Strike vs Unchained
The lowest rate against the strongest custody control, a clean cost-versus-control tradeoff.
By Steven Han and Michael Song · Rates as of September 24, 2026 · Verified daily · Rates last changed June 26, 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 $120,615 at 40.7% LTV for one year. Interest and the origination fee, on standard published terms. The reference loan is below Unchained's minimum.
The biggest structural difference is custody model: Strike a lender-held pool versus Unchained collaborative multisig.
Full side-by-side on 17 terms below, including custody, rehypothecation and the margin-call cure window.
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$120,615 loan, 40.7% LTV, all-in | 11.02% | By consultation |
| Starting APR | 7.75% | 14.18% |
| Origination fee | None | 2% |
| Liquidation fee | None | 2% |
| Rate type | Fixed | Fixed |
| Max LTV | 50% | 50% |
| Liquidation thresholdLTV at which collateral is sold | 85% | Not published |
| 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 | 47 states (excludes 3) | 43 states (excludes 7) |
| Learn more | Learn more |
Rates and 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. On availability, Strike is not available in 3 states, while Unchained excludes 7.
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
Which has lower custody risk, Strike or Unchained?
Strike uses lender-held and Unchained uses collaborative multisig. Neither rehypothecates pledged collateral.
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 September 24, 2026. How we verify rates · Full disclosures.