Figure Review: 2026 Bitcoin Loan Comparison
Publicly traded on Nasdaq (FIGR; $7.6B IPO Sept 2025). Decentralized MPC custody via Figure Markets. No credit check on the crypto-backed loan. Also offers a HELOC product where BTC can be posted in escrow alongside home equity.
What Figure Offers
Figure went public on Nasdaq in September 2025 under the ticker FIGR, in a $7.6B IPO. The crypto-backed loan sits within Figure Markets, which uses MPC (multi-party computation) custody — a newer model than traditional qualified custodians like Anchorage or BitGo, but one that keeps collateral in segregated accounts and prevents rehypothecation. No credit check is required on the crypto-backed loan product, and same-day approval is available.
APR is all-in and LTV-dependent. At 50% LTV or below, the origination fee is 0.85% and APR is 9.76% — the lower-cost tier for conservative borrowers. At 50–75% LTV, the origination fee is 0.86% and APR jumps to 12.36%, a meaningful step up for borrowers seeking higher leverage. Figure also offers a HELOC variant where Bitcoin can be pledged alongside home equity; that product is separate from the standalone crypto loan reviewed here.
Not available in Idaho, Illinois, Kentucky, Maryland, Mississippi, South Dakota, Texas, Vermont, Virginia, or Washington DC — a list that excludes two large states (Texas and Virginia). Compared to Arch (Anchorage custody, 60% max LTV, 9.99–10.49% APR for most loan sizes), Figure offers higher LTV at 75% with a lower standard-tier APR of 9.76%. The tradeoff is that MPC custody is less established than a federally-chartered bank, and the 12.36% rate at the 75% LTV tier is among the higher rates in this comparison.
Key Facts
- Publicly traded (Nasdaq: FIGR, $7.6B IPO Sept 2025)
- MPC custody via Figure Markets — no rehypothecation
- No credit check on crypto-backed loan
- Same-day approval available
- HELOC variant with optional BTC pledge available
What to Consider
- Excluded from TX (large market) and 9 other states
- MPC custody is newer than traditional qualified third-party custody
- HELOC variant is not a purchase mortgage
How Figure Compares
Figure is one of several options in the Bitcoin loan market. Borrowers often compare it alongside Arch, Ledn, and Strike. Each lender differs on APR range, custody model, rehypothecation posture, max LTV, and state coverage — factors that matter differently depending on your loan size and how much you care about custody transparency. The side-by-side comparison lets you sort and filter all Bitcoin loan lenders at once.
Frequently Asked Questions
Is Figure safe to borrow against Bitcoin?
Figure is operating since 2018. Your collateral is handled via qualified third-party custodian. Figure does not rehypothecate your Bitcoin. Insurance coverage: Not publicly posted. As with any Bitcoin-backed loan, review the custody model, liquidation thresholds, and loan terms carefully before borrowing.
What rates does Figure charge?
Figure charges 9.76%–12.36% APR. APR is all-in (interest + origination fee). Two tiers by LTV: 9.76%% APR at <=50%% LTV (8.91%% interest + 0.85%% fee) · 12.36%% APR at 50-75%% LTV (11.50%% interest + 0.86%% fee). Lower LTV = lower rate. There is a 0.85% origination fee.
Does Figure rehypothecate my Bitcoin?
No — Figure does not rehypothecate your Bitcoin. Your collateral is held via qualified third-party custodian and is not re-lent to other parties.
What states does Figure serve?
Figure is available in Most states (not ID, IL, KY, MD, MS, SD, TX, VT, VA, DC). Not available in: ID, IL, KY, MD, MS, SD, TX, VT, VA, DC Always confirm current availability directly with Figure before applying, as state coverage can change.
How fast does Figure fund loans?
Figure typically funds within Not publicly posted. Loan terms: Standard non-QM term. Actual timing may vary based on verification requirements and your specific situation.
What fees does Figure charge?
Known fees include: a 0.85% origination fee. Always request a full fee disclosure from Figure before signing any loan agreement.
How does Figure compare to other Bitcoin loan lenders?
To see Figure side-by-side with every other major Bitcoin loan lender — rates, custody model, LTV, and more — use the free comparison tool at borrowonbitcoin.com. You can sort by APR, LTV, funding speed, or custody model and filter to your state.
Compare Figure side-by-side with all Bitcoin loan lenders
Free, independent comparison — rates, custody, LTV, and funding speed. No credit pull.
Compare all Bitcoin loan lenders →We are not a lender, broker, or registered investment advisor. We may receive compensation from some lenders featured; this does not influence our default ordering or the factual data we publish. Rates and terms are subject to change; verify directly with each lender before applying. Full disclosures.