Nexo vs SALT
A revolving line that re-lends collateral against a lower-rate lender with long fixed terms.
By Steven Han and Michael Song · Rates as of September 15, 2026 · Verified daily · Rates last changed July 15, 2026
SALT$115,400 loan, 40.8% LTV · Max LTV 70%
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What it costs over 12 months
Borrowing $115,400 at 40.8% LTV for one year. Interest and the origination fee, on standard published terms.
SALT costs $8,251 less over twelve months at this loan size, before any difference in how the two handle collateral.
The biggest structural difference is maximum LTV: Nexo 50% versus SALT 70%.
Full side-by-side on 16 terms below, including custody, rehypothecation and the margin-call cure window.
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$115,400 loan, 40.8% LTV, all-in | 15.9% | 8.75% |
| Starting APR | 15.9% | 7.49% |
| Origination fee | None | None |
| Rate type | Fixed | Fixed |
| Max LTV | 50% | 70% |
| Liquidation thresholdLTV at which collateral is sold | 83.3% | 90.91% |
| 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 | 48 states (excludes 2) | 47 states (excludes 3) |
| Learn more | Learn more |
Rates and fees
On a $115,400 at 40.8% LTV loan, SALT is the cheaper borrow: an all-in effective APR of about 8.75% versus 15.9% at Nexo, a gap of roughly 7.15 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. On availability, Nexo is not available in 2 states, while SALT excludes 3.
Strengths and trade-offs
Nexo
- Relaunched in the US in February 2026 via Bakkt after a 2022 exit
- One of the largest crypto lending platforms globally; Nexo reports 7M+ clients across 200+ jurisdictions since 2018
- Rates from 1.9% to 15.9% APR depending on NEXO token holdings and LTV
- 50% LTV on BTC, $50 to $2M, up to $200M for Nexo Private clients, no origination or monthly fees
- Partial liquidation model: rather than closing your full position if collateral value drops, Nexo repays part of the credit line from a portion of the collateral, keeping the rest of your position intact
- The 1.9% floor rate applies at qualifying NEXO token tiers and LTV; borrowers without NEXO holdings should expect a rate closer to 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
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 crypto-backed credit lines, letting you borrow against Bitcoin and over 100 other digital assets without selling, which generally avoids realizing a capital gain. It relaunched in the US in February 2026 in partnership with Bakkt as a regulated entity. Rates run from 1.9% to 15.9% APR and depend on your Wealth Club tier: the higher your NEXO token share and the lower your loan-to-value, the closer you get to the 1.9% floor. A borrower holding no NEXO tokens sits at the 15.9% end.
SALT
Operating since 2016. APR tiered by LTV: 7.49% at 30% LTV, 8.75% at 50%, 10.50% at 70%. No origination fee. Loan agreement states it does not rehypothecate (no third-party lending of collateral).
Frequently asked
Is Nexo or SALT cheaper?
On a $115,400 at 40.8% LTV loan, SALT is cheaper, with an all-in effective APR of about 8.75% versus 15.9%.
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.
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borrowonbitcoin.com is a comparison publisher, not a lender or financial advisor. Rate data verified September 15, 2026. How we verify rates · Full disclosures.