Strike vs Unchained
The lowest rate against the strongest custody control, a clean cost-versus-control tradeoff.
Rates as of June 2026 · Verified weekly · By Michael Song
Strike$100k loan, 50% LTV · Max LTV 50%
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The bottom line
Strike is one of the cheapest borrows around 7.49% with no origination or liquidation fee, but it holds collateral in its own pool. Unchained is the most expensive (around 14.18%) yet puts a key in your hands through collaborative multisig. If cost drives the decision, Strike wins easily; if eliminating unilateral custody risk is the point, Unchained is the only model here that does it.
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.
Strike vs Unchained, side by side
| Strike |  Unchained | |
|---|---|---|
| Effective APR$100k loan, 50% LTV, all-in | 11.02% | 14.18% |
| Starting APR | 7.75% | 14.18% |
| Origination fee | None | 2% |
| Liquidation fee | None | 2% |
| Max LTV | 50% | 50% |
| Custody model | Lender-held | Collaborative multisig (Fortis Bank) |
| Rehypothecation | No | No |
| Margin-call cure window | 72 hours | 24 hours |
| Funding speed | Same day to 1 day | 2 days |
| Minimum loan | $10,000 | $150,000 |
| Maximum loan | $5,000,000 | $1,000,000 |
| Loan terms | 12-month fixed-term loan. Separate line-of-credit product also available (revolving, no maturity date). | 90 to 360 days; standard is 360 days (interest-only, principal at maturity); refinance available at maturity but requires new application |
| Prepayment | No prepayment penalty. Full closure permitted after 61 days. Cash repayments free; BTC collateral repayment incurs 0.79% processing fee (state-dependent). | No prepayment penalty. Origination fee is non-refundable on early payoff. |
| Operating since | 2017 | 2016 |
| Availability | All 50 states | All 50 states |
Rates and fees
On a $100,000 loan at 50% LTV, Strike is the cheaper borrow: an all-in effective APR of about 11.02% versus 14.18% at Unchained, a gap of roughly 3.16 points before fees. Strike charges no origination fee, while Unchained adds 2% up front, which raises Unchained's true cost on shorter loans. If a position is liquidated, Strike charges the smaller penalty (0% vs 2%).
Custody and counterparty risk
Strike holds collateral via lender-held, while Unchained uses collaborative multisig (Fortis Bank). With Unchained, the collateral sits in a collaborative multisig where you hold one of the keys, so no single party can move your Bitcoin alone, the closest model here to self-custody. Neither rehypothecates collateral.
Loan terms and flexibility
Strike offers 12-month fixed-term loan. separate line-of-credit product also available (revolving, no maturity date).; Unchained offers 90 to 360 days; standard is 360 days (interest-only, principal at maturity); refinance available at maturity but requires new application. On a margin call, Strike gives a 72-hour cure window and Unchained gives a 24-hour cure window, the time you have to add collateral or repay before a forced sale. Neither penalizes early repayment.
Leverage, limits, and speed
Minimums differ: $10,000 at Strike versus $150,000 at Unchained. Funding runs same day to 1 day at Strike and 2 days at Unchained.
Track record and availability
Unchained has the longer history, operating since 2016 versus 2017.
Strengths and trade-offs
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
Unchained
- Multisig collaborative custody, borrower holds 1 of 3 keys
- Non-rehypothecation verifiable on-chain
- Operating since 2016
- Bitcoin-only focus
- $150K minimum loan, not suitable for smaller borrowing needs
- Commercial-only positioning
- Rates by consultation, not publicly posted
About each lender
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.
Unchained
Operating since 2016. Multisig collaborative custody: borrower holds 1 of 3 keys. Non-rehypothecation is verifiable on-chain. $150K-$1M loan range. Rates by consultation; not publicly posted.
Frequently asked
Is Strike or Unchained cheaper?
On a $100,000 loan at 50% LTV, Strike is cheaper, with an all-in effective APR of about 11.02% versus 14.18%. Strike also charges no origination fee, while Unchained adds 2% up front.
Which has lower custody risk, Strike or Unchained?
Strike uses lender-held and Unchained uses collaborative multisig. Neither rehypothecates pledged collateral.
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borrowonbitcoin.com is a comparison publisher, not a lender or financial advisor. Rate data verified June 27, 2026. How we verify rates · Full disclosures.