LENDING
Best Bitcoin Lending Platforms for 2026
A Bitcoin-backed loan lets you pledge Bitcoin as collateral and receive cash or stablecoins in return. You retain ownership of the Bitcoin — if you repay the loan, the collateral is returned. The loan itself is generally not a taxable event in most US jurisdictions, though liquidation of collateral is. Consult a tax professional for guidance specific to your situation.
The landscape has changed since 2022. Celsius, BlockFi, and Voyager collapsed in part because they rehypothecated client collateral — lending it out to generate yield while clients assumed it was safely held. The platforms still operating have tightened custody, transparency, and disclosure. This guide covers the six most relevant to US Bitcoin holders in 2026.
| Platform | BWP Rating | Starting Rate | Learn More |
|---|---|---|---|
Ledn | ★★★★★4.8 | From 9.99% APR | Learn More ↗ |
SALT Lending | ★★★★☆4.2 | From ~10.95% APR | Learn More ↗ |
Unchained | ★★★★☆4 | ~12% interest (14% APR) | Learn More ↗ |
Strike | ★★★★☆3.8 | From 9.5% APR | Learn More ↗ |
Coinbase | ★★★☆☆3.5 | Variable, from ~5% | Learn More ↗ |
Arch Lending | ★★★☆☆3.5 | Negotiated | Learn More ↗ |
How we evaluate Bitcoin lending platforms: We assess each platform across 6 criteria — interest rates, LTV terms, minimum loan size, custody model (including rehypothecation policy), geographic availability, and track record through market stress. Evaluations reflect independent editorial assessment and are not influenced by affiliate relationships.
Ledn
Best for: Long-term holders who want no-rehypothecation custodyLedn is a Cayman Islands-based Bitcoin-focused lender that has funded over $10 billion in loans since inception with zero client asset losses. Its Custodied Loan product holds Bitcoin in segregated on-chain addresses — collateral is never lent out or used to generate yield.
Ledn publishes a monthly Open Book Report and twice-yearly independent Proof of Reserves. Loan sizes range from $500 to $5 million, with 12-month fixed terms. The platform has been Bitcoin-only since 2023. Funding typically completes within 24 hours, and there are no required monthly payments during the loan term.
✓ Pros
- Transparent custody model with no rehypothecation
- Clean track record through the 2022–23 shakeout
- Fast funding (typically within 24 hours)
- No monthly payments required
✗ Cons
- Rates higher than DeFi alternatives
- 12-month fixed term is less flexible than open-ended protocols
SALT Lending
Best for: Established US borrowers who want a named, regulated counterpartySALT Lending is a Denver-based Bitcoin-backed lender founded in 2016. It operates as a regulated US counterparty with collateral held by a qualified custodian. SALT survived the 2022 downturn with client funds intact, though it imposed temporary withdrawal restrictions during that period. The platform serves both individuals and businesses.
SALT has published its custody and operational controls and offers named, human-staffed support — a differentiator from platforms that rely on automated processes. Loans are available in select US states and international markets, though availability is not universal.
✓ Pros
- Long operating history (founded 2016)
- US-regulated structure
- Named human-staffed support
- Serves businesses as well as individuals
✗ Cons
- Higher starting rate than DeFi alternatives
- US state availability is not universal
Unchained
Best for: High-net-worth and business borrowers ($150k+) who want collaborative multisigUnchained is an Austin-based company founded in 2017, originally built around collaborative multisig custody. Its lending product is structured for businesses and high-net-worth individuals with a minimum principal of $150,000.
Collateral is secured in a 2-of-3 multisig arrangement where Unchained, the borrower, and a key agent each hold one key. The borrower retains ongoing visibility of their Bitcoin on-chain at all times. There is no rehypothecation. The platform is US-only and not available in all states.
✓ Pros
- Borrower can verify collateral on-chain at all times
- No rehypothecation of collateral
- Bitcoin-only focus with a dedicated team
- Strong for trusts, LLCs, and family office structures
✗ Cons
- High minimum ($150,000) excludes most retail borrowers
- Higher rates than most alternatives
- US-state restrictions limit availability
Strike
Best for: US retail borrowers who want a simple Bitcoin-native productStrike is a US-based Bitcoin company that has expanded into lending for individuals and businesses in select US states. The product offers a 9.5% starting APR with a 50% maximum LTV and flexible payment terms.
There are no origination fees, no prepayment penalties, and loans are not reported to credit agencies. Collateral is held with BitGo, an institutional-grade custodian. The lending product is newer relative to incumbents like SALT and Ledn, but the company has an established presence in the Bitcoin ecosystem.
✓ Pros
- Clean product structure with no hidden fees
- No origination fees or prepayment penalties
- Competitive starting rate (9.5% APR)
- Bitcoin-native company
✗ Cons
- Limited US state availability
- Newer lending product relative to incumbents
Coinbase
Best for: Existing Coinbase users comfortable with wrapped BTC (cbBTC)Coinbase offers Bitcoin-backed loans powered by Morpho on Base, where users borrow USDC against their Bitcoin. The process converts BTC to cbBTC (Coinbase’s wrapped Bitcoin), which is then held in Morpho smart contracts as collateral.
Rates are variable and driven by pool utilisation, starting from around 5% — lower than most centralised alternatives. There are no monthly payments and no fixed repayment deadline. The 86% liquidation threshold is aggressive compared to CeFi platforms, and liquidations follow DeFi mechanics, which can be more abrupt than a CeFi margin call process.
✓ Pros
- Lower rates relative to CeFi platforms
- Integrates with existing Coinbase account
- No fixed repayment deadline
- Low $100 minimum
✗ Cons
- Requires wrapping BTC into cbBTC (custodial and smart-contract exposure)
- 86% liquidation threshold is aggressive
- DeFi-style liquidations may be more abrupt than CeFi
Arch Lending
Best for: Institutional borrowers, trusts, LLCs, and family officesArch Lending is an institutional-oriented lender focused on Bitcoin-backed loans for complex borrower structures. Minimum loan sizes start at $75,000, with rates negotiated rather than published.
The platform assigns dedicated relationship managers and offers custom structuring for trusts, LLCs, and family offices. Collateral is held with a qualified custodian. Arch accommodates non-individual entities that may not fit the eligibility criteria of retail-focused platforms.
✓ Pros
- Built for complex borrower structures
- Personalised underwriting with dedicated relationship managers
- Accommodates trusts, LLCs, and non-individual entities
✗ Cons
- Not suitable for retail borrowers
- Rates not publicly disclosed
- Smaller operating history than SALT or Ledn
Frequently Asked Questions
How We Evaluated Bitcoin Lending Platforms
BWP evaluated platforms based on 6 criteria: (1) interest rate and fee structure; (2) custody model — who holds the collateral and whether it is rehypothecated; (3) loan-to-value terms and liquidation mechanics; (4) minimum loan size and accessibility; (5) geographic availability; (6) operating history and performance through market stress. We do not accept payment to influence evaluations.
This article is for educational purposes only and does not constitute financial, tax, or legal advice. Bitcoin involves significant risk. Consult a qualified professional before making any financial decisions.
This page contains affiliate links. Bitcoin Wealth Platform may earn a commission when readers open accounts through links on this page, at no additional cost to you. Our editorial content is independent and not influenced by affiliate relationships. Rate and fee information is sourced from provider websites and may change — always verify current terms directly with the provider before taking a loan. Last verified: April 2026.