Strike Lending offers ~9.5% APR Bitcoin-backed loans with no origination, prepayment, or liquidation fees, and a contractual prohibition on rehypothecation. The catch: it is custodial. Here is the full breakdown.
Strike Lending is the loans arm of Strike, the Bitcoin and Lightning company founded by Jack Mallers in 2019. Strike has built a reputation in the US Bitcoin space for its low-fee app and aggressive Lightning Network rollout. The lending product launched in late 2024 and has since become one of the most competitively-priced Bitcoin-backed loan offerings in the United States.
The headline numbers are what get people's attention: around 9.5% APR at the low end, fixed for the life of the loan, with zero origination fee, zero prepayment fee, and zero liquidation fee. The APR you see is the all-in cost. Compared to lenders that charge 1–2% origination plus the interest, Strike's pricing genuinely is the cheapest mainstream option in the US market.
The honest catch is the custody model. Strike holds your Bitcoin or transfers it to capital providers under contracts that prohibit further rehypothecation. This is much better than the historical CeFi-lender approach (where collateral was actively lent out) but it is still custodial — you do not hold a key to your collateral the way you do with Unchained's multisig product. That tradeoff is the entire decision: lowest APR with custodial trust, or higher APR with cryptographic non-custody.
| Category | Score | Notes |
|---|---|---|
| Custody Model | 7/10 | Custodial or pass-through; no rehypothecation by contract |
| Transparency | 7/10 | Public rate sheet, no third-party proof-of-reserves |
| Regulatory Track Record | 8/10 | No SEC actions or state penalties to date |
| Rate Transparency | 9.5/10 | Zero origination, prepayment, or liquidation fees — APR is all-in |
| Rehypothecation Policy | 8/10 | Contractually prohibited; not third-party audited |
| Overall | 8/10 | Best price in the US Bitcoin lending market; custodial |
| Spec | Details |
|---|---|
| APR Range | ~9–12% (fixed at origination) |
| Minimum Loan | $10,000 (most US states) |
| Maximum LTV | 50% at origination |
| Margin Call LTV | 70% |
| Liquidation LTV | 85% (partial only) |
| Custody Model | Custodial / pass-through, no rehypothecation |
| Origination Fee | No |
| Prepayment Fee | No |
| Liquidation Fee | No |
| Accepted Collateral | Bitcoin only |
| Loan Currency | USD |
| KYC Required | Yes |
| Availability | US (state-by-state) + select international markets |
| Mobile App | Yes (Strike app) |
| Founded | 2019 (Strike); lending launched late 2024 |
When you take a loan, Strike either holds the Bitcoin collateral itself or transfers it to a capital provider that funds the loan. Both arrangements are governed by contracts that prohibit further rehypothecation: the Bitcoin cannot be lent out again, used as collateral for another loan, or transferred to other third parties. Strike has been explicit about this in its public-facing FAQ.
This puts Strike in the same custody tier as Ledn (where rehypothecation has been confirmed as prohibited) and a tier above the historical CeFi-lender norm where collateral was actively yield-farmed or lent out. It is a tier below Unchained, which uses multisig collaborative custody where you personally hold one of three keys — Unchained cannot move your Bitcoin alone, no matter what happens to the company.
Practical implication: if Strike or its capital partners face insolvency, your Bitcoin collateral is legally yours (segregated, not commingled), but recovery would still go through bankruptcy proceedings. With Unchained, you can co-sign and recover unilaterally. Strike has not had any public solvency or security incident, and is well-capitalized as of 2026 — but the legal mechanism for recovery is fundamentally weaker than holding a key.
Many Bitcoin lenders quote a headline APR that hides the real cost. A 9% APR with a 1.5% origination fee and a 1% liquidation fee is significantly more expensive than a flat 10.5% APR with no other fees — especially on a short-term loan. Strike has built its pricing the right way around: the APR is the cost, and nothing else.
On a one-year, $50,000 loan at Strike's headline 9.5% APR, your total interest cost is roughly $4,750. There are no other charges. If you repay early, no penalty. If you get liquidated, no penalty (beyond the cost of the Bitcoin Strike sells to bring your LTV back to safe). This pricing model genuinely is the cheapest mainstream option in the US Bitcoin-backed loan market in 2026.
The rate is also fixed at origination. Unlike variable-rate lenders, your APR does not move during the loan. If general interest rates rise, your loan stays at the rate you signed at. This is meaningful for multi-year planning.
Maximum LTV at origination is 50%. So $100,000 of Bitcoin gets you up to $50,000 in USD. If Bitcoin's price drops, your LTV rises. At 70% LTV, you receive a margin call: add collateral or repay enough of the loan to bring LTV back below the call threshold. You have a window to respond — typically a few business days.
If you do not respond and LTV reaches 85%, Strike begins partial liquidation. Critically, Strike sells only the minimum amount of your Bitcoin needed to bring the loan back to a safe LTV. Some competitors liquidate the entire position when triggered; Strike does not. This is a meaningfully friendlier liquidation model and can save significant capital in a sharp drawdown.
Practical advice: do not take a loan at the maximum LTV unless you are very confident in the price path. A 30% drawdown from a 50% LTV starting position puts you at roughly 71% LTV — already in margin-call territory. A 30% drawdown from a 35% LTV starting position keeps you at roughly 50% LTV — still safe. Lower LTV at origination is cheap insurance.
These are the three Bitcoin-backed loan options we recommend most often. They serve different borrowers.
| Feature | Strike | Unchained | Ledn |
|---|---|---|---|
| Headline APR | 9.5% | ~14% | 10.4–11.4% |
| Minimum loan | $10,000 | $150,000 | $500 |
| Custody model | Custodial | Multisig (you hold key) | Segregated / custodial option |
| Rehypothecation | No (contract) | No (you hold key) | No (confirmed) |
| Origination fee | No | Yes (varies) | Yes (varies) |
| Liquidation model | Partial | You sign liquidation tx | Partial |
| KYC | Yes | Yes | Yes |
Strike wins on cost. Unchained wins on custody. Ledn wins on access (low minimum, longer track record). For most US borrowers willing to accept custodial risk, Strike is the rational choice for $10K+ loans. For very large loans where custody risk dominates, Unchained.
Strike Lending earns 8/10. The pricing is the best in the US market: around 9.5% APR with zero origination, prepayment, or liquidation fees, fixed at origination. Rehypothecation is contractually prohibited, the liquidation model is friendly (partial, not full), and the company has a clean public track record. For a US borrower wanting $10K+ at the cheapest reasonable APR, Strike is the answer.
What keeps it from a higher score: the custody model is custodial. Your Bitcoin is held by Strike or a capital partner under contract — not by you, not by a multisig you can co-sign. There is no third-party proof-of-reserves and no independent custody audit (yet). The product is newer (launched late 2024), so it has less full-cycle stress testing than competitors. KYC is required, so this is not a privacy-preserving option.
If price is the deciding factor, Strike. If custody is the deciding factor, Unchained. If privacy is the deciding factor, Hodl Hodl / Debifi.
Check eligibility, get a fixed APR quote, and apply on Strike's site. No origination fee.
Strike Lending is the loans product built by Strike — the same company behind the Strike Lightning app. You deposit Bitcoin as collateral and receive a USD loan. Rates start around 9% APR (variable by amount and term), the minimum loan is $10,000, and there are no origination, prepayment, or liquidation fees. Strike either holds collateral itself or transfers it to capital providers under contracts that prohibit rehypothecation. Bitcoin is the only accepted collateral.
Strike publishes fixed APRs in the 9–12% range depending on loan size and term length. Larger loans qualify for the lower end of the range. Unlike variable-rate lenders, the rate is fixed at origination for the life of the loan — you do not get re-priced if Bitcoin or interest-rate markets move. As of 2026, Strike's headline rate (around 9.5%) is one of the lowest in the US Bitcoin-backed lending market.
Maximum LTV at origination is 50%. So $100,000 worth of Bitcoin collateral gets you up to a $50,000 loan. If your LTV rises to 70% (because Bitcoin price drops), you receive a margin call asking for more collateral or partial repayment. If it reaches 85%, Strike sells only the minimum amount of your Bitcoin needed to bring the LTV back to a healthy level — not the whole position. This 'partial liquidation' model is friendlier than the 'liquidate everything' approach some competitors use.
No, and this is one of Strike's stronger differentiators. Strike either holds your Bitcoin itself or transfers it to capital providers under contracts that prohibit further rehypothecation. Your collateral is not lent out, not used to make markets, not transferred to other third parties. Compared to providers that have historically rehypothecated (or have been ambiguous about it), Strike's policy is explicit. Worth noting: this is Strike's stated policy, not an audited proof — you are trusting the company and its capital partners.
$10,000 in most US states. Some states have higher minimums due to local lending regulation. This puts Strike on the higher end of the minimum spectrum — Nexo starts at ~$50 and Ledn starts at $500. If you want a smaller loan, those competitors are better fits.
Strike Lending began in select US states and expanded globally through 2025–2026. As of mid-2026, Strike supports borrowers in several non-US jurisdictions, but coverage is uneven and changing. Check Strike's lending page for current availability in your country. The Strike app for buying and sending Bitcoin is available in 100+ countries — but the loans product is a separate operation with stricter geographic limits.
Strike publishes zero origination fees, zero prepayment fees, and zero liquidation fees. You pay only the APR. This is genuinely unusual — most US Bitcoin lenders charge an origination fee (often 1–2%) and a liquidation penalty. Strike's all-in cost is just the interest, which means the headline APR is also the effective APR. There are no hidden fees buried in the contract.
Strike Lending and the Strike app are two separate products from the same company. The Strike app buys, sells, and sends Bitcoin (often over the Lightning Network) — that is reviewed separately at /reviews/strike. Strike Lending is a custodial Bitcoin-backed loan product where you deposit BTC as collateral and receive USD. They share branding and a parent company. They do not share an account in the same way: lending has its own onboarding and credit checks.
Three different custody philosophies. Unchained uses multisig collaborative custody — you hold one of the keys, so they cannot move your Bitcoin unilaterally. Ledn offers segregated custody (your collateral is identifiably yours) and no rehypothecation, plus a custodial option. Strike holds collateral or passes it to capital providers, with rehypothecation contractually prohibited. Strike's edge is the headline rate (around 9.5%) and zero fees. Unchained's edge is the strongest custody model. Ledn's edge is the lower minimum ($500) and longer track record. Pick based on which tradeoff you care about most.
As of mid-2026, no public security breach or insolvency event has been reported for Strike Lending. The product is younger than Unchained or Ledn, so it has less battle-testing through full market cycles. Strike was founded in 2019 by Jack Mallers and is well-funded, but past performance and corporate health do not guarantee future safety for a custodial loan product. Diversify if you are concerned.
Multisig collaborative custody — you hold one of three keys. Best for large loans where custody dominates.
Segregated custody, confirmed no-rehypothecation, $500 minimum. Longest track record.
Non-custodial P2P multisig escrow. No KYC. Best for privacy-preserving loans.
Crypto credit line with $50 minimum, EU-regulated, $45M SEC settlement on record.
Full comparison of every major Bitcoin-backed loan platform we track.
The separate Strike app for buying and sending Bitcoin over Lightning.