Security alert · Coldcard hardware wallet

Move your Bitcoin off any Coldcard seed created since March 2021 — today.

A firmware bug made affected Coldcards generate seed phrases with a predictable software RNG instead of the chip's hardware RNG. Attackers have already reconstructed the private keys offline and drained roughly 1,719 BTC across three confirmed waves, without ever touching a device — and a suspected fourth wave is still being traced. Updating the firmware does not repair a seed that already exists. If your seed was generated on a Coldcard on or after March 2021, treat it as compromised: move the coins now to a new seed on patched firmware, to a different hardware wallet, or — if you need somewhere immediately — to an exchange you already use, and sort out longer-term custody after the coins are safe.

Watch for follow-on scams. Events like this draw fake “migration” and “wallet checker” sites. Coinkite will never ask for your seed words, and no legitimate tool needs them. Type coldcard.com in by hand rather than following links from social media or email.

Read Coinkite's official advisory Firmware upgrade docs
Am I affected? Version list and migration steps

The flaw cut seed randomness from the intended 128 bits to roughly 40 bits on Mk2/Mk3 and 72 bits on Mk4/Mk5/Q. Your seed is at risk if you generated it on the device while running:

  • Mk2 / Mk3 — 4.0.1 through 4.1.9
  • Mk4 / Mk5 — anything before 5.6.0 (standard) or 6.6.0X (Edge)
  • Q — anything before 1.5.0Q (standard) or 6.6.0QX (Edge)

Two exceptions. Coinkite states seeds are not at risk from this bug if you supplied at least 50 fair, independent rolls through Add Dice Rolls and those rolls were never recorded or exposed. Seeds generated before firmware 4.0.1 (March 2021) are also outside the affected range. If you are not certain which applies to you, assume you are affected and move the coins.

If a sweep is already under way. Galaxy Research reports that some fourth-wave transactions have replace-by-fee enabled. If you find an unconfirmed transaction spending from your address sitting in the mempool, you may have a short window to broadcast your own higher-fee transaction and move the coins before the attacker's confirms. Galaxy also counts at least 15 separate attackers working through the remaining vulnerable addresses, so assume the sweeping is still going on.

Migration. Update the firmware, generate a brand-new seed, verify the backup and a receive address, send a test transaction, then move the remaining funds. Keep the old backup until the migration is confirmed.

Independent tracing by Galaxy Research attributes roughly 1,719 BTC (about $111M) drained across three confirmed waves, as of Aug 7, 2026 — up from 1,596 BTC on Aug 4, when Galaxy last put the address count at about 7,300. Counting a suspected but still unconfirmed fourth wave, Galaxy puts the possible total near 2,055 BTC (~$130M) across more than 7,700 addresses. Figures were still rising at the time of writing. Bitcoin Lending Intel is not affiliated with Coinkite and this is not financial advice. Verify firmware versions and guidance against Coinkite's own advisory before acting.
Home  /  Lenders  /  Strike
Lender review Lower risk CeFi · Native BTC Updated 16 Jul 2026

Strike Bitcoin-backed loan review

A Bitcoin-only company offering fixed-rate loans starting at 9.5% APR (the exact rate varies by loan type and size) with genuinely zero origination fees, the most generous liquidation buffer on our list, and segregated native-BTC custody. Here's the full picture, verified against Strike's own terms.

By Abel Stines Independent · not affiliated with Strike
Headline APRfrom 9.5% (fixed)
Max initial LTV50%
Liquidation LTV85% (warn 65 / call 70)
Term12 mo + line of credit
Fees$0 across the board
CollateralNative BTC
CustodySegregated (no rehypo)
Minimum loan~$10,000 (no max)

Verified against strike.me on 9 August 2026. Rates and state-specific minimums change; confirm before borrowing.

Quick verdict Strike is the strongest pick for a fee-free, native-Bitcoin loan with room to breathe. Zero origination fees and an 85% liquidation point give it the best fee-and-buffer combination on our list, and with rates now starting at 9.5% APR it has become more competitively priced. Best if you're borrowing at least ~$10,000.

How Strike's Bitcoin loan works

Strike is a Bitcoin-focused financial company (a licensed money transmitter, NMLS ID 1902919). It offers two products: a fixed-term loan (12 months, choose monthly payments or payment at maturity) and a line of credit (revolving, variable rate). Both take native bitcoin as collateral, capped at 50% initial LTV, and neither is reported to credit agencies. Interest accrues daily.

Rates & fees

Strike's fixed APR starts at 9.5% for a 12-month loan with no origination fee. The exact rate varies by loan type (payment-at-maturity prices higher than monthly-payment) and loan size (larger loans price lower); standard loans now span roughly 7.5–11.25% APR depending on those factors, so confirm your live quote. The standout is still the fee schedule: 0% origination, 0% early repayment, 0% late, 0% draw — the main fee to watch is a 0.79% processing fee if you repay principal using your bitcoin collateral in states that allow it.

The line of credit uses a variable APR (US Prime Rate plus a fixed margin, adjustable at most once per quarter), with a minimum from $3,500 and a $250,000 cap.

LTV & liquidation

Strike caps initial LTV at 50% and publishes a clear ladder: a warning at 65% LTV, a margin call at 70% with a 72-hour window to add collateral or repay, and partial liquidation at 85%. That 85% liquidation point is one of the most generous buffers among the lenders we track — meaningfully more room before a forced sale than the typical 80%.

Model your own margin-call and liquidation prices with the liquidation calculator.

Custody & safety — why we rate Strike Lower relative risk

Source: Strike money-transmitter licenses (incl. NYDFS) ↗

Strike holds collateral in segregated custody and does not rehypothecate it. As a Bitcoin-only, licensed money transmitter regulated by the New York State Department of Financial Services, it carries a cleaner regulatory and operational profile than many crypto lenders, and its zero-fee structure means liquidation penalties don't quietly erode your collateral. That earns our Lower risk rating. See the full risk methodology.

What a $100,000 Strike loan costs

Loan amount$100,000
Collateral at 50% LTV~$200,000 BTC
Indicative APR (from 9.5%)~9.5% (varies by type/size)
Approx. interest, 1 year~$9,500
Fees$0

Because there are no fees, the headline rate is essentially the all-in cost — unusual in this market. Figures are illustrative; confirm your live quote.

Pros & cons

Strengths

  • Genuinely zero fees — headline rate ≈ real cost
  • Most generous liquidation buffer (85%)
  • Fixed-rate term loan with no maximum
  • Segregated native-BTC custody, no rehypothecation
  • Optional revolving line of credit

Trade-offs

  • ~$10,000 minimum — not for small borrowers
  • Availability and minimums vary by US state
  • No public proof-of-reserves (unlike Ledn)
  • Centralized counterparty — not self-custody

Who Strike is best for

Strike is ideal for borrowers taking out $10,000 or more who want a fee-free fixed rate and the most room before liquidation, or who'd use a revolving line of credit. If the lowest rate is your priority, SALT and Arch are cheaper at this size. If you want to borrow a smaller amount or value monthly proof-of-reserves, Ledn is the better fit — see the side-by-side Ledn vs Strike comparison, or find the best options for a $100,000 loan.

FAQ

What is Strike's Bitcoin loan interest rate?

A fixed APR starting at 9.5% for a 12-month loan, varying by loan type (payment-at-maturity vs monthly-payment) and loan size, spanning roughly 7.5-11.25% APR for standard loans. No origination, early-repayment, late, or draw fees on the standard products.

What is the minimum loan at Strike?

The fixed-term loan starts around $10,000 (varies by state) with no maximum; the line of credit starts as low as $3,500 with a $250,000 cap.

When does Strike liquidate?

Initial LTV is capped at 50%. Warning at 65%, margin call at 70% (72-hour window), partial liquidation at 85%.

Is Strike safe?

It's a Bitcoin-only licensed money transmitter (NYDFS) using segregated custody with no rehypothecation. We rate it LOW risk, though no loan is risk-free.

CompareLedn review → Head-to-headLedn vs Strike → By loan sizeBest loans for $100,000 → Use the dataCompare every lender we track →

See Strike next to every other lender

Live rates, LTV, liquidation thresholds, custody, and minimums for every lender we track in one verified table.

Open the comparison →

Get weekly Bitcoin loan rate changes

One short email a week: which lenders moved rates, new terms, and shifts in liquidation risk. Free, no spam, unsubscribe anytime.