Figure Review: 2026 Bitcoin Loan Comparison
Publicly traded on Nasdaq (FIGR; $7.6B IPO Sept 2025). Crypto-backed loans are offered through Figure Markets; collateral is held via Fireblocks MPC custody, operated by Figure itself rather than an independent qualified custodian, and is not rehypothecated. No credit check. 12-month term. 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. Its crypto-backed loans are offered through Figure Markets, where collateral is held via Fireblocks MPC custody, an institutional multi-party-computation setup that Figure operates itself rather than placing with an independent qualified custodian, and that Figure states is not rehypothecated. No credit check is required, same-day approval is available, and the loan runs a 12-month term.
APR is all-in and LTV-dependent. At 50% LTV or below, the APR is 10.00% (with an origination fee of about 0.85% already included), the lower-cost tier for conservative borrowers. At 50 to 75% LTV, the APR steps up to 12.45%, a meaningful jump 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, New York, South Dakota, Texas, Vermont, Virginia, or Washington DC, a list that excludes several large states (notably Texas and New York). Compared to Arch, which uses the federally-chartered custodian Anchorage Digital at a 60% max LTV, Figure offers higher LTV at 75% but a different custody posture: Figure operates its own Fireblocks MPC custody rather than handing collateral to an independent qualified custodian. The main tradeoffs are that Figure-operated custody is a weaker assurance than a third-party qualified custodian, a 2% processing fee applies to any liquidated collateral, and the APR at the 75% LTV tier is among the steeper in this comparison.
Key Facts
- Publicly traded (Nasdaq: FIGR, $7.6B IPO Sept 2025)
- Fireblocks MPC custody, operated by Figure; no rehypothecation
- No credit check on crypto-backed loan
- Same-day approval available
- HELOC variant with optional BTC pledge available
What to Consider
- Fireblocks MPC custody is operated by Figure, not an independent third-party qualified custodian
- 2% processing fee applies to any collateral sold in a margin call or liquidation
- Excluded from several states including TX and NY (verify current Figure Markets availability)
- HELOC variant is not a purchase mortgage
Key Risks
- ⚠ Figure-operated MPC custody: collateral assurance rests on Figure's own controls, not an independent qualified custodian
- ⚠ Forced liquidation charges a 2% processing fee
How Figure Compares
Figure is one of several options in the Bitcoin loan market. Borrowers often compare it alongside Arch (Standard), 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 lender-held pool. 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 10%–12.45% APR. Two LTV tiers (all-in APR): up to 50% LTV 10.00%; 50-75% LTV ~12.45%. An origination fee (about 0.85%, varying slightly by LTV tier) is already included in those APR figures; there is no separate up-front charge. A 2% processing fee applies to collateral sold in a margin call or liquidation. No prepayment penalty. 12-month term. Max LTV 75%. Source: figure.com crypto-loan calculator (rates verified 2026-06-09); custody and term per operator (Fireblocks MPC, 12-month). Figure Markets fee and state specifics warrant a fresh verification pass. There is a 0.85% origination fee.
Does Figure rehypothecate my Bitcoin?
No, Figure does not rehypothecate your Bitcoin. Your collateral is held via lender-held pool 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, NY, SD, TX, VT, VA, DC). Not available in: ID, IL, KY, MD, MS, NY, 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: 12-month 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; a 2% liquidation fee if collateral is sold. 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.
Key Terms
Compare Figure side-by-side with all Bitcoin loan lenders
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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.