Bitcoin Lender Reviews

APX Lending

Regulated crypto-backed lender serving US and Canadian borrowers, with no credit checks and no origination or management fees. Collateral (BTC, ETH) is held in segregated, insured cold storage with BitGo Trust. US loans start at 25,000 dollars with tiered APRs.

Arch (Deferred)

Bitcoin-backed loan with Anchorage Digital qualified custody, segregated wallets, $100M Lloyd's of London insurance, and explicit no-rehypothecation policy. The Deferred Interest variant (launched May 2026) carries no monthly payments, interest accrues to maturity or rolls into the next loan.

Arch (Standard)

Bitcoin-backed loan with Anchorage Digital qualified custody, segregated wallets, $100M Lloyd's of London insurance, and explicit no-rehypothecation policy. Multi-collateral: BTC, ETH, SOL.

CoinRabbit

Operating since November 2020. $1.45B+ originated. Low $100 minimum loan, ~10 minute funding, 350+ collateral assets supported. Specific qualified custodian not disclosed publicly. Not available to US residents: CoinRabbit's Terms of Use bar US citizens and residents (and the UK and Hong Kong), so US borrowers are not eligible.

Figure

Publicly traded on Nasdaq (FIGR; $7.6B IPO Sept 2025). Figure offers Crypto Backed Loans against BTC, ETH and SOL via decentralized MPC custody with Fireblocks and no rehypothecation. No prepayment penalty. 12-month interest-only term, maximum initial LTV 75%, liquidation at 90% LTV, minimum loan $5,000. No hard credit check. Loans are made by Figure Lending LLC (NMLS 1717824), and to New York residents through Figure Markets Credit LLC (NMLS 2559612). Figure also offers Democratized Prime, a separate yield product paying up to 8.35% as of 21 July 2026.

Ledn

Operating since 2018, the longest track record among lenders in this comparison. Collateral is held by third-party qualified custodians (BitGo, Anchorage, Fidelity Digital Assets) and is not rehypothecated. All-in APR is tiered by loan size from 11.49% down to 9.25%, with no separate US origination fee. Maximum LTV 50%. In 2026 Ledn issued the first bitcoin-backed securitization to earn an investment-grade rating, S&P's BBB- on the senior notes of a $188M deal. Ledn reports $11B+ issued since 2018 with no customer losses across three market cycles.

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).

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.

Battery Finance

Battery Finance, Inc. is a specialty finance platform launched by Philadelphia investment manager Newmarket Capital, and a relying adviser of Newmarket Investment Management, LP. It fuses commercial real estate with bitcoin into a single collateral package, so the loan is not margin-called on price and the borrower keeps structured participation in bitcoin appreciation over the life of the loan.

Better

First Fannie Mae-conforming crypto-backed mortgage, launched March 26, 2026 by Better in partnership with Coinbase. Standard Fannie Mae conforming first mortgage + BTC-pledged second loan funds the down payment. All 50 states. No-margin-call structure.

LendFriend

Broker-style mortgage operation specializing in crypto-holding borrowers. Works with a network of partner lenders. Asset-depletion qualification model standard; some partners use pledged collateral. 13-state footprint.

Milo

Operating since 2018; first crypto mortgage 2022. $100M+ originated including a record $12M single transaction (Feb 2026). Coinbase or BitGo qualified custody with self-custody option. Foreign nationals are a core market.

Newfi

Newfi Lending is an Emeryville, California non-QM lender whose Sequoia DSCR program counts Bitcoin and Ethereum toward the reserve requirement without making the borrower sell. Nothing is pledged, so there is no margin call and no custody transfer — the crypto only has to be shown, not moved.

Newrez

First top-25 mortgage lender to formally accept crypto for income/asset qualification (2026). No collateral pledge. No margin call risk. Borrower keeps custody of their Bitcoin. Nationwide footprint.

Rate

Major established mortgage lender (Rate, formerly Guaranteed Rate, founded 2000). RateFi crypto product launched Feb 2026. Asset-qualification model: crypto counts toward qualification, no pledge. All 50 states.