Bitcoin · Decrypt
As of October 2026, published rates start at about 5.8% at Coinbase
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
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SALT advertises 7.49% to 10.5% APR, while Ledn's rates run from 11.49% APR on loans below $250,000 down to 9.25% on loans of $2 million or more.
Key facts
- SALT advertises 7.49% to 10.5% APR, while Ledn's rates run from 11.49% APR on loans below $250,000 down to 9.25% on loans of $2 million or more
- At a 50% LTV, $100,000 of Bitcoin gets you a $50,000 loan
- In April 2026, after attackers drained $291 million from infrastructure linked to the Kelp DAO project, users of lending protocol Aave struggled to withdraw funds as $6.2 billion flowed out
- Galaxy put total crypto-backed loan volume at $56.16 billion in Q2 2026, down 16.8% from the previous quarter as borrowers cut back on leverage, with centralized lenders now holding more loans
Summary
Bitcoin-backed loans let holders pledge BTC as collateral to borrow dollars or stablecoins, keeping exposure to Bitcoin's price and often avoiding a taxable sale. Loan-to-value ratios typically run from about 30% to 70%, and borrowers face margin calls or liquidation if Bitcoin's price falls sharply. The market has matured since the 2022 lender collapses, with an investment-grade securitization and big banks joining in, though published rates still run from about 5.8% to 14%. Most long-term Bitcoin holders know this problem. The idea is as old as lending itself.