Nexo vs Strike
The lower in-app rate against a revolving line that re-lends your collateral.
By Steven Han and Michael Song · Rates as of November 7, 2026 · Verified daily · Rates last changed July 15, 2026
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 $117,849 at 40.8% LTV for one year. Interest and the origination fee, on standard published terms.
Strike costs $5,751 less over twelve months at this loan size, before any difference in how the two handle collateral.
The biggest structural difference is liquidation threshold: Nexo 83.3% versus Strike 85%.
Full side-by-side on 17 terms below, including custody, rehypothecation and the margin-call cure window.
The bottom line
Both hold collateral themselves, but Strike does not rehypothecate while Nexo does, and the rate gap is wide (Strike around 7.49% vs Nexo at 15.9% without NEXO tokens). Strike runs 12-month loans with no origination or liquidation fee inside its app. Nexo is an open revolving credit line you can draw and repay at will. Choose Strike for the far lower cost and untouched collateral; choose Nexo only if an always-open line outweighs the rate 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.
Nexo vs Strike, side by side
 Nexo |  Strike | |
|---|---|---|
| Effective APR$117,849 loan, 40.8% LTV, all-in | 15.9% | 11.02% |
| Starting APR | 15.9% | 7.75% |
| Origination fee | None | None |
| Liquidation fee | None stated | None |
| Rate type | Fixed | Fixed |
| Max LTV | 50% | 50% |
| Liquidation thresholdLTV at which collateral is sold | 83.3% | 85% |
| Custody model | Lender-held (Bakkt) | Lender-held |
| Rehypothecation | Yes | No |
| Margin-call cure window | None published; partial auto-repay | 72 hours |
| Funding speed | Instant | Same day to 1 day |
| Minimum loan | $50 | $10,000 |
| Maximum loan | $2,000,000 | $5,000,000 |
| Loan terms | Not published | 12-month fixed-term loan. Separate line-of-credit product also available (revolving, no maturity date). |
| Prepayment | Not published | 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 | 48 states (excludes 2) | 47 states (excludes 3) |
| Learn more | Learn more |
Rates and fees
On a $117,849 at 40.8% LTV loan, Strike is the cheaper borrow: an all-in effective APR of about 11.02% versus 15.9% at Nexo, a gap of roughly 4.88 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 (Bakkt), while Strike uses lender-held. Nexo rehypothecates pledged Bitcoin (re-lends it); Strike does not, which means less exposure if the lender runs into trouble.
Leverage, limits, and speed
Minimums differ: $50 at Nexo versus $10,000 at Strike. Funding runs instant at Nexo and same day to 1 day at Strike.
Track record and availability
Strike has the longer history, operating since 2017 versus 2018. On availability, Nexo is not available in 2 states, while Strike excludes 3.
Strengths and trade-offs
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
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
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.
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 Nexo or Strike cheaper?
On a $117,849 at 40.8% LTV loan, Strike is cheaper, with an all-in effective APR of about 11.02% versus 15.9%.
Which has lower custody risk, Nexo or Strike?
Nexo uses lender-held and Strike uses lender-held. Check the rehypothecation row above, as re-lending of collateral adds counterparty risk.
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borrowonbitcoin.com is a comparison publisher, not a lender or financial advisor. Rate data verified November 8, 2026. How we verify rates · Full disclosures.