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What to compare before you pledge Bitcoin
A Bitcoin-backed loan exchanges a security interest in your BTC for cash or a credit line. The lender’s headline rate is only one part of the risk. A loan with a lower stated APR can be more expensive after an upfront fee, a fixed term charge, or a large default cost. A loan advertising a higher maximum LTV may leave less room for a Bitcoin price decline before a forced sale.
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Use one identical scenario for every quote: the same BTC market value, cash requested, currency, term, payment schedule and repayment date. Record the figures from the actual offer or agreement, not a marketing example. If a provider gives only a starting rate or maximum LTV, label it as a starting or maximum figure; it is not a promise that you will qualify for it.
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| Comparison area | Questions to answer in writing |
|---|---|
| Total cost | What APR applies to your offer? Which fees are included? Is interest fixed or variable? Are fees deducted from proceeds, paid at drawdown, added to principal or due at maturity? What happens after early repayment, extension or default? |
| Loan structure | Is this a closed-end term loan, revolving line of credit or marketplace arrangement? When does interest begin? What is due monthly and at maturity? Can the lender refuse a rollover? |
| Starting LTV | What maximum LTV is allowed, and what LTV will your loan use? Does the ratio include accrued interest, full-term interest, fees or other amounts owed? |
| Custody and key control | Who is the lender of record and who is the custodian? Is BTC segregated? Who controls each private key? Can the collateral be lent, rehypothecated or used for another purpose? What rights do you have if the platform or custodian becomes unavailable? |
| Margin call | At what LTV does a warning occur? How is notice delivered? Is there a stated cure period? Can you add BTC, repay cash, or use both remedies? |
| Liquidation | At what LTV can BTC be sold? Is sale automatic or discretionary? Is there a grace period? Can the lender sell only enough to restore a target LTV? What fee applies, and where does surplus collateral go? |
| Eligibility | Which countries or US states, borrower types, assets, currencies and loan sizes are supported? Which legal entity actually extends the credit? |
| Contract evidence | Do the website, quote, custody terms and signed agreement use the same definitions? Which document prevails if they conflict? Are there emergency, oracle, valuation or discretionary-sale clauses? |
How do I compare Bitcoin-backed loan rates?
Normalize the headline rate
Write down the nominal interest rate, APR, compounding method and payment frequency separately. Then list every non-interest charge. A provider may call a charge an origination, platform, drawdown, arrangement or term fee; the label does not change its effect on your cost.
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- Upfront fees: note whether the fee is deducted from the cash you receive or added to the balance. A fee taken from proceeds means you receive less cash than the stated principal.
- Recurring charges: record servicing, custody, credit-line availability and interest charges, and whether each accrues on principal only or on a growing balance.
- End-of-term charges: check maturity, extension, rollover, late-payment and default fees. Ask whether a rollover is automatic or requires a new approval.
- Early repayment: determine whether interest stops when you repay or whether a fixed term fee remains payable.
Lantern Finance’s rates page, last updated October 9, 2026, lists an 8% base interest rate and a 10% starting APR for Bitcoin; it says the APR includes a 2% upfront fee generally taken from proceeds. Treat that as Lantern’s published starting example, not a market average or a guaranteed quote. Reserve’s June 2026 terms describe a flat fee charged at drawdown that does not decrease when a borrower repays early. Those two structures cannot be compared by headline percentage alone.
Compare term loans and lines of credit correctly
A term loan normally advances a defined amount and accrues interest under a set schedule. A line of credit may charge interest only on drawn funds, but it can use a different calculation method, availability fee or repayment rule. Strike’s official support material says its term-loan and line-of-credit interest are calculated differently and that rates vary by principal and loan type. Use the rate and calculation shown on your own offer rather than a page example.
For each quote, calculate both the lender’s total amount due and your net cash received. A simple worksheet is:
- Net cash received = approved principal minus any fee withheld at drawdown.
- Total scheduled repayment = principal, interest and every mandatory fee through the stated maturity.
- Early-payoff amount = the written payoff balance on the date you plan to repay, including any non-refundable term fee.
- Default exposure = unpaid balance, default interest, collection costs, liquidation fee and any collateral-sale shortfall allowed by the agreement.
Do not call these figures an APR unless the provider calculates APR under the applicable legal standard. Use them to compare identical scenarios and to see how fee timing changes the cash you actually receive.
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Who holds my Bitcoin collateral, and can it be rehypothecated?
Map every custody and key-control role
Ask for the names and legal roles of the lender, custodian, escrow agent and any wallet operator. “Custody” does not by itself tell you who can move the coins. Request answers to four separate questions: where the BTC is held, whether balances are segregated from other customers, who controls each key, and under what events a transfer can occur.
Also ask what happens if the lender, custodian or platform is hacked, insolvent, suspended or unreachable. Look for segregation language, withdrawal or release procedures, bankruptcy treatment, audit or proof-of-reserves documentation, and the process for returning collateral after payoff. Claims such as “insured cold storage” or “proof of reserves” are not a guarantee that you will avoid loss; read the underlying policy and legal documents.
Examples of disclosed custody models
- Lantern Finance: its published terms say collateral is held with BitGo in insured cold storage and is not lent out or used for speculation. Verify the custody agreement, insurance scope, exclusions and release process before relying on those statements.
- Reserve: its June 2026 terms say BTC is held in segregated custody with institutional custodians and is not rehypothecated. Reserve’s Terms of Service state: “We do not rehypothecate, lend, or use your collateral for any purpose other than securing your loan.” The individual loan agreement still governs the security interest and operational details.
- BTCBacked: its borrowing page describes a 2-of-3 multisignature escrow and says a borrower may hold one escrow key on the borrower’s own hardware wallet. That arrangement changes who participates in authorization, but it does not eliminate the need to understand the other two key holders, recovery procedure and default powers.
These are provider descriptions, not independent assurance. A “non-custodial” label can still leave a lender with contractual power to enforce its security interest. Confirm whether the arrangement is genuinely multisignature, who can act during an emergency, and whether the borrower’s key is required for ordinary withdrawals or only for agreed releases.
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Separate initial LTV, margin-call LTV and liquidation LTV
Loan-to-value is generally the outstanding amount divided by the current collateral value, but agreements can define “outstanding amount” differently. Some include accrued interest and fees; others use principal. BTCBacked says its LTV includes what is owed, including full-term interest. That definition can push your LTV higher even when the BTC price has not changed.
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Record three thresholds:
- Initial LTV: the ratio at drawdown. A 50% initial LTV means the starting debt is half the stated collateral value, subject to the agreement’s valuation method.
- Margin-call LTV: the level that triggers a warning or demand for more collateral or repayment.
- Liquidation LTV: the level at which the lender may or will sell BTC.
Ask how often collateral is valued, which price source or oracle is used, whether prices are rounded, and what happens during an exchange outage or extreme volatility. A rapidly falling market can move from warning to liquidation before a borrower can transfer funds, especially when notice is electronic or the agreement permits immediate action.
Check the cure options, not just the percentages
A useful agreement states the notice channel, deadline, minimum top-up, permitted repayment method and target LTV after a cure. “Margin call” does not guarantee a grace period. A sample Firefish loan and security agreement dated January 2, 2026 says an LTV default occurs when the agreement’s liquidation LTV is exceeded, cannot be cured by a later BTC price rise or collateral deposit, and does not require notice before the event. That is one sample agreement, not a universal Firefish rule or an industry standard, but it demonstrates why the signed language matters.
Lantern Finance says its published terms provide a 72-hour grace period after a margin call and possible liquidation if LTV remains above 75% after that period. Reserve’s June 2026 summary gives a 70% BTC margin-call threshold and an 80% liquidation threshold, with a cure window and a sale limited to what is needed to restore a healthy position; Reserve also says the precise thresholds, windows and mechanics in the individual agreement prevail.
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Read the liquidation sequence
Find the exact event that permits a sale and whether the lender has discretion or must act. Then identify the sale amount. Some agreements permit a partial liquidation that restores a target LTV; others allow a larger sale, immediate closeout or all collateral after default.
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- Trigger: the LTV, payment default or other event that activates sale rights.
- Notice: the communication method, timing and whether notice is a condition to sale.
- Cure: the hours or days available and whether adding BTC, repaying cash, or both are accepted.
- Execution: who chooses the venue, price, timing and order type, and how outages or thin liquidity are handled.
- Scope: the amount sold and the target ratio after sale.
- Costs: liquidation, trading, network, legal and collection fees.
- Surplus: how excess sale proceeds are returned after debt and costs are paid.
Provider-published liquidation examples
| Provider and context | Published LTV and liquidation terms | Cost or custody notes |
|---|---|---|
| Lantern Finance, rates page updated October 9, 2026 | Up to 50% maximum LTV; 72-hour grace period after a margin call; possible liquidation if LTV remains above 75% after the grace period. | Lists zero liquidation penalties. Bitcoin terms show an 8% base rate, 10% starting APR and 2% upfront fee. Says BitGo holds collateral in insured cold storage and that it is not lent out. |
| Reserve, terms updated June 2026 | 70% BTC margin-call threshold and 80% liquidation threshold in the summary; cure window and sale limited to what is needed to restore a healthy position. | Fixed fee at drawdown does not decrease after early repayment. Segregated institutional custody and no rehypothecation are provider statements. The individual agreement controls. |
| BTCBacked, borrowing page accessed October 13, 2026 | LTV warnings at 75%, 80% and 85%; liquidation at 90%. | Describes a 5% liquidation fee based on the original loan amount and a platform fee of 1.5% per year of the loan term, charged once. Says LTV includes the amount owed, including full-term interest. Uses 2-of-3 multisig escrow. |
| Onramp loans through partner Arch, help page updated the week of October 13, 2026 | Up to 50% LTV at origination; margin call at 70%; possible partial liquidation at 80% to return the position to 50%. | Terms up to two years are described. Rollover is subject to reassessment. The help center identifies Arch as the lending partner. |
| APX Lending, page accessed October 13, 2026 | Advertises 20%–60% LTV, 3–60-month terms, a 90% liquidation trigger and sale only sufficient to restore 85%. | Advertises no liquidation fee, segregated insured cold-storage custody and on-chain proof of reserves. These are APX claims to verify in the agreement and custody documents. |
The percentages above are not a ranking or market average. A 90% liquidation trigger may appear generous because it permits more borrowing, but it leaves a smaller price buffer. A lower trigger may provide more buffer while imposing stricter top-up demands. Compare the distance between initial LTV and liquidation, the cure time and the sale scope together.
Can I repay early without paying the full-term fee?
Do not assume early repayment ends every charge. Ask for a dated payoff quote and have the lender state whether future interest, a flat term fee, platform fee or minimum-period charge remains due. Reserve says its fee is fixed at drawdown and does not decrease after early repayment. BTCBacked describes its platform fee as 1.5% per year of the loan term, charged once, so clarify whether the amount is based on the original selected term even if you repay sooner.
For a revolving line, ask whether unused capacity remains available after a partial repayment, whether the LTV is recalculated immediately, and whether a draw or repayment changes the margin-call clock. For any product, obtain confirmation that the lender will release the security interest and return or unlock every collateral wallet after the payoff funds clear.
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Does geography or the lending entity change the comparison?
Eligibility, consumer protections, disclosures and tax treatment depend on the borrower’s location and the entity making the loan. Strike says its credit products are available only in select US states and that the issuer may be Strike Lending or Column, N.A., depending on the application state. Identify the issuer on your documents rather than assuming the platform name is the lender.
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Pledg’s figures describe an India-focused pilot through a regulated NBFC lending partner as of July 2026: 50% LTV, 16% annualized interest, a one-time 2% origination fee, up to 12 months and an 80% liquidation threshold. Those terms are specific to that pilot and date; they should not be generalized to other countries or treated as continuously available.
Before applying, verify supported residence, collateral asset, currency, minimum and maximum loan, identity requirements, lending license or partner, dispute forum and applicable disclosures. Borrowing against BTC is not automatically tax-free or preferable to selling; obtain advice for your jurisdiction and circumstances.
A repeatable comparison process
- Set the scenario. Choose one BTC value, cash amount, currency, term, payment pattern and intended payoff date for every lender.
- Collect primary documents. Save the written quote, rate sheet, loan agreement, security agreement, custody terms, fee schedule and disclosures for the same date.
- Recalculate cash economics. Record net proceeds, scheduled payments, early-payoff amount and all default-related charges. Mark every fee as upfront, recurring, maturity or conditional.
- Decode the LTV formula. Write the numerator and denominator in plain language. Confirm treatment of accrued interest, full-term interest, fees, valuation haircuts and price-oracle outages.
- Map custody. Name each custodian, identify key holders, confirm segregation, ask about rehypothecation and document recovery rights if a provider fails.
- Map the warning path. Record margin-call and liquidation thresholds, notice channel, cure deadline, minimum top-up, acceptable repayments and target LTV after cure.
- Map the sale. Determine whether liquidation is automatic, who executes it, how much may be sold, which fees are deducted and how surplus is returned.
- Stress-test the position. Ask what happens after a fast overnight price fall, a weekend outage, delayed bank transfer or inability to access your wallet. If the agreement allows sale before notice or cure, treat that as an immediate-loss risk.
- Verify the counterparty. Confirm the legal lender, jurisdiction, complaint route, supported geography and that the signed agreement overrides any inconsistent webpage summary.
- Keep monitoring after drawdown. Save alerts, maintain a reserve for a top-up or repayment, and check the lender’s stated LTV and interest calculations rather than relying on a single dashboard number.
Common comparison mistakes
- Choosing the lowest APR: ignores withheld origination fees, fixed term charges and liquidation costs.
- Comparing maximum LTVs: says nothing about your approved LTV, valuation method or distance to a forced sale.
- Assuming “cold storage” means no counterparty risk: custody, insurance, segregation and key-control documents answer different questions.
- Assuming a margin call guarantees time: some agreements make default immediate or waive notice.
- Ignoring the LTV numerator: full-term interest and fees can raise the ratio before the BTC price moves.
- Treating a provider webpage as the contract: individual agreements may change thresholds, windows, discretion and sale mechanics.
- Ignoring geography: availability and legal protections can differ by state, country and lending entity.
- Failing to plan liquidity: a cure window is useful only if you can transfer cash or BTC within that window.
Questions to ask before signing
Send the lender a written list and keep the answers with your documents:
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- What is my exact APR, net cash received and total scheduled repayment?
- Which fees remain payable if I repay tomorrow, next month or before maturity?
- What amounts count toward LTV, and which price source determines collateral value?
- Who controls each key, where is the BTC held, and is any party allowed to lend or reuse it?
- What exact event triggers a margin call and a liquidation?
- How will notice be delivered, and is notice legally required before a sale?
- How long is the cure period, and can I cure with BTC, cash or both?
- Will liquidation be partial, what target LTV will it restore, and what fees are deducted?
- How are surplus proceeds returned, and what happens if the sale leaves a shortfall?
- Which legal entity is lending, where is it authorized, and which document controls conflicts?
Bottom line for choosing between offers
Select the offer whose complete, written mechanics you can understand and fund under stress—not the one with the most attractive isolated number. A defensible comparison shows your net proceeds and total cost, identifies every key holder and custodian, states the initial and maintenance LTV definitions, and gives a realistic warning-to-liquidation timeline with fees and sale scope. If any of those answers exists only in marketing copy or cannot be confirmed in the agreement, the offer is not yet comparable.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
