At $100,000 you have leverage as a borrower: it's above most lenders' minimums, it qualifies for better rate tiers, and it opens up custody options that don't exist for small loans. The trade-off is that the stakes are higher, so liquidation risk and custody matter more than shaving a fraction of a percent off the rate. Below is how we'd shortlist it.
How we ranked them
There's no single "best" — it depends on whether you optimize for cost, custody, or borrowing power. We weighted three things in this order for a six-figure loan: (1) how your collateral is held (segregation, qualified custody, no rehypothecation), (2) all-in cost (rate plus fees for your actual size), and (3) liquidation headroom (how far bitcoin can fall before you're sold out). Every lender here accepts a $100,000 loan and was verified against its own published terms in June 2026.
The shortlist (ranked)
| # | Lender | APR (≈$100k) | Max LTV | Custody | Best for |
|---|---|---|---|---|---|
| 1 | Strike | from 9.5% | 50% | Segregated | Fee-free + biggest buffer no fees |
| 2 | SALT | ~8.75% | 70% | Segregated (Fireblocks) | Cheapest rate, higher LTV cheapest |
| 3 | Arch | ~10.5% | 60% | Anchorage (qual. custodian) | Strongest custody safest custody |
| 4 | Ledn | ~11.5% +2% fee | 50% | Custodied, no rehypo | Transparency (proof-of-reserves) |
| 5 | Coinbase | ~5% var | 75% | Non-custodial (cbBTC) | Cheapest if you'll use tokenized BTC |
Rates are representative for a ~$100k loan as of 29 June 2026 and vary by structure, term, and state. CeFi options (1–4) take native bitcoin; the DeFi option (5) requires converting BTC to cbBTC. Confirm current terms with each lender before borrowing.
Why each made the list
1. Strike — fee-free, with the biggest safety buffer
Strike's fixed APR now starts at 9.5% (the exact rate varies by loan type and size, and Strike no longer publishes an upper bound), and it charges zero origination, early-repayment, late, or draw fees, so the headline rate is close to the real cost — and your bitcoin stays in segregated custody with generous liquidation headroom (warning 65%, margin call 70%, liquidation 85%). SALT can still undercut it on headline rate, but Strike's fee-free structure plus the widest buffer make it the safest default for most $100k borrowers.
2. SALT — cheapest rate and more borrowing power
SALT's current rates run roughly 7.49%–10.5%, with about 8.75% representative at 50% LTV — often the lowest native-BTC CeFi rate at this size. It also allows up to 70% LTV if you want more cash per coin (at higher liquidation risk), charges 0% origination, and holds collateral in segregated Fireblocks custody. The catch: a higher liquidation threshold and a 5% liquidation fee if it ever triggers.
3. Arch — the strongest custody story
If safety of your coins is the priority, Arch holds collateral at Anchorage Digital Bank — a federally chartered qualified custodian — in segregated cold storage with insurance, and never rehypothecates. Rates are around 10.5% for sub-$250k loans and max LTV is a conservative 60%. You pay a small origination fee, but for a six-figure loan the custody quality can be worth it.
4. Ledn — transparency and a clean track record
Ledn lends from $1,000 to $1M and is the rare lender that publishes monthly proof-of-reserves. At $100k the rate is ~11.49%, but Ledn now adds a 2% admin fee, pushing the effective first-year cost to roughly 13.5% — the priciest of this shortlist. You're paying that premium for transparency: collateral is ring-fenced and not lent out, and Ledn reported zero liquidations through a recent 32% bitcoin drawdown.
5. Coinbase (DeFi) — cheapest if you'll hold tokenized BTC
Coinbase's bitcoin-backed loans are powered by Morpho on Base: your BTC is auto-converted to cbBTC and locked in a smart contract, with variable rates often near 5%. That's far below any CeFi option, with borrow limits up to ~$5M. The trade-offs: you're trusting a tokenized version of bitcoin and a smart contract, liquidation is at 86% LTV, and it's US-only (excl. New York).
What a $100k loan actually costs
At a 50% max LTV you'd post about $200,000 of bitcoin to borrow $100,000 — but borrowing well below the max is safer. Here's roughly what a year of interest looks like at different rates (interest only, before fees):
The spread between the cheapest DeFi route and a mid CeFi rate is roughly $5,000 a year on a $100k loan — real money, but you're paying it for native-bitcoin custody and a simpler, regulated counterparty. Model your own numbers with the loan and liquidation calculators.
The cheapest route: DeFi (with a caveat)
If your only goal is the lowest rate, DeFi wins outright — Compound (~3% variable), Aave (~4%), and Coinbase/Morpho (~5%) all undercut every CeFi lender. But all of them require converting your bitcoin into a tokenized form (cbBTC, WBTC) on Ethereum or Base. That adds wrapper/bridge risk and smart-contract risk, and it means you no longer hold native bitcoin while the loan is open. For some borrowers that's a fine trade for a 5%+ rate saving; for bitcoin purists it's a dealbreaker. See the difference explained in our how to compare lenders guide.
Watch-outs at this size
- Don't borrow at the max LTV. At 50% a 37.5% bitcoin drop can reach liquidation; at 70% (SALT/CoinRabbit) a much smaller drop does. Bigger loans deserve a bigger buffer, not a thinner one.
- Unchained just misses. If you want collaborative-custody multisig where you hold a key, Unchained is excellent — but its minimum is $150,000, so it applies just above this size, not at $100k.
- Xapo Bank is conservative on LTV. A regulated-bank option, but its 40% max LTV means you'd need ~$250k of bitcoin to borrow $100k.
- Read the liquidation model. Some lenders sell only enough to restore a safe LTV; others can close the whole position. Confirm before you sign.
FAQ
How much Bitcoin do I need to borrow $100,000?
At a 50% max LTV, about $200,000 of bitcoin. At 40% (Xapo Bank), about $250,000. Borrowing below the maximum LTV is safer because it leaves more room before a margin call.
What's the cheapest way to borrow $100,000 against Bitcoin?
DeFi (Compound, Aave, Coinbase/Morpho) at roughly 3–5% variable, but it requires tokenized BTC. Among native-bitcoin CeFi lenders, SALT and Strike are usually cheapest all-in at this size.
Which lender is safest for a large Bitcoin loan?
Arch uses Anchorage, a chartered qualified custodian with insurance, and doesn't rehypothecate. Strike and SALT segregate collateral. Unchained's multisig is excellent but starts at $150,000.
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