Side by side
| Strike | Unchained | |
|---|---|---|
| Headline APR | From ~9.5% | ~14–16% |
| Max LTV | 50% | 50% |
| Liquidation LTV | ~85% | ~83% |
| Term | 12 months | 12 months |
| Fees | No origination fee | ~2% origination |
| Custody model | Segregated custody (custodial) | Collaborative multisig — you hold a key; no rehypothecation possible |
| Collateral | Native BTC | Native BTC |
| Minimum loan | $10,000 | ~$150,000 |
| Best for | Lowest cost, mid-sized loans | Large / HNW borrowers who want key control |
| Our risk tier | Lower | Lower |
Strike's rate varies by loan type (Payment-at-Maturity prices higher than Monthly) and size, with no published upper bound; the comparison uses its ~9.5% starting APR. Figures reflect each lender's published terms as of the date above — always confirm at the source. See full data and source links in the comparison table.
The real difference: who holds your Bitcoin
Strike is a custodial lender. It holds your Bitcoin in segregated custody — kept separate rather than pooled — but the company still controls the collateral, so you're trusting Strike and its custodian to hold and return it. In exchange you get simple, cheap, fixed-rate loans.
Unchained is built to remove that trust requirement. Your Bitcoin goes into a 2-of-3 collaborative multisig vault where you hold one of the keys. Unchained can't move, lend out, or rehypothecate your collateral without your signature, and if the company failed your keys and BTC would remain under your control. That's the premium you're paying for — not a better rate, but a fundamentally different custody risk.
Rates & cost
Strike wins on cost, clearly. Its fixed-rate 12-month loans start around 9.5% APR with no origination fee, though the rate rises with loan type and size and has no published ceiling. Unchained runs roughly 14–16% APR plus about a 2% fee. For a comparable loan, Strike is materially cheaper and simpler on fees — you'd choose Unchained despite the higher cost, not because of it.
Access & loan size
Strike's $10,000 minimum makes it realistic for a broad range of borrowers. Unchained's ~$150,000 minimum targets high-net-worth individuals and businesses. If you're borrowing a mid-sized amount, Unchained may not be available to you at all, which often settles the decision before rate or custody even enter the picture.
Who each is best for
Choose Strike if…
- You want the lowest cost and no origination fee
- You're borrowing from about $10,000 upward
- A transparent, segregated custodial model is acceptable to you
Choose Unchained if…
- You want to keep control of a key and rule out rehypothecation
- You're borrowing at a large scale (~$150K+)
- You'll pay a higher rate and fee to avoid trusting a custodian
FAQ
Is Strike or Unchained cheaper?
Strike — its fixed-rate loans start around 9.5% APR with no origination fee, versus Unchained's ~14–16% plus about 2%. Unchained's premium buys its keep-your-keys custody, not lower pricing.
What's the difference in custody?
Strike holds your Bitcoin in segregated custody (custodial). Unchained uses 2-of-3 collaborative multisig where you hold a key, so your collateral can't be moved or rehypothecated without your signature.
Can I get a mid-sized loan from either?
From Strike, yes — its minimum is about $10,000. Unchained's minimum is roughly $150,000, so it targets large and business borrowers.
Do they take my actual Bitcoin?
Both use native BTC as collateral, not a wrapped token, so there's no taxable conversion. The difference is whether the company holds it (Strike) or you co-hold keys to it (Unchained).
See how Strike and Unchained compare to everyone else
Rate, LTV, liquidation level, custody and fees for every lender we track — independently verified, with a source link on every row.
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