Bitcoin Loan Comparison

Strike vs. Unchained

Strike charges 7.49%–10.5% APR with $0 origination fees using custodial (proof-of-reserves for 50+ BTC). Unchained charges 14.18% APR with a 2% origination fee using collaborative multisig (2-of-3). See the full breakdown of rates, thresholds, and custody risk below.

Terms checked individually — Strike: 2026-09-29; Unchained: 2026-05-14.

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

For the standardized $250,000, 50% LTV, 12-month scenario, Strike is 10% APR and Unchained is 14.18% APR. Strike: Monthly-pay option; 12-month fixed term. Unchained: 12-month loan with 2% origination included in APR.

Unchained's published APR already includes 2% origination fee.

On a $250,000 loan held for 12 months, Strike saves $10,450 in total first-year cost (interest plus applicable fees or charges).

From a custody perspective, Unchained presents lower counterparty risk with its collaborative multisig (2-of-3) model.

Strike vs. Unchained: Feature-by-Feature Comparison

Strike

Unchained

Interest Rate (APR)

10%Strike

14.18%

Pricing Basis

Loan size and payment schedule

12-month commercial loan

Fees / Charges

$0Strike

2% origination fee

Max Starting LTV

50%

Margin Call Threshold

70% LTVStrike

67% LTV

Liquidation Threshold

85% LTVStrike

83% LTV

Margin Call Window

72 hoursStrike

24 hours

Custody Model

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

Collaborative multisig (2-of-3)Unchained

Rehypothecation

Interest Payment

Monthly

Minimum Loan

$10,000Strike

$150,000

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

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; Unchained pricing varies by 12-month commercial loan. Actual offers can differ when those inputs change.

Loan Size	Strike APR	Unchained APR	Strike Total Year-1 Cost	Unchained Total Year-1 Cost	Savings
$250,000	10%	14.18%	$25,000	$35,450	$10,450 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. Unchained: 2% origination fee — already included in APR. Terms checked individually — Strike: 2026-09-29; Unchained: 2026-05-14.

Custody and Collateral Security

Strike and Unchained take fundamentally different approaches to collateral custody. 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. Unchained uses collaborative multisig (2-of-3). Multiple key holders must coordinate to move funds, reducing single-point-of-failure risk but still requiring trust in the key coordination process.

Strike: High (Custodial)

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

Unchained: Medium (Multisig)

•Collaborative multisig (2-of-3)
•Rehypothecation: No
•Monthly interest payments
•Commercial/institutional only since Jan 2024.

Margin Call and Liquidation: Strike vs. Unchained

Strike triggers margin calls at 70% LTV and liquidates at 85% LTV. Unchained triggers margin calls at 67% LTV and liquidates at 83% LTV. Strike gives borrowers 72 hours to respond, while Unchained provides 24 hours.

Threshold	Strike	Unchained
Max Starting LTV	50%	50%
Margin Call	70% LTV	67% LTV
Margin Call Window	72 hours	24 hours
Liquidation	85% LTV	83% 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). Unchained: 33.0 percentage point modeled buffer between maximum starting LTV (50%) and liquidation (83% LTV). Strike provides a wider safety margin.

Which is better: Strike or Unchained?

Choosing between Strike and Unchained 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 Unchained uses collaborative multisig (2-of-3) with 14.18% APR.

On the standardized $250,000, 50% LTV, 12-month scenario, Strike costs $25,000 in the first year versus $35,450 at Unchained, a difference of $10,450. Strike charges no origination fee, so the only cost is interest.

The custody difference is material. Unchained uses collaborative multisig (2-of-3), which means your Bitcoin requires multiple key holders to coordinate, reducing single-point-of-failure risk. Strike uses custodial (proof-of-reserves for 50+ BTC). That arrangement adds custody-provider and insolvency risk that a script-enforced DLC avoids.

Strike is the better fit for borrowers who are borrowing $10,000 or more and are comfortable with custodial lending. Unchained is the better fit for borrowers who are borrowing $150,000 or more and want collaborative key control.

Key details to be aware of: Strike: 0.79% fee if repaying with BTC collateral, 0. Unchained: Commercial/institutional only since Jan 2024. Published pricing is 12% interest, 2% origination, and 14.

Frequently Asked Questions

Is Strike or Unchained 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 Unchained costs $35,450 (14.18% APR). That is a $10,450 difference in the first year.

How does Strike's custody model compare to Unchained?

Strike uses custodial (proof-of-reserves for 50+ BTC). Unchained uses collaborative multisig (2-of-3). Unchained presents lower custody risk because your collateral requires coordination among multiple key holders.

What is the minimum loan amount at Strike vs Unchained?

Strike's minimum loan is $10,000. Unchained's minimum is $150,000. Strike is more accessible for smaller borrowers.

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

Strike issues a margin call at 70% LTV with a 72-hour response window and liquidates at 85% LTV. Unchained issues a margin call at 67% LTV with a 24-hour response window and liquidates at 83% LTV. For a common 50% starting LTV (rather than each lender's maximum), the modeled buffers are 35 points at Strike and 33 points at Unchained.

Should I use Strike or Unchained 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. Unchained (14.18% APR, collaborative multisig (2-of-3), min $150,000) is better for borrowers who value collaborative multisig (2-of-3) and prefer this platform's lending structure. 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

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