Crypto financing
Crypto financing: liquidity against the bitcoin and ether you keep
Crypto financing is borrowing against crypto assets you keep: a lender advances US dollars or stablecoins against bitcoin, ether or spot ETF shares pledged as collateral, and can sell that collateral if its value falls too far. It covers term loans, revolving credit lines, corporate facilities and loans that fund a purchase. Crypto Loans HQ introduces enquiries of US$100,000 or more; it does not lend.
Key takeaways
- Five structures, one mechanism. Term loans, revolving lines, corporate facilities, purchase funding and ETF-share credit all size the loan by loan-to-value (LTV), and all can end in a forced sale if the LTV climbs far enough.
- Starting LTVs ran between 20% and 75%. That is what lenders published against bitcoin and ether in September 2026, with 50% the most common; margin calls began between 65% and 85% LTV.
- Ether narrows the field. Ledn, Unchained and Xapo Bank published bitcoin-only collateral; Figure, Arch, SALT, Galaxy, Milo and Nexo published ether as well.
- Custody decides what a lender failure costs you. On 9 November 2023 the Celsius bankruptcy court held that collateral posted by retail borrowers who objected to the plan was property of the estate.
- Every term is the lender's. We introduce enquiries of US$100,000 or more. The lender sets the LTV, rate, term and custody, and runs its own identity and anti-money-laundering checks.
Five structures of crypto financing
Crypto financing is an umbrella for several products that share one mechanism: collateral goes in, dollars or stablecoins come out, and the lender watches a loan-to-value ratio for as long as the loan is open. They differ on who borrows, how the loan is repaid and how the terms are set.
| Structure | Typical borrower | Repayment | Published examples (September 2026) |
|---|---|---|---|
| Term loan | Individuals, trusts and companies | Monthly interest-only, or interest accrued; principal at maturity | Ledn and Figure: 12 months. SALT: one, three or five years. Unchained: 12 payments, businesses only |
| Revolving line of credit | Holders who want to draw and repay as needed | Open term; interest-only monthly at Galaxy, no fixed schedule at Nexo | Galaxy's GalaxyOne line (25 August 2026): 50% origination LTV. Nexo: “Open once, repay anytime” |
| Corporate or treasury facility | Companies, miners and funds with bitcoin on the balance sheet | Negotiated; margin terms written into the facility | MARA Holdings (4 August 2026): a US$450.0 million facility from Coinbase Credit and a US$300.0 million term loan from Two Prime Lending, with 18,750 bitcoin pledged as initial collateral |
| Purchase funding | Buyers spending the proceeds on property or another large purchase | As the underlying loan | The loan is secured on the crypto, not on what it buys (see financing a property purchase) |
| ETF-share credit | Holders of spot bitcoin or ether ETF shares at a broker | A margin loan, or a securities-based line the lender may call at any time | FINRA: a securities-based line of credit is a non-purpose loan and a demand loan |
| Firms are named only to describe what each published, accessed September 2026; naming a firm is not a recommendation and implies no relationship with Crypto Loans HQ. MARA figures from its quarterly report filed 6 August 2026. | |||
Definition
Crypto financing, on this site, always means borrowing against crypto you own, never depositing coins with a platform that lends them on for a return. The page on crypto-backed loans covers the loan itself in more depth.
What you can borrow against
Every lender cited here takes bitcoin. Fewer take ether, and ETF shares move the loan into securities rules.
| Asset | How lenders treat it | Published examples |
|---|---|---|
| Bitcoin | Accepted by every lender cited on this page | Ledn, Unchained and Xapo Bank lend against bitcoin only |
| Ether | Accepted by fewer lenders | Figure, Arch, SALT, Galaxy, Milo and Nexo published ether as collateral; Nexo published the same 50% maximum LTV for ether as for bitcoin |
| Major stablecoins | A higher LTV, because the price is designed to hold steady against the dollar | Nexo published a 90% maximum LTV against USDT and USDC |
| Spot bitcoin and ether ETF shares | Securities at a broker, lent against under securities rules | FINRA: a broker can initially lend up to 50% of an eligible security's purchase price, and maintenance equity must not fall below 25% |
| Ranges lenders published as of September 2026; terms depend on the lender, the collateral and the borrower, and are set only by the lender. The page on borrowing against Ethereum covers ether collateral in detail. | ||
Borrowing against ETF shares is securities-based lending, covered at securitiesbackedlending.com.
How much you can borrow: loan-to-value
Every structure above is sized the same way. The loan-to-value ratio (LTV) is the loan balance divided by the market value of the collateral, so US$2,000,000 of bitcoin at a 50% LTV supports a US$1,000,000 loan. A price fall then raises the LTV toward the lender's margin-call and liquidation levels.
Two details move the numbers. Where accrued interest counts in the balance, the LTV rises at a flat price: Morpho's documentation lists “debt increasing due to accrued interest” as a route to liquidation. And a cure must usually restore a stated level: Figure cures back to the initial LTV, Arch to 60%. See bitcoin loan margin calls.
Terms lenders published
The LTV ladder and custody terms eight lenders published, as a dated description; the lender's own documents govern. Sizes run well beyond the table: Nexo publishes lending of up to US$200 million through its private service, and Unchained sends US$5 million or more to an institutional desk.
| Lender | Starting LTV | Margin call | Liquidation | Cure window | Custody, as published |
|---|---|---|---|---|---|
| Ledn | 50% “typical” | Notifications at 70% and 75% | Automatic at 80% or above | None stated | Custodied loans: collateral may be re-posted only to a funding partner or financing vehicle, and is not lent out |
| Xapo Bank | 20%, 30% or 40% | Add collateral or repay above 65% | Sells collateral at 80% | None stated | “No rehypothecation of Bitcoin” |
| Arch | Up to 60% | 70% | Partial liquidation at 80% | 24 hours | Segregated cold storage with Anchorage Digital; “never rehypothecated” |
| Figure (loans at 50% initial LTV) | 50%; up to 75% offered | Courtesy notice at 75%; margin call at 80% | Automatic at 90% | 48 hours | Qualified custodian; “will never be rehypothecated” |
| Unchained (business loans) | 200% collateral-to-principal (about 50% LTV) | Below 150% (about 66.7% LTV) | 120% (about 83.3% LTV) | 24 hours | 2-of-3 multisig in which the borrower holds a key; not rehypothecated |
| SALT | 30%, 50% or 70% | Warning at 75%; margin call at 83.33% | Margin event at 90.91% | None stated | Qualified institutional custodians; not rehypothecated |
| Milo | Pledge twice the loan (about 50%) | 67% | In the loan documents | None stated | Coinbase and BitGo; no rehypothecation |
| Galaxy (GalaxyOne line of credit) | 50% at origination | Notifies clients before any collateral action | Not stated | Not stated | “Pledged collateral is not rehypothecated” |
| From each lender's own pages, accessed 19 September 2026 (sources below). Unchained measures collateral-to-principal (CTP); the LTV equivalents are arithmetic (LTV = 1 ÷ CTP). Ranges lenders published as of September 2026; terms depend on the lender, the collateral and the borrower, and are set only by the lender. | |||||
The same thresholds are set out for bitcoin alone on bitcoin-backed loans, and what each custody model means in a lender failure is covered in custody and rehypothecation.
Financing a property purchase with crypto
Two different things go by this description. The first is a crypto-backed loan whose proceeds you spend on a purchase. The loan is secured on the crypto, not the property, so its margin calls and liquidation terms apply as for any other use of the money, and any mortgage lender involved will underwrite where the funds came from.
The second is a mortgage in which crypto plays a part. Milo publishes a crypto-backed mortgage that takes bitcoin or ether pledged at “1x property value” for up to 100% financing on a 30-year fixed term, starting at US$275,000 (Milo, accessed September 2026). On 26 March 2026 the mortgage lender Better and Coinbase announced a conforming mortgage whose down payment is funded by a separate loan secured on pledged bitcoin or USDC, as HousingWire reported.
Conventional underwriting has not caught up. Fannie Mae's Selling Guide still accepts virtual currency for a down payment, closing costs or reserves only once it “has been exchanged into U.S. dollars” (section B3-4.1-04, in the guide published 2 September 2026), despite the FHFA order of June 2025 that asked for a proposal to count it without conversion.
Crypto Loans HQ does not arrange mortgages. The bitcoin mortgage guide covers both products in more depth.
Who qualifies for crypto financing
Lenders publish their own criteria, and they differ. Five questions decide whether an enquiry fits any of them.
- Size. Enquiries start at US$100,000. Published lender minimums ran from US$500 at Ledn to US$150,000 at Unchained, whose loans are for businesses only.
- Collateral. Bitcoin, ether, major stablecoins, or spot bitcoin and ether ETF shares.
- Who borrows, and where. Arch does not lend to residents of ten US states; Xapo Bank does not lend to residents of the United Kingdom or Australia.
- Purpose. Some lenders ask. Ledn says some locations require a minimum principal or confirmation of commercial purpose, and a securities-based line cannot be used to buy securities.
- Identity and source of funds. Every lender runs its own identity verification, anti-money-laundering and source-of-funds checks before it lends. Crypto Loans HQ does not take enquiries from retail consumers in the United Kingdom.
The full criteria are on who we work with. Larger holders, family offices and advisers will find the structuring questions in crypto loans for high-net-worth individuals.
How long crypto financing takes
The lender's onboarding and the collateral set the timing, not the introduction, and no timeline is promised here. Four things drive it:
- Onboarding. Identity, source-of-funds and, for an entity, beneficial-ownership checks.
- Collateral set-up. A transfer to the lender's custodian, or a multisig vault in which you hold a key.
- Documentation. A standard agreement moves faster than a negotiated facility needing board resolutions.
- Funding. By wire or in stablecoins: Ledn pays US dollars, USDC or local currency; Figure pays international borrowers in USDC.
Borrowing, selling or a securities-backed line
Crypto financing is one of three ways to raise cash from a crypto position. The comparison is general: the guide to borrowing against bitcoin instead of selling goes further, and are crypto loans taxable covers the tax points.
| Question | Sell | Crypto-backed loan | ETF-share credit |
|---|---|---|---|
| Exposure afterwards | None | Kept while the collateral is pledged | Kept, through the ETF shares |
| Tax at the outset | A sale is generally a taxable disposal | In many jurisdictions a loan is not itself a disposal | As for a crypto-backed loan |
| What can force a sale | Nothing further | A margin call not met; the liquidation level | A maintenance call; a securities-based line can be called at any time |
| Who holds the asset | You, or your exchange | The lender or its custodian, or a multisig vault | Your broker or bank |
| Ongoing cost | None | Interest and fees set by the lender | Interest set by the broker or bank |
| General comparison, not advice. FINRA describes securities-based lines of credit as demand loans. Tax treatment depends on the jurisdiction and on the lender's structure; a liquidation is generally a disposal. | |||
Risk
Risks to weigh before borrowing
- Margin calls and forced liquidation. A price fall raises the LTV. The lender can demand more collateral or a part repayment within 24 or 48 hours at the lenders cited above, and sells collateral if the call is not met or the liquidation level is reached. A lender that sells to repay the whole balance takes more than the shortfall.
- Counterparty and custody risk. If the contract lets the lender re-use your collateral (rehypothecation) and the lender becomes insolvent, you may be left with a creditor's claim. Celsius, BlockFi and Genesis all filed for Chapter 11 in 2022 and 2023.
- Tax on a liquidation. A liquidation is a sale, and a sale is generally a taxable event, at a moment you did not choose. A structure that transfers ownership of the collateral can be a disposal too. Take advice from a tax adviser.
- Renewal risk. At maturity a lender may renew only below a stated LTV. Ledn requires an LTV below 65% to renew, and may sell bitcoin to bring it to 64%.
What a margin call costs is set out in bitcoin loan margin calls.
Questions to settle before you sign
The headline LTV is one line of a term sheet. These decide how a loan behaves in a falling market.
- Who holds the collateral, and can anyone re-use it? Compare Ledn's published limit on re-posting with Arch's and Figure's “never rehypothecated”.
- Which price feed triggers a call? Unchained uses the CME CF Bitcoin Real Time Index; Arch uses CoinMarketCap, updated every 60 seconds.
- How long is the cure window? Unchained and Arch published 24 hours, Figure 48 hours.
- Does a liquidation sell part or all, and at what cost? Ledn applies a 0.50% trade spread; Figure a 2% fee where allowed; Arch a 2% fee to the extent not prohibited by state law.
- Does accrued interest count toward the LTV? If so, the LTV climbs at a flat price.
- Can you withdraw collateral after a rally? Ledn allows redemption below 30% LTV, back to 40%, subject to conditions.
- What happens at maturity? Ledn requires accrued interest to be paid at maturity from 1 January 2027.
We check an enquiry against the criteria lenders publish and, with your consent, present it to those whose criteria fit; the lender sets the terms and you contract with it directly. Each stage is on how it works, and how we are paid discloses the model.
General information, not advice. This page describes crypto financing in general terms. It is not an offer to lend or to arrange a loan on particular terms, and it is not investment, legal or tax advice. Firms are named only to describe what they published, as dated; naming a firm is not a recommendation and implies no relationship with Crypto Loans HQ. Terms are set only by the lender. Crypto Loans HQ does not arrange mortgages. Take advice from a qualified tax adviser before borrowing against, or selling, a crypto asset. How we are paid.
Primary sources
- Lender pages, accessed September 2026: Ledn, Xapo Bank, Nexo; Galaxy's GalaxyOne line of credit (25 August 2026)
- Arch: margin calls and partial liquidation (updated 30 March 2026) and general FAQs (accessed September 2026)
- Figure: crypto-backed loan and FAQ (accessed September 2026)
- Unchained: loans, margin call process, loan collateral and bitcoin price (accessed September 2026)
- SALT: bitcoin loans (accessed September 2026) and understanding LTV and margin calls (dated 26 March 2026)
- Milo: crypto-backed loan and crypto-backed mortgage (accessed September 2026)
- MARA Holdings: Form 10-Q for the quarter ended 30 June 2026 (filed 6 August 2026)
- Morpho documentation: Liquidation
- FINRA: margin calls (4 June 2026) and securities-backed lines of credit (3 January 2024)
- Fannie Mae Selling Guide, B3-4.1-04 (guide published 2 September 2026) and Senate Banking Committee minority release quoting the FHFA order (25 July 2025)
- Reported, not read at source: HousingWire on the Better and Coinbase token-backed down payment (26 March 2026)
- US Bankruptcy Court, S.D.N.Y.: In re Celsius Network LLC, memorandum opinion of 9 November 2023
- Kroll: Genesis Global Holdco, LLC Chapter 11 case information and US Bankruptcy Court, District of New Jersey: BlockFi Inc.
- Internal Revenue Service: Frequently asked questions on virtual currency transactions and HMRC Cryptoassets Manual, CRYPTO61640
Crypto financing: frequently asked questions
Who is eligible for crypto financing?
Lenders set their own criteria on size, collateral, borrower type and location. Crypto Loans HQ takes enquiries of US$100,000 or more against bitcoin, ether, major stablecoins or spot ETF shares, from individuals, family offices, companies, miners, funds, estates and their advisers. Every lender runs its own identity, anti-money-laundering and source-of-funds checks, and enquiries from retail consumers in the United Kingdom are not taken.
Can I get crypto financing without providing collateral?
Not in the sense this page covers. Crypto financing here means a loan secured on crypto you pledge, which the lender can sell if its value falls too far. Unsecured personal loans and DeFi flash loans share the name but are different products, and are out of scope for Crypto Loans HQ.
Which cryptocurrencies can be used as collateral?
Bitcoin is accepted by every lender cited on this page, and ether by fewer. In September 2026 Ledn, Unchained and Xapo Bank published bitcoin-only collateral, while Figure, Arch, SALT, Galaxy, Milo and Nexo published ether as well. Nexo also published a 90% maximum LTV against USDT and USDC. Other tokens are out of scope for Crypto Loans HQ.
Is crypto-backed lending safe?
It carries risks a conventional loan does not. A price fall can trigger a margin call and a forced sale within hours, the collateral is exposed to the lender and its custodian, and a liquidation is generally a taxable sale. The custody terms matter most in a failure: in the Celsius bankruptcy, objecting retail borrowers' collateral was held to be property of the estate.
How quickly can crypto financing be arranged?
No timeline is promised here, because the lender controls it. Timing depends on the lender's identity and source-of-funds checks, on setting up custody or a multisig vault for the collateral, on the documentation, and on how the proceeds are paid. An individual with a standard loan moves faster than a company negotiating a facility.
What loan-to-value ratios are available?
Starting LTVs lenders published against bitcoin and ether in September 2026 ran between 20% and 75%, and 50% was the most common. Margin calls began between 65% and 85% LTV, and liquidation between 80% and about 91%. These are published ranges; each lender sets the terms for each loan, and a lower starting LTV leaves more room before a margin call.
Are interest-only or flexible repayment options available?
Several lenders publish them. Unchained and Figure published monthly interest-only payments with principal at maturity, and Figure also allows interest to be deferred. Arch and Ledn published interest that accrues and is paid at maturity. Galaxy's line of credit and Nexo's credit line are open-term, and Xapo Bank published no set repayment schedule.
Can companies and trusts use crypto financing?
Yes, and some lenders lend only to them. Unchained's loans page offers business loans only, from US$150,000, and Arch published that it serves business and trust borrowers in 44 US states and territories. A company or trust borrower is asked for its constitutional documents and beneficial owners as well as the usual identity checks.
Financing enquiries
Borrow against the position, not out of it.
Tell us the asset, the approximate size and what the financing is for. We check it against the criteria lenders publish and, where one fits and you consent, arrange an introduction. The lender sets every term.