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Bitcoin-backed loans and lines of credit

Lenders that accept bitcoin as collateral. Each listing starts with custody, rehypothecation and liquidation rules, then where the lender says it lends, including Panama and Portugal.

Before you borrow: read our guide to borrowing against bitcoin for cashflow. It covers LTV, margin calls and liquidation, with a calculator. Borrowing against bitcoin adds liquidation risk.

How this directory works. Listings are free and sorted A–Z. We don't rank firms, and nothing here is a review or a recommendation. We copy each fact from the firm's own website and link to the page it came from. Not stated means we couldn't find it on the firm's site. Last verified: 2026-10-26. Firms change terms, so confirm everything with them directly.

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Read this before you borrow against bitcoin

Liquidation. If BTC falls and your loan-to-value (LTV) rises past the lender's threshold, you must add collateral or repay, or the lender sells some or all of your bitcoin, often with a fee. Fast overnight moves can trigger liquidation before you can react.
Rehypothecation. Some lenders say they never lend out or reuse your collateral. Others pledge it elsewhere (for example to DeFi markets), or don't say. Read the loan agreement.
Custody. Your BTC sits with the lender, a third-party custodian, a smart contract or a multisig escrow. Each can fail, freeze or be hacked. Several crypto lenders went bankrupt in 2022. Loans are not bank deposits and are generally not FDIC- or SIPC-insured.
Where they lend. Many lenders serve only US residents or certain states. Check your country, state and intended use before you apply.
Leverage on leverage. Using loan proceeds to buy BTC-treasury preferreds (such as STRC or SATA) means your collateral and your investment can fall at the same time. Dividends can be cut, and interest is due either way. Only one lender below (Lava) says there are no restrictions on how you use borrowed funds. For the others, use of proceeds is Not stated or restricted.
Tax. A liquidation, or selling BTC to pay interest, can be a taxable disposal.

General education only, not financial, tax or legal advice. YieldVisa is not a lender or broker.

Risk snapshot (A–Z)

Short version of each lender's own statements. Full wording and source links are in each listing below.

Lender	Custody model	Rehypothecation	Margin call / liquidation	Panama	Portugal
Abra	Collateral starts in a segregated account titled to you at a third-party custodian.	Abra says: to source the loan, collateral is pledged to DeFi lending markets, and BTC is wrapped first, which adds…	Collateral can be liquidated if its value falls (thresholds not stated on the page we read).	Not stated	Not stated
Arch	Segregated cold storage with Anchorage Digital, a qualified custodian.	Arch says it never rehypothecates or lends out collateral.	BTC: margin call at 70% LTV (24-hour cure window); partial liquidation at 80% back to the starting LTV; 2% fee…	No. US borrowers only (state list on Arch's FAQ).	No. US borrowers only.
Coinbase	Collateral is moved onchain to Morpho (a DeFi lending protocol).	Not stated	If the loan (with interest) reaches 86% of collateral value, collateral is liquidated plus a penalty fee. Coinbase…	No. US only at launch.	No. US only at launch.
Debifi	Non-custodial 3-of-4 multisig escrow; each loan has its own Bitcoin address.	Debifi says collateral is never re-lent, staked or traded.	Three margin calls; forced liquidation at 90% LTV or a stricter lender-set threshold; 5% fee.	Stablecoin and fiat loans 'available globally'; Panama not named as restricted.	Stablecoin and fiat loans 'available globally'; Portugal not named as restricted.
Firefish	Non-custodial multisig escrow on Bitcoin mainnet; dedicated address per loan.	Firefish says rehypothecation is impossible: collateral cannot be lent out, reused or pledged.	Not stated as a number on the pages we read; collateral can be liquidated (MiCA-authorised 'liquidation exchange').	Not on Firefish's ineligible-countries list.	Not on Firefish's ineligible-countries list.
Hodl Hodl Lend	Non-custodial multisig (P2SH) escrow contracts.	Hodl Hodl says loans are 'without middlemen, verification, or rehypothecation'.	Alerts before liquidation based on LTV; thresholds not stated on the page we read.	Not stated	Not stated
Lava	Segregated cold-storage addresses; distributed key protocol with institutional custodians.	Lava says funds are 'never lent out, traded, or otherwise rehypothecated'.	Loans are liquidated only if they hit the liquidation LTV, shown in the app (number not published).	'Lava is available globally.'	'Lava is available globally.'
Ledn	Held in custody with Ledn or its partners.	Ledn says collateral is 'never lent out to earn interest'.	Notifications at 70% and 75% LTV; liquidation at 80% LTV. Collateral may be sold at maturity to cover unpaid…	Not stated (availability 'may vary based on jurisdiction').	Dollar Loans only for non-personal (business/commercial) purposes, per Ledn's Help Center.
Milo	Qualified custodians Coinbase and BitGo.	Not stated	Margin call at 67% LTV.	Not stated; Milo lists programs by US state.	Not stated; Milo lists programs by US state.
Nexo	Not stated	Not stated on the borrow page we read.	When LTV reaches a threshold, part of the collateral is automatically used to repay (automatic repayment).	Not stated	Not stated
SALT Lending	Not stated	Not stated	Not stated as a number on the pages we read; optional 'SALT Shield' stabilization feature.	Not stated ('availability based on jurisdiction').	Not stated ('availability based on jurisdiction').
Strike	Collateral segregated from company funds, held by Strike Lending or a capital provider; quarterly independent AUP…	Strike says collateral is 'never rehypothecated further' and never lent out.	Advance notice before a margin call and 72 hours to respond to a margin call; only enough collateral to restore LTV…	Not listed on Strike's availability page (US states).	Not listed on Strike's availability page (US states).
Unchained	Multisig: Unchained and Fortis Bank each hold one key; the borrower holds a key and can verify collateral on-chain.	Unchained says collateral cannot be moved or rehypothecated by any one party.	If collateral falls below the required collateral-to-principal level you must add collateral or pay down principal…	No. US states only.	No. US states only.
Xapo Bank	Bitcoin collateral stays in Xapo Bank's vaults.	Xapo says collateral is 'never lent out or rehypothecated'.	Margin call at 65% LTV; automatic liquidation at 80% LTV. No liquidation fees.	Not stated; only the UK and Australia are named as unavailable for loans.	Not stated; only the UK and Australia are named as unavailable for loans.