Roundup of major bitcoin lending companies in 2025: CeFi, DeFi, Bitcoin-native, institutional, and aggregators — custody models, HQ, and target users compared.
Arkadii Kaminskyi
Arkadii Kaminskyi
Head of Operations at Sats Terminal
Head of Operations at Sats Terminal with 5 years of experience in crypto. Specializes in DeFi, yield farming, and borrowing — has reviewed 50+ crypto products.
The landscape of bitcoin lending companies has expanded dramatically. What began as a handful of centralized lenders willing to accept BTC as collateral has become a layered ecosystem spanning regulated CeFi institutions, permissionless DeFi protocols, Bitcoin-native credit networks, and a new category of aggregators that span them all. Whether you hold a modest stack or run a corporate treasury denominated in Bitcoin, there is now a company or protocol designed for your situation. This guide maps the major players as they stand in 2025 — who they are, how they hold your collateral, who they serve, and what sets each one apart. We also explain how a lending aggregator like Borrow by Sats Terminal sits on top of this ecosystem to compare and route loans automatically, saving you the work of researching every lender individually. If you want the full borrowing workflow first, see our 2025 complete guide to Bitcoin borrowing.
Bitcoin lending does not fit neatly into a single bucket. A retail user borrowing $5,000 against a couple of BTC is using a fundamentally different product from a hedge fund rolling a $20 million credit facility. To make the comparisons meaningful, we divided the market into five categories:
For a broader comparison of the trade-offs between CeFi and DeFi approaches, our CeFi vs DeFi lending guide covers the structural differences in detail. Within each category below, companies are ordered alphabetically, not by rank.
Centralized lenders were the first category to offer Bitcoin-backed loans at scale. They operate more like traditional finance — your BTC is held in custody (or multisig) by the company, you pass KYC, and you receive cash or stablecoins in return. The tradeoff versus DeFi is real: you give up direct control of your collateral in exchange for simpler onboarding, sometimes fixed rates, and a phone number to call if something goes wrong. Understanding the difference between custodial and non-custodial lending is worth your time before committing to any CeFi platform.
Founded in 2018 and headquartered in Toronto, Canada, Ledn has built a reputation as one of the most transparent Bitcoin-native CeFi lenders. The company targets retail and high-net-worth individuals who want a straightforward BTC-collateralized loan denominated in USD or USDC. Ledn's flagship product is its Bitcoin-backed loan, which historically allowed borrowers to pledge BTC and receive up to 50% LTV in cash. The company has been outspoken about proof-of-reserves practices and publishes regular attestations — a meaningful differentiator after the industry upheavals of 2022, when several competitors collapsed. Ledn survived that period intact and has continued expanding its product line. It launched a "B2X" product allowing users to double their BTC exposure using a loan, targeting more aggressive holders. Ledn requires KYC, holds collateral in custody, and operates under Canadian financial regulations. Its reputation among Bitcoin-focused borrowers is generally strong, particularly for those who prioritize transparency and institutional-grade attestations over the lowest possible rate.
Founded in 2018 and registered in Cayman Islands (with European operations), Nexo is one of the largest and most globally recognized CeFi crypto lenders by brand recognition. It offers BTC-backed loans in dozens of fiat currencies and stablecoins, accepts multiple asset types as collateral, and integrates a credit card product allowing users to spend their credit line directly. Nexo's LTV ratios on BTC typically range up to 50% at standard tiers, with loyalty tiers for NEXO token holders offering marginally better rates. The platform targets a broad retail audience and has expanded aggressively into European and Asian markets. Nexo faced regulatory scrutiny in several jurisdictions during 2022-2023, including a Bulgarian investigation, but the company denied wrongdoing and continued operations. Its interest rates are competitive for CeFi, and the mobile app experience is polished. Nexo holds collateral in custody. Borrowers who prioritize convenience and multi-asset support tend to gravitate here, though those focused solely on Bitcoin custody transparency may prefer more Bitcoin-native alternatives.
Founded in 2016 and based in Austin, Texas, Unchained Capital takes a meaningfully different approach from most CeFi lenders: it uses collaborative multisig custody. Rather than holding your BTC in a company-controlled wallet, Unchained uses a 2-of-3 multisig arrangement where the borrower holds one key, Unchained holds one key, and a third key is held by an independent key agent (such as Citadel or Casa). No single party can move funds unilaterally. This architecture dramatically reduces the counterparty risk that plagued custodial lenders during the 2022 credit crisis. Unchained primarily targets US clients and requires KYC. It has historically focused on more sophisticated Bitcoin holders — those who understand multisig, want to keep keys, but also need USD liquidity. The company also offers an IRA product and a trading desk. Loan terms are typically fixed-rate, and minimum loan sizes can be higher than retail-focused competitors. Unchained's reputation is strong among Bitcoin-native users who will not accept single-custodian risk. For more on how self-custody intersects with lending, see our guide on custodial vs non-custodial lending models.
Coinbase, the publicly listed US exchange (founded 2012, headquartered in San Francisco), entered the retail BTC-backed loan market and has iterated on the product multiple times. As of early 2025, Coinbase offers Bitcoin-backed loans through Coinbase Borrowing, backed by cbBTC (its wrapped BTC token on Base). The product sits in an interesting hybrid position: collateral moves into the DeFi ecosystem via cbBTC and Morpho, but the user experience is wrapped in Coinbase's familiar interface. For retail users already holding BTC on Coinbase, the path of least resistance is to use the native borrowing product. LTV ratios and rates vary with market conditions. Coinbase's regulatory standing in the US — as a registered exchange with extensive compliance infrastructure — gives it a degree of institutional legitimacy that pure DeFi protocols cannot claim. Users who are already Coinbase customers and comfortable with its custody model will find this a convenient entry point. Those who want to maximize their options, however, may find the product less flexible than shopping across multiple lenders.
Strike was founded in 2019 by Jack Mallers and is headquartered in Chicago, Illinois. Strike is primarily known as a Bitcoin payments application built on the Lightning Network, but it has expanded into Bitcoin-backed lending products targeting retail users in the US. Strike's lending feature allows users to borrow US dollars against BTC held in Strike custody, positioned as an alternative to selling Bitcoin for short-term liquidity needs. The company's identity is deeply aligned with the Bitcoin-only philosophy — it does not support altcoins — making it a natural fit for Bitcoin maximalists who want a single app for payments and borrowing. Strike's loan product targets smaller loan sizes typical of retail consumers, rather than the institutional or high-net-worth tier. The company has benefited from a high public profile due to Mallers' prominence in Bitcoin advocacy circles. Regulatory positioning is US-centric. Strike's reputation for payment UX is excellent; its lending product is newer and has a narrower feature set than some competitors, but its integration with Lightning makes it uniquely positioned for Bitcoin-native users.
SALT (Secured Automated Lending Technology) was founded in 2016 and is one of the earliest cryptocurrency lending companies in the market. Based in Denver, Colorado, SALT pioneered the concept of using crypto assets as loan collateral and was a first mover in establishing regulatory frameworks for the practice. It has historically offered both retail and institutional loan products, accepting BTC and other major cryptocurrencies as collateral. SALT has gone through several significant operational and regulatory challenges over the years, including pausing operations and restructuring following the 2022 market crisis. The company has worked to rebuild its product and compliance infrastructure. SALT's target market spans retail borrowers and smaller institutional clients in the US and select international markets. Its fixed-rate loan structure and longer loan terms have been differentiating features. Anyone evaluating SALT should conduct current due diligence on its operational status, as the company's history includes material disruptions. For context on how to evaluate any CeFi lender's stability, see our guide on evaluating crypto lending platforms.
Xapo Bank, founded originally in 2013 as a Bitcoin vault by Wences Casares and now reincorporated as a licensed bank in Gibraltar, occupies a distinctive position in the ecosystem. Xapo has a banking license, meaning it operates under prudential banking regulation rather than just money service business rules. It offers Bitcoin-backed USD loans to its clients, alongside a Bitcoin interest account and a debit card. Xapo's target market is the global Bitcoin holder who wants a genuine bank — not just a fintech — that understands Bitcoin. Minimum balances and loan sizes tend to be higher than mass-market retail platforms. Xapo holds BTC in cold storage using deep vault security, and the banking license provides deposit insurance and regulatory oversight that pure crypto lenders cannot match. The company's reputation among long-term Bitcoin holders is strong; it has operated continuously since 2013 through multiple market cycles without the collapses that affected some peers. For borrowers who want the safety of a regulated banking institution combined with Bitcoin-native thinking, Xapo is one of very few options globally.
DeFi lending protocols operate without custodians or KYC. You connect a self-custodial wallet, deposit wrapped BTC as collateral directly into a smart contract, and borrow stablecoins against it. The smart contract enforces liquidations automatically if your collateral ratio falls below the threshold. There is no company holding your keys — but there are smart contract risks, oracle risks, and liquidation mechanics you must understand before proceeding. Our introduction to DeFi lending covers the fundamentals. For a direct comparison of the leading DeFi protocols for BTC borrowing, see our Aave vs Morpho vs CeFi comparison.
Aave is the largest decentralized lending protocol by total value locked and has been a cornerstone of the DeFi lending ecosystem since its v1 launch in 2020 (originally as ETHLend, founded 2017). Aave v3, deployed across Ethereum, Arbitrum, Base, Optimism, Polygon, Avalanche, and other networks, supports wrapped BTC (wBTC, cbBTC) as collateral. Maximum LTV on wBTC on Ethereum mainnet is typically around 70-73%, meaning you can borrow up to roughly 70 cents of USDC per dollar of BTC collateral. Liquidation occurs if the loan-to-value ratio breaches the liquidation threshold, which is set slightly above the max LTV. Aave's interest rates are variable and determined by supply and demand within each pool — rates fluctuate in real time. The protocol is governed by AAVE token holders via on-chain governance. Aave has been audited extensively and has operated for years without a major exploit of its core contracts, though peripheral risks (oracle manipulation, governance attacks) always exist in DeFi. For institutional or larger borrowers, Aave also has Aave Arc (permissioned pools) and Aave Pro features. Aave is a foundational piece of the DeFi lending stack.
Morpho launched as an optimizer layer on top of Aave and Compound but pivoted with Morpho Blue in late 2023 — a permissionless, minimal lending primitive on which anyone can create isolated lending markets. Morpho Blue markets pair a single collateral asset against a single borrow asset, with oracle and LTV parameters set by the market creator. This isolation means risk does not cascade across markets the way it can in a shared-pool design like Aave. For BTC borrowers, Morpho Blue has become significant because Coinbase deployed the cbBTC/USDC market on Base through Morpho, and other curators have deployed wBTC and other wrapped BTC markets. LTV ratios and rates vary by market and curator. Morpho's design is intentionally minimal and upgradeable through curated vaults (MetaMorpho) that abstract market selection. The protocol has been audited and has grown rapidly. Morpho is now available through Borrow by Sats Terminal, meaning users of the aggregator can access Morpho's markets without needing to interact directly with the protocol. Morpho is better suited to users comfortable with DeFi mechanics than to complete beginners.
Compound Finance, founded in 2017 and launched on Ethereum mainnet in 2018, was one of the first major DeFi lending protocols and is widely credited with pioneering the automated money market model that Aave later adopted and expanded. Compound v3 (also called Comet) introduced a new isolated base-asset architecture, where each deployment focuses on a single borrow asset (e.g., USDC) with multiple collateral types. WBTC is supported as collateral in certain Compound v3 deployments, typically with conservative LTV parameters. Compound's total value locked has declined relative to Aave and Morpho in the 2023-2025 period as the market has consolidated around those two protocols, but Compound remains a legitimate and audited option. Its governance token (COMP) has historically offered liquidity mining rewards that can offset borrowing costs. Compound is broadly considered safer for conservative DeFi borrowers because of its long track record and conservative parameter setting, though its reduced market share means liquidity in BTC markets may be thinner than on Aave or Morpho. For context on how DeFi interest rates are set, see our explainer on how crypto lending rates are determined.
A newer cohort of projects is building Bitcoin-backed credit that does not require wrapping BTC into an ERC-20 token or routing through Ethereum. These protocols use Bitcoin's native scripting capabilities, DLC (Discreet Log Contracts), the Lightning Network, or Taproot-based constructions to create trustless or trust-minimized loans where actual BTC — not a synthetic representation — secures the loan. This category is younger and carries more technology and liquidity risk, but it is where the most architecturally interesting Bitcoin-native financial primitives are being built.
Lava is a Bitcoin-native lending protocol that uses Discreet Log Contracts (DLCs) to create self-custodial Bitcoin-backed loans. With DLCs, the borrower's BTC is locked in a contract that automatically resolves based on oracle price data — neither Lava nor the borrower can move the collateral unilaterally during the loan period. Loans are typically denominated in USDC and funded by institutional capital partners. The DLC structure means Lava itself never takes custody of the BTC: the outcome is enforced cryptographically. Lava is in active development and has been positioning itself as the infrastructure layer for Bitcoin-native credit. Its target users are Bitcoin-focused borrowers who refuse to wrap their BTC into ERC-20 tokens and want self-custodial guarantees. The protocol represents a significant architectural departure from both CeFi and Ethereum-based DeFi lending. Technology is early-stage relative to Aave or established CeFi lenders, and liquidity depth is still growing.
Arch is building a Bitcoin-native financial platform using sBTC (a trust-minimized BTC peg mechanism tied to the Stacks blockchain) as the backbone for lending and other financial primitives. The Stacks layer extends Bitcoin with smart contract capability using Clarity, a decidable language, while anchoring every block to Bitcoin's proof-of-work. Arch's approach allows BTC holders to access DeFi-like lending without bridging to Ethereum or EVM chains. The protocol is targeting Bitcoin-aligned users who want smart-contract-enabled borrowing without leaving Bitcoin's security model. As of early 2025, Arch and the Stacks ecosystem are actively developing their DeFi lending infrastructure. The sBTC mechanism differs from wrapped BTC on Ethereum — it uses a federated peg with plans for further decentralization. This is still a maturing ecosystem with lower liquidity and TVL than Ethereum-based DeFi, but it represents a genuine attempt to bring credit markets to Bitcoin natively.
Debifi (formerly known in the community through its Hodl Hodl predecessor infrastructure) is a peer-to-peer Bitcoin lending marketplace that uses multisig escrow rather than smart contracts or custodians. Borrowers and lenders negotiate terms directly, and BTC collateral is locked in a 2-of-3 multisig address where both parties hold keys and Debifi acts as a third-party arbitrator. There is no KYC on the platform, and loans can be denominated in fiat, stablecoins, or other currencies depending on what lender and borrower agree. Debifi targets privacy-conscious Bitcoin holders and those in jurisdictions where KYC-based lending is unavailable or undesirable. Loan terms are peer-negotiated, so rates and LTV ratios vary widely. This model is highly censorship-resistant but requires users to find willing counterparties, which can limit liquidity and speed. The platform is best suited to sophisticated users comfortable with multisig mechanics and peer negotiation.
Hodl Hodl is a non-custodial peer-to-peer Bitcoin trading and lending platform founded around 2017. Its Lend product extends the same multisig escrow model to Bitcoin-backed loans. Like Debifi (with which it shares conceptual overlap), Hodl Hodl Lend operates without KYC, uses 2-of-3 multisig for collateral custody, and allows lenders and borrowers to set their own terms. The platform has been operational through multiple market cycles and has a track record among privacy-focused Bitcoin users. Its peer-to-peer nature means loan terms are highly variable — you may find excellent rates from a willing lender or wait for a match. Hodl Hodl is not designed for borrowers who want instant liquidity at fixed terms; it is designed for those who prioritize self-sovereignty and are willing to negotiate. The platform does not support altcoins, maintaining a strict Bitcoin-only philosophy consistent with its community positioning.
Not all bitcoin lending companies target retail users. A significant portion of the market — in terms of raw loan volume — is institutional: miners borrowing against hashrate and BTC production, funds seeking leverage or yield, and corporate treasuries monetizing idle BTC reserves. These firms typically require minimum loan sizes measured in millions, conduct full due diligence on clients, and offer bespoke credit structures that retail platforms cannot. For a deeper look at how large-scale borrowing works, our guide to institutional crypto lending is a useful reference. See also the institutional crypto lending learn guide for strategic considerations.
Galaxy Digital, founded in 2018 by Mike Novogratz and publicly listed, is one of the most prominent institutional crypto financial services firms. Its lending desk provides Bitcoin-backed credit facilities primarily to institutional clients: miners, funds, family offices, and public companies with BTC on their balance sheet. Galaxy operates as a principal lender, meaning it lends from its own balance sheet rather than acting as a broker. Loan sizes are large — minimum tickets are typically in the millions. Galaxy also offers prime brokerage, trading, and asset management services, making it a one-stop institutional infrastructure provider. Its regulatory profile is US-centric with Cayman Islands fund structures. Galaxy's lending book survived the 2022 collapse of FTX and Three Arrows Capital with write-downs but without the catastrophic failures seen at competitors like BlockFi. The firm continues to be a leading institutional counterparty for Bitcoin credit in 2025.
Matrixport, founded in 2019 and headquartered in Singapore, is an Asia-Pacific focused crypto financial services company offering trading, custody, lending, and structured products. It serves both retail clients (through its consumer app) and institutional clients (through its corporate treasury and prime services). For Bitcoin lending specifically, Matrixport offers BTC-backed loans and structured products that allow institutions and high-net-worth individuals to generate yield or access liquidity against their BTC holdings. Singapore-based regulation gives it a legitimate operating environment for Asia-Pacific clients. Matrixport is backed by prominent investors and has been profitable, which distinguishes it from some competitors. Its structured product offerings — including principal-protected products and dual-currency investments — attract clients looking for more sophisticated strategies beyond simple collateralized loans. Borrowers outside Asia-Pacific may find other platforms more accessible, but for the region, Matrixport is a major player.
BitGo, founded in 2013 and headquartered in Palo Alto, California, is primarily known as an institutional custodian and wallet infrastructure provider. However, BitGo also offers lending services to institutions through its prime services business. BitGo Trust Company holds a South Dakota trust charter, giving it regulated custodian status that many institutional clients require. Its lending clients are typically large funds, exchanges, and corporate treasury operations that already use BitGo for custody and want to monetize idle BTC through collateralized lending. BitGo's reputation for security is industry-leading — it is the custodian of choice for a large portion of institutional crypto assets globally. The lending product is not designed for retail users; it is a feature of a broader institutional relationship. BitGo's acquisition attempts and partnerships have been significant news in the industry, and it remains one of the most trusted institutional infrastructure providers in the space.
Anchorage Digital, founded in 2017 and headquartered in San Francisco, holds the only federally chartered digital asset bank charter in the United States, granted by the OCC (Office of the Comptroller of the Currency). This makes Anchorage uniquely positioned among crypto custody and lending firms — it operates under the same regulatory framework as national banks. Anchorage offers custody, trading, staking, and lending services exclusively to institutional clients. Its BTC lending services allow qualified institutional clients to borrow against custodied Bitcoin. The federal charter, while narrow in scope, signals a level of regulatory legitimacy and oversight that no other crypto-native firm in the US can claim. Anchorage's target client is the institutional investor who demands the highest standard of regulatory compliance: endowments, pension funds, family offices, and corporate treasuries that cannot use unregulated custodians. Minimum ticket sizes and due diligence requirements are commensurate with this institutional positioning.
As the number of bitcoin lending companies has grown, a new problem has emerged: how do borrowers compare rates, custody models, and terms across dozens of platforms without spending hours researching each one? This is the problem that lending aggregators solve. Rather than being a lender themselves, aggregators sit above the market, connecting users to multiple lenders and presenting the best available terms in one interface. The concept is well-established in traditional finance (think mortgage brokers or insurance aggregators) and is now arriving in Bitcoin-backed lending.
To understand how the aggregator model works mechanically, see our FAQ on what a crypto lending aggregator is and how Borrow aggregates lending offers.
Borrow by Sats Terminal is a Bitcoin-backed stablecoin lending aggregator that compares loan offers across multiple DeFi protocols and CeFi lenders in one place. Users deposit BTC as collateral, and Borrow automatically handles the cross-chain bridging and wrapping needed to deploy that collateral into whichever protocol offers the best terms — currently Aave v3 and Morpho Blue across Ethereum, Base, Arbitrum, Polygon, Optimism, and BSC, with more integrations planned.
The aggregator thesis is straightforward: Bitcoin lending rates vary significantly across protocols and change in real time. A borrower who locks into a single protocol without comparing is almost certainly leaving money on the table. Borrow solves this by presenting live rate comparisons so you can choose the best offer at the moment you borrow — and revisit that choice as rates shift.
Several features distinguish Borrow from simply using the underlying protocols directly:
The aggregator model does not eliminate the risks of the underlying protocols — smart contract risk, liquidation risk, and oracle risk remain. But it removes the research burden and dramatically reduces the friction of accessing competitive DeFi lending rates. For Bitcoin holders who have heard that DeFi rates can be lower than CeFi but have been put off by the complexity, Borrow is designed to close that gap.
For a broader look at how lending aggregators find the best rates, see our learn guide on how lending aggregators find best rates. To see a ranked comparison of the broader lending platform market, see our ranked review of the best crypto lending platforms in 2025.
With this many options, the decision framework matters as much as the research. Here are the key factors to weigh, followed by a summary comparison table.
Custody model: Are you willing to give a company control over your BTC collateral? CeFi lenders require it; DeFi protocols and some Bitcoin-native lenders do not. The events of 2022 — when multiple custodial lenders froze withdrawals or went bankrupt — demonstrated that counterparty risk in CeFi is real. If self-custody matters to you, your shortlist narrows to DeFi protocols, multisig CeFi (Unchained), or Bitcoin-native platforms.
KYC requirements: Most CeFi lenders require identity verification. DeFi protocols and Bitcoin-native P2P platforms generally do not. If you need a KYC-free option, the DeFi and P2P categories serve you. Borrow by Sats Terminal requires only an email — no government ID.
Loan size: Institutional lenders (Galaxy, Anchorage, BitGo) have minimum tickets in the millions. CeFi retail platforms vary but often start at $1,000-$10,000. DeFi protocols and aggregators have no fixed minimums beyond gas costs and bridging fees.
Rate type: DeFi rates are variable and change in real time. Some CeFi lenders offer fixed rates. If you want rate certainty, CeFi or Bitcoin-native P2P loans with negotiated fixed terms may suit you better. For a comparison of variable vs fixed approaches, see our guide to variable vs fixed interest rates.
Jurisdiction: Regulatory frameworks differ by country. Some CeFi lenders are US-only, some are global, and some exclude certain jurisdictions. DeFi protocols are generally permissionless and accessible globally, subject to smart contract access frontends.
Reputation and track record: Look for companies that have survived multiple market cycles, publish transparency reports or proof-of-reserves attestations, and have not had material customer fund losses. The 2022 collapses of Celsius, BlockFi, and Voyager are cautionary examples. Our guide on the top 10 crypto lending platforms in 2025 offers additional platform-by-platform context.
| Company / Protocol | Type | Custody | HQ / Regulation | Target User |
|---|---|---|---|---|
| Ledn | CeFi | Custodial | Toronto, Canada | Retail / HNW |
| Nexo | CeFi | Custodial | Cayman / EU ops | Retail / Global |
| Unchained Capital | CeFi (Multisig) | Collaborative Multisig | Austin, TX, USA | Retail / HNW Bitcoin holders |
| Coinbase | CeFi / Hybrid | Custodial (cbBTC via DeFi) | San Francisco, USA | Retail US |
| Strike | CeFi | Custodial | Chicago, USA | Retail Bitcoin-only |
| SALT Lending | CeFi | Custodial | Denver, USA | Retail / SMB |
| Xapo Bank | CeFi (Bank) | Custodial (Banking) | Gibraltar | Global HNW / Bitcoin holders |
| Aave v3 | DeFi Protocol | Self-custodial (Smart Contract) | Decentralized / Swiss Foundation | DeFi users, global |
| Morpho Blue | DeFi Protocol | Self-custodial (Smart Contract) | Decentralized / French Foundation | DeFi users, global |
| Compound | DeFi Protocol | Self-custodial (Smart Contract) | Decentralized / US-based team | DeFi users, global |
| Lava | Bitcoin-Native DeFi | DLC (Self-custodial) | Decentralized | Bitcoin-only DeFi users |
| Arch | Bitcoin-Native DeFi | sBTC / Semi-custodial | Stacks ecosystem | Bitcoin DeFi adopters |
| Debifi | P2P / Bitcoin-Native | Multisig (Non-custodial) | Decentralized | Privacy-focused / global |
| Hodl Hodl Lend | P2P / Bitcoin-Native | Multisig (Non-custodial) | Decentralized | Privacy-focused / global |
| Galaxy Digital | Institutional CeFi | Principal / Custodial | New York, USA | Institutional only |
| Matrixport | Institutional CeFi | Custodial | Singapore | APAC HNW / Institutional |
| BitGo | Institutional Custody + Lending | Custodial (Trust Charter) | Palo Alto, USA | Institutional only |
| Anchorage Digital | Institutional (Chartered Bank) | Custodial (OCC Charter) | San Francisco, USA | Institutional only |
| Borrow by Sats Terminal | Aggregator (DeFi) | Self-custodial (Privy Wallet) | Decentralized / Global | Retail to HNW, global |
The bitcoin lending companies listed above represent the established or semi-established players. But 2025 is also seeing a new cohort of projects entering the market, driven by several macro forces: Bitcoin's growing recognition as a reserve asset, improving tooling for Bitcoin-native smart contracts, and institutional demand for on-chain credit facilities.
A few trends worth watching:
For the broader view of where Bitcoin-backed lending is heading, see our learn guide on the future of Bitcoin-backed lending.
Common Questions
A CeFi (centralized finance) bitcoin lending company takes custody of your BTC collateral, verifies your identity through KYC, and operates under a specific regulatory jurisdiction. It functions more like a bank or financial institution. A DeFi (decentralized finance) protocol uses self-executing smart contracts — you retain control of your collateral (in wrapped form) in a wallet you control, and the contract enforces liquidations automatically without a company intermediary. CeFi typically offers simpler UX and fixed-rate options; DeFi offers self-custody and often more competitive variable rates. For a detailed breakdown, see our CeFi vs DeFi lending comparison .
