Nexo vs SALT
A revolving line that re-lends collateral against a lower-rate lender with long fixed terms.
Rates as of July 2026 · Verified weekly · By Borrow on Bitcoin
SALT$100k loan, 50% LTV · Max LTV 70%
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. We order by the effective rate you would actually get, which includes any partner rate a lender extends to our readers. See disclosures.
The bottom line
Both hold collateral themselves, but SALT does not rehypothecate while Nexo does. SALT starts far lower (around 7.49% vs near 18.9%), allows up to 70% LTV, and offers 1, 3, and 5-year terms, stabilizing an uncured margin call into USDC rather than liquidating. Nexo is an open revolving line you can draw and repay freely, but it prices high and re-lends your bitcoin. Choose SALT for cost, leverage, and terms; choose Nexo only if a revolving line is what you need.
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.
Nexo vs SALT, side by side
 Nexo | SALT | |
|---|---|---|
| Effective APR$100k loan, 50% LTV, all-in | 18.9% | 8.75% |
| Starting APR | 18.9% | 7.49% |
| Origination fee | None | None |
| Max LTV | 50% | 70% |
| Custody model | Lender-held | Lender-held |
| Rehypothecation | Yes | No |
| Margin-call cure window | Not published | 48 hours |
| Funding speed | Same day | 1–2 days |
| Minimum loan | $50 | $5,000 |
| Maximum loan | $2,000,000 | No stated maximum |
| Loan terms | Not published | 1, 3, or 5 years; rates increase with term length; 70% LTV available on 1-year only |
| Prepayment | Not published | No prepayment penalty and no late fees. |
| Operating since | 2018 | 2016 |
| Availability | All 50 states | All 50 states |
Rates and fees
On a $100,000 loan at 50% LTV, SALT is the cheaper borrow: an all-in effective APR of about 8.75% versus 18.9% at Nexo, a gap of roughly 10.15 points before fees. Neither charges an origination fee, so the headline rate is closer to the real cost.
Custody and counterparty risk
Nexo holds collateral via lender-held, while SALT uses lender-held. Nexo rehypothecates pledged Bitcoin (re-lends it); SALT does not, which means less exposure if the lender runs into trouble.
Leverage, limits, and speed
SALT allows the higher maximum LTV (70% 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: $50 at Nexo versus $5,000 at SALT. Funding runs same day at Nexo and 1–2 days at SALT.
Track record and availability
SALT has the longer history, operating since 2016 versus 2018.
Strengths and trade-offs
Nexo
- Relaunched in the US in February 2026 via Bakkt after a 2022 exit
- Global credit line: 1.9% to 18.9% APR, 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
- US-specific terms pending confirmation from Nexo or Bakkt
SALT
- Operating since 2016
- Up to 70% LTV, the highest among general loans on this list
- APR tiered by LTV (9.95% / 10.95% / 14.45%)
- International availability: Australia, Canada, Brazil, Portugal, Switzerland, UK, UAE, Vietnam
- Lender-held custody, not a third-party qualified custodian
- If a margin call goes uncured, Salt stabilizes the loan (converts collateral to USDC, a 3% fee, with a 2% fee to convert back later) rather than running a traditional liquidation, so you keep the loan and choose how to proceed; the cost is that stabilization locks in a downturn price
- SALT Shield (a paid downside-protection add-on) can forbear margin calls and market-triggered stabilization for the life of the loan
About each lender
Nexo
Nexo offers instant crypto-backed credit lines, letting you borrow against Bitcoin without selling. After a 2022 US exit and a 2023 SEC settlement over its Earn product, Nexo relaunched in the US in February 2026 through regulated partner Bakkt. US-specific credit-line terms had not been separately published as of mid-2026.
SALT
Operating since 2016. APR tiered by LTV: 9.95% at 30% LTV, 10.95% at 50%, 14.45% at 70%. Loan agreement states it does not rehypothecate (no third-party lending of collateral). California DFPI consent order in 2024; SEC fined in 2020 for unregistered ICO; paused withdrawals Nov 2022.
Frequently asked
Is Nexo or SALT cheaper?
On a $100,000 loan at 50% LTV, SALT is cheaper, with an all-in effective APR of about 8.75% versus 18.9%.
Which has lower custody risk, Nexo or SALT?
Nexo uses lender-held and SALT uses lender-held. Check the rehypothecation row above, as re-lending of collateral adds counterparty risk.
Can I borrow more with Nexo or SALT?
SALT allows the higher maximum LTV (70% 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.
Compare every lender for your numbers
Filter by loan amount, BTC holdings, state, and custody preference to see who actually fits.
Open the comparison tool →More lender comparisons
borrowonbitcoin.com is a comparison publisher, not a lender or financial advisor. Rate data verified July 10, 2026. How we verify rates · Full disclosures.