Bitcoin Loan Comparison

Strike vs. Figure

Strike charges 7.49%–10.5% APR with $0 origination fees using custodial (proof-of-reserves for 50+ BTC). Figure charges 9.99%–12.62% APR with a 1% origination fee using MPC custody (segregated). See the full breakdown of rates, thresholds, and custody risk below.

Terms checked individually — Strike: 2026-09-29; Figure: 2026-07-14.

How do Strike and Figure compare for Bitcoin-backed loans?

For the standardized $250,000, 50% LTV, 12-month scenario, Strike is 10% APR and Figure is 9.99% APR. Strike: Monthly-pay option; 12-month fixed term.

Figure charges a 1% origination fee capitalized into the loan balance, where it accrues interest — a fee that raises the effective cost above the headline rate from the day you borrow.

On a $250,000 loan held for 12 months, Strike saves $2,725 in total first-year cost (interest plus applicable fees or charges).

Strike vs. Figure: Feature-by-Feature Comparison

Strike

Figure

Interest Rate (APR)

10%

9.99%

Pricing Basis

Loan size and payment schedule

Starting LTV

Fees / Charges

$0Strike

1% origination fee

Max Starting LTV

50%

75%Figure

Margin Call Threshold

70% LTV

Liquidation Threshold

85% LTV

Margin Call Window

72 hoursStrike

24 hours

Custody Model

Custodial (proof-of-reserves for 50+ BTC)

MPC custody (segregated)

Rehypothecation

Interest Payment

Monthly

Minimum Loan

$10,000

$5,000Figure

Cost on a $250,000 Loan: Strike vs. Figure

To keep the comparison clean, both lenders are modeled at $250,000 principal, 50% starting LTV, and a 12-month term, using monthly-pay pricing where available. Strike pricing varies by loan size and payment schedule; Figure pricing varies by LTV. Actual offers can differ when those inputs change.

Loan Size	Strike APR	Figure APR	Strike Total Year-1 Cost	Figure Total Year-1 Cost	Savings
$250,000	10%	9.99%	$25,000	$27,725	$2,725 with Strike

Assumptions: $250,000 principal, 50% starting LTV, 12-month term, and monthly-pay pricing where offered. Total year-1 cost includes annualized interest and fees, but does not add a fee again when the lender's published APR already includes it. Figure: 1% origination fee. Terms checked individually — Strike: 2026-09-29; Figure: 2026-07-14.

Custody and Collateral Security

Both Strike and Figure use similar custody approaches: custodial (proof-of-reserves for 50+ BTC) and MPC custody (segregated) respectively. Strike uses custodial (proof-of-reserves for 50+ BTC). Your Bitcoin depends on the security and solvency of that custody arrangement and could be at risk in the event of a hack, insolvency, or regulatory action. Figure uses MPC custody (segregated). Your Bitcoin depends on the security and solvency of that custody arrangement and could be at risk in the event of a hack, insolvency, or regulatory action.

Strike: High (Custodial)

•Custodial (proof-of-reserves for 50+ BTC)
•Rehypothecation: No
•Monthly interest payments
•0.

Figure: High (Custodial)

•MPC custody (segregated)
•Rehypothecation: No
•Monthly interest payments
•Figure Markets.

Margin Call and Liquidation: Strike vs. Figure

Strike triggers margin calls at 70% LTV and liquidates at 85% LTV. Figure triggers margin calls at 70% LTV and liquidates at 85% LTV. Strike gives borrowers 72 hours to respond, while Figure provides 24 hours.

Threshold	Strike	Figure
Max Starting LTV	50%	75%
Margin Call	70% LTV	70% LTV
Margin Call Window	72 hours	24 hours
Liquidation	85% LTV	85% LTV

Safety Buffer at Each Lender's Maximum Starting LTV

This comparison uses each lender's own maximum starting LTV, not a common 50% starting position. Strike: 35.0 percentage point modeled buffer between maximum starting LTV (50%) and liquidation (85% LTV). Figure: 10.0 percentage point modeled buffer between maximum starting LTV (75%) and liquidation (85% LTV). Strike provides a wider safety margin.

Which is better: Strike or Figure?

Choosing between Strike and Figure requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Strike uses custodial (proof-of-reserves for 50+ BTC) with 7.49%–10.5% APR, while Figure uses MPC custody (segregated) with 9.99%–12.62% APR.

On the standardized $250,000, 50% LTV, 12-month scenario, Strike costs $25,000 in the first year versus $27,725 at Figure, a difference of $2,725. Part of Figure's higher cost comes from its 1% origination fee, which adds $2,500 on this loan size. Strike charges no origination fee, so the only cost is interest.

Both platforms use similar custody approaches. Strike operates via custodial (proof-of-reserves for 50+ BTC), and Figure uses MPC custody (segregated). Neither platform rehypothecates borrower collateral.

Strike is the better fit for borrowers who are borrowing $10,000 or more and are comfortable with custodial lending. Figure is the better fit for borrowers who need smaller loans or more flexible access.

Key details to be aware of: Strike: 0.79% fee if repaying with BTC collateral, 0. Figure: Figure Markets. APR 9.

Frequently Asked Questions

Is Strike or Figure cheaper for a $250,000 Bitcoin-backed loan?

Strike is cheaper under the stated assumptions. On a $250,000 loan at 50% LTV held for 12 months, Strike costs $25,000 (10% APR) while Figure costs $27,725 (9.99% APR). That is a $2,725 difference in the first year.

How does Strike's custody model compare to Figure?

Strike uses custodial (proof-of-reserves for 50+ BTC). Figure uses MPC custody (segregated). Both platforms present similar custody risk profiles.

What is the minimum loan amount at Strike vs Figure?

Strike's minimum loan is $10,000. Figure's minimum is $5,000. Figure is more accessible for smaller borrowers.

What happens if Bitcoin drops while I have a loan with Strike or Figure?

Strike issues a margin call at 70% LTV with a 72-hour response window and liquidates at 85% LTV. Figure issues a margin call at 70% LTV with a 24-hour response window and liquidates at 85% LTV. For a common 50% starting LTV (rather than each lender's maximum), the modeled buffers are 35 points at Strike and 35 points at Figure.

Should I use Strike or Figure for a Bitcoin-backed loan?

It depends on your priorities. Strike (7.49%–10.5% APR, custodial (proof-of-reserves for 50+ BTC), min $10,000) is better for borrowers who value custodial (proof-of-reserves for 50+ BTC) and have larger borrowing needs. Figure (9.99%–12.62% APR, MPC custody (segregated), min $5,000) is better for borrowers who value MPC custody (segregated) and need smaller loan access. Use the rate table and cost comparison above to model your specific scenario.

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Understand the key terms

Rehypothecation Discreet Log Contracts Custodial vs. Non-Custodial LTV Ratio Margin Call Counterparty Risk

See loan scenarios

$100K Loan $500K Loan $1M Loan Borrow Against 10 BTC

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