Bitcoin-Backed Loans in the US: Lenders Compared (2026)
A Bitcoin-backed loan lets you borrow dollars or stablecoins against BTC collateral, usually at 25% to 50% loan-to-value, with liquidation if the price falls far enough. US options in 2026 include Coinbase (via Morpho, over $1B originated, not in New York), Strike (12–13% APR, no rehypothecation), Ledn, Unchained, Milo (Bitcoin mortgages), Lava, Arch, Debifi, Nexo (relaunched in the US in February 2026), and Salt. BitStack is not a lender; it tracks loans you already have. Last verified September 2026. Listings are neutral and unranked; not financial advice.
Lending: 10 listings
Rates change and BitStack is not a lender: APRs and LTV limits below are as of the last verification and move with the market. Read each lender's rehypothecation and liquidation terms. Nothing here is an offer or application.
- Coinbase Borrow (via Morpho) — USDC loans against BTC through the Morpho protocol on Base, inside the Coinbase app. Crossed $1B in originations Sept 30, 2025. custodial, multi-asset. Pricing: Variable rate; up to 86% liquidation LTV, borrow up to $1M. US availability: Not available in New York. Changed: $1B originations Sept 2025.
- Strike — Bitcoin-only lender; collateral is not rehypothecated. Fixed 12-month terms. custodial, Bitcoin-only. Pricing: ~12–13% APR; 50% starting LTV. US availability: Not all states; minimum loan size applies.
- Ledn — Long-running BTC-backed lender with custodied and open-loan options. custodial, Bitcoin-only. Pricing: ~50% LTV; rate varies by loan type. US availability: Not available in all states.
- Unchained — Loans against Bitcoin held in a collaborative multisig you co-sign. No rehypothecation. collaborative custody, Bitcoin-only. Pricing: Fixed APR, ~40% starting LTV, $10K+ minimums.
- Milo — 30-year Bitcoin-collateralized mortgages: pledge BTC instead of a cash down payment. custodial, multi-asset. Pricing: Mortgage rate plus custody; 100% financing on qualifying collateral.
- Lava — Self-custodial Bitcoin loans (BLOC) using discreet log contracts; you keep keys during the loan. self-custody, Bitcoin-only. Pricing: From ~5% APR plus ~2% origination.
- Arch — Crypto-backed loans with BitGo custody, competitive rates for larger loans. custodial, multi-asset.
- Debifi — Non-custodial multisig lending marketplace connecting borrowers and institutional lenders. non-custodial, Bitcoin-only.
- Nexo — Multi-asset credit lines. Relaunched in the United States on February 16, 2026 after leaving in 2022. custodial, multi-asset. US availability: US availability by state; verify before applying. Changed: Relaunched in US Feb 16, 2026.
- Salt Lending — Early crypto-backed lender. Verify current US licensing and terms before applying. custodial, multi-asset. Warning: Status and terms should be confirmed directly; changed several times since 2022.
Frequently asked questions
What LTV is safe for a Bitcoin-backed loan?
Most experienced borrowers stay at or below 25–30% LTV so a 50% price drop still leaves room before a margin call. Lenders typically start loans at 40–50% and liquidate somewhere between 70% and 86%. Use the free BitStack LTV calculator to see your buffer.
Which lenders do not rehypothecate collateral?
Strike, Unchained, Lava, and Debifi state that collateral is not lent out or reused. Coinbase routes collateral into the Morpho protocol. Always read the current terms; policies change.
Can I get a Bitcoin-backed loan in New York?
Options are limited. Coinbase excludes New York, and several lenders list state exclusions. Check each provider's state list; New York generally requires a BitLicense or trust charter.
Are Bitcoin-backed loans taxable?
Borrowing is not a sale, so taking the loan is not a taxable event. A liquidation, however, is a sale of your collateral and triggers capital gains or losses. Consult a tax professional.
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