment penalty. Full closure permitted after 61 days. Cash repayments free; BTC collateral repayment incurs 0.79% processing fee (state-dependent). |
| Operating since | 2018 | 2017 |
| Availability | 40 states (excludes 10) | 47 states (excludes 3) |
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 11.02% at Strike, a gap of roughly 1.26 points before fees. Strike charges no origination fee; Figure adds 0.85% up front, which matters most on shorter terms. If a position is liquidated, Strike charges the smaller penalty (0% vs 2%).
Custody and counterparty risk
Figure holds collateral via lender-held (Fireblocks), while Strike uses lender-held. Neither rehypothecates collateral.
Loan terms and flexibility
Figure offers 12-month term; Strike offers 12-month fixed-term loan. separate line-of-credit product also available (revolving, no maturity date).. Neither penalizes early repayment.
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 $10,000 at Strike.
Track record and availability
Strike has the longer history, operating since 2017 versus 2018. On availability, Figure is not available in 10 states, while Strike excludes 3.
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
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
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.
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 Figure or Strike cheaper?
On a $100,000 loan at 50% LTV, Figure is cheaper, with an all-in effective APR of about 9.76% versus 11.02%. Strike also charges no origination fee, while Figure adds 0.85% up front.
Which has lower custody risk, Figure or Strike?
Figure uses lender-held and Strike uses lender-held. Neither rehypothecates pledged collateral.
Can I borrow more with Figure or Strike?
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 11, 2026. How we verify rates · Full disclosures.