Pristine collateral is the thesis. Start LTV is the decision.

Regulated banks still face a near-100% capital charge on bitcoin under Basel SCO60 Group 2b, so “pristine collateral” is a markets thesis, not how bank balance sheets treat BTC today. A public Coinbase/Morpho review can still show about a 75% start LTV and automatic liquidation at 86%, with no cure window. BitStack’s education frame is borrow-don’t-sell at a 10–30% start LTV. BitStack is not a lender. This is not financial advice.

Three risk stacks

Education only. Dated public sources, not a live rate sheet and not a loan offer. Confirm any borrow quote in the venue’s own app. BitStack is not a lender. This is not financial advice.

Bank capital — ~100%. Basel SCO60 Group 2b. TFTC restates a 1,250% risk weight times the 8% minimum capital ratio. The BIS chapter describes that weight as requiring capital at least equal to the exposure. The cited review is not finalized.
Digital credit — Perpetual. No maturity pull-to-par. True North describes exchange-listed preferred equity: no contractual principal repayment, discretionary dividends. STRC and SATA are issuer designs. BitStack does not offer them.
Household start — 10–30%. ~75% start can be thin. BitStack’s education band, not a platform maximum. A June 2026 Coinbase/Morpho review shows about 75% origination and 86% auto-liquidation, with warnings only.

Sources

Bitcoin Magazine — Dave Weisberger on Why Bitcoin FOMO Hasn’t Even Started Yet — Patrick Green, September 23, 2026. Interview page and chapter titles.
TFTC — Basel’s 1,250% Bitcoin Haircut Is the Gate Institutional FOMO Hasn’t Crossed — September 23, 2026. SCO60 1,250% × 8% ≈ 100% capital charge, and the review timeline.
BIS — SCO60 Cryptoasset exposures (in force January 1, 2026) — Group 2b risk weight of 1,250%, described as requiring minimum capital at least equal to the exposure.
True North — Episode 80, The Berkshires of Bitcoin — Listed September 23, 2026 (1:22:03). Same interview on YouTube: https://www.youtube.com/watch?v=gE6PXUUyc8I
Sound Money Sound Mind — The Bitcoin 5, 2026-09-24 — September 24, 2026 brief of the True North episode.
True North — Digital Credit vs. Traditional Fixed Income — Principal, pull-to-par, and discretionary dividends versus corporate bonds.
True North — What Is Digital Credit? — Stated-yield range, STRC and SATA variable rates, and the $100 stated amount.
True North — Digital Credit Glossary — Digital credit as exchange-listed perpetual preferred stock, not a collateral loan.
Weisberger interview on YouTube — Same September 23, 2026 Bitcoin Magazine conversation (A5jmiK-jqIc).
borrowonbitcoin — Coinbase Bitcoin Loan Review (2026) — June 16, 2026 byline; verified June 2026. About 75% start LTV, 86% auto-liquidation, no cure window. Confirm in the app.

Frequently asked questions

Is BitStack offering loans, STRC, SATA, or bank collateral products?

No. BitStack educates on public borrow mechanics and loan-to-value, and the free calculators model math for loans you already have. BitStack does not originate loans, does not sell STRC or SATA, and does not offer a bank collateral product. This is not financial advice.

Does “FOMO hasn’t started” mean a household should add leverage?

No. On the Bitcoin Magazine interview page (September 23, 2026), Dave Weisberger’s FOMO frame is about institutional covered-call replacement buying and bank collateral treatment. TFTC restates the same frame. It is not a household leverage signal, and this page does not give personal trade advice.

If banks haircut bitcoin near 100%, how can a Coinbase example show about a 75% start LTV?

Different venues, different rulebooks. Basel SCO60 governs bank capital treatment: TFTC describes a Group 2b charge near 100%, and the BIS chapter sets the 1,250% Group 2b risk weight. A June 16, 2026 Coinbase Bitcoin loan review describes a non-bank Morpho path with about 75% origination LTV and automatic liquidation at 86%, with no fixed cure window. Both descriptions can be true at once. Confirm any live quote in the Coinbase app.

Does a fixed borrow rate or a preferred “near par” design remove liquidation or credit risk?

No. A fixed rate locks cost and term on a loan product. A preferred design that aims to trade near a stated amount (True North describes this for instruments such as STRC and SATA) is an issuer and market mechanism on equity-like securities. Neither deletes collateral mark-to-market on a loan, nor the fact that digital-credit dividends are discretionary. This is not financial advice.

What is a healthy start LTV in BitStack’s education frame?

Favor a low start LTV with room for a price drop — BitStack’s standing 10–30% band — rather than the maximum a platform will allow. The down-payment guide’s published cash-out scenario treats 30% origination as the round figure that stays healthy after a 50% dump. That dump is a scenario, not a forecast. Model a position in the liquidation calculator. BitStack is not a lender.

Is this page financial advice?

No. This page is education about public sources and BitStack’s borrow-don’t-sell frame. It is not financial, tax, or legal advice, not a rate quote, and not an offer to lend or to sell a security.

Links

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