pledgeBitcoin-backed loans for businesses
Companies holding Bitcoin on their balance sheet can borrow against it without selling, but the real decision is not just which lender has a business desk. Use this page to understand whether a BTC-backed business loan fits your treasury workflow, entity setup, custody requirements, and capital needs before you treat any platform as the answer.
Data checked: June 21, 2026 · 15 tracked platforms
Why borrow against BTC instead of selling?
Tax advantage: Interest is deductible
When you sell BTC, you realize a taxable gain. When you borrow against it, the loan proceeds are not income — and the interest payments are typically deductible as a business expense. For a company in the 21% corporate tax bracket, a 10% APR loan effectively costs 7.9% after the tax deduction. Consult your tax advisor for specifics.
Preserve BTC upside
If your company holds 100 BTC and Bitcoin appreciates 40% over your loan term, you capture that appreciation. If you had sold, you would have a fixed dollar amount and a large tax bill. Borrowing lets you access liquidity while maintaining your position.
Avoid taxable events
Selling BTC creates a capital gains event. For a company that acquired Bitcoin at $20,000 and sells at $85,000, that is a $65,000 per coin taxable gain. A collateralized loan defers that event entirely — you only face tax consequences if you default and the collateral is liquidated.
Faster than traditional business lending
Traditional business loans require financial statements, business plans, personal guarantees, and weeks of underwriting. BTC-backed loans require only your collateral. Ledn funds in ~10 hours. Even Unchained, the most thorough, takes 1–3 days — not 1–3 months.
Business-borrower starting points
Not every BTC lender accommodates corporate borrowers. These are starting research paths, not default recommendations for every treasury.
| Platform | Business Offering | Rate | Safety | Use When |
|---|---|---|---|---|
| Ledn | Institutional lending | 9.25–11.49% | 7.41/10 | You need a cleaner mainstream CeFi path for a larger ticket |
| Unchained | Trust & LLC structures | ~14.2% (verify quote) | 9.02/10 | Entity structure and key control matter most |
| Arch | Line of credit | 7.25–10.49% | 7.03/10 | You need draw-and-repay flexibility |
| Figure | HELOC-style | 8.91% rate / 9.999% APR | 7.1/10 | Real-estate-linked structure is part of the plan |
How the main business-borrower paths differ
Ledn — Institutional lending
Ledn's institutional desk serves businesses, funds, and corporate treasury operations. Loans start at $500 (retail) but institutional clients can access custom terms for positions in the millions. Custody through BitGo with $250M insurance. No rehypothecation means your BTC is never re-lent. Safety score: 7.4/10 — a strong CeFi fit for large corporate borrowers who want competitive rates without rehypothecation.
Full Ledn review →Unchained — Trust and LLC structures
Unchained Capital specializes in working with entities — LLCs, trusts, and corporate structures can all hold collateral. Their multi-sig custody model (2-of-3 keys) means Unchained cannot unilaterally access your BTC. This is the highest-safety option at9.0/10. The trade-off: at roughly a 14.2% effective APR (12% stated interest plus a 2% origination fee and a $250/year vault fee), it carries the highest cost among the business-friendly platforms here — and Unchained's public pages currently conflict on APR, so confirm your live quote. The $150,000 minimum loan also excludes smaller companies.
Full Unchained review →Arch — Line of credit
Arch offers a revolving line of credit backed by BTC — the closest thing to a business credit line in crypto lending. Draw when you need capital, repay when cash flow allows, and only pay interest on drawn amounts. Published APR tiers run from 7.25% for the largest ($5M+) loans up to 10.49% for sub-$250K tickets, with a tiered 0.49%–1.49% origination fee that Arch folds into the quoted APR but still deducts from proceeds. $5,000 minimum. Safety score: 7.0/10. Best for businesses with ongoing, variable capital needs rather than a one-time lump sum.
Full Arch review →Example: $250,000 business loan
A mid-size company needs $250,000 for equipment. They hold 10 BTC (~$850,000). Here is how the three business-friendly platforms compare.
| Metric | Ledn | Unchained | Arch |
|---|---|---|---|
| APR | 10.99% | 12% interest* | 9.99% |
| Annual Interest | $27,475 | $30,000* | $24,975 |
| After-Tax Cost (21%) | $21,705 | $23,700 | $19,730 |
| BTC Collateral | ~3.5 BTC | ~3.5 BTC | ~3.5 BTC |
| LTV | ~29% | ~29% | ~29% |
| Safety Score | 7.4/10 | 9.0/10 | 7.0/10 |
Rates shown at mid-range for each platform. Actual rates depend on loan size, LTV, and market conditions. *Unchained interest is modeled at its 12% stated rate (excludes the 2% origination and $250/year vault fees, which push the effective APR to ~14.2%); its public pages currently conflict on APR, so confirm a live quote. After-tax cost assumes a 21% corporate tax rate — consult your CPA.
What businesses should watch out for
Risks for corporate borrowers
- ✗Margin calls on corporate treasuries: BTC drops 30%, your LTV spikes, and you need to post more collateral or face liquidation — potentially a material event for your company.
- ✗Accounting treatment: BTC collateral transfers may need to be disclosed on financial statements. Work with a CPA who understands digital asset accounting (ASC 350 and emerging GAAP guidance).
- ✗Counterparty risk:If the lending platform fails (Celsius, BlockFi), your collateral may be tied up in bankruptcy proceedings. This is why safety scores matter — Unchained's 9.0/10 vs Figure's 7.1/10 is not a trivial difference.
- ✗Rehypothecation: Some platforms (Nexo, YouHodler) re-lend your BTC. For a business, this is an unacceptable risk. Stick with Ledn (Open Book reporting) or Unchained (multi-sig).
How to turn this into a business-loan decision
For businesses with BTC on the balance sheet, collateralized lending is a powerful tool. You avoid taxable sales, preserve upside, and access capital faster than traditional business lending. Interest deductibility makes the effective cost even lower.
Start with Unchained (9.0/10) if the business decision is really about entity structure, governance, and key control. It offers the clearest collaborative multi-sig setup in our tracked dataset. Start with Ledn (7.4/10) if you want a cleaner mainstream CeFi path for a larger corporate loan. Start with Arch (7.0/10) if revolving access to capital matters more than a one-time lump sum; it still provides an institutional-style BTC line of credit with draw-and-repay flexibility.
Keep the next step in the research flow, not the compare flow. Pressure-test entity setup, liquidation tolerance, and accounting treatment with your CPA before narrowing the lender list.
Related research
Tax Implications of Borrowing Against BTC
Capital gains, interest deductibility, and what happens if your collateral is liquidated.
Bitcoin Line of Credit
How BTC-backed revolving credit works and which platforms offer draw-and-repay flexibility.
Ledn Review 2026
Full deep dive on Ledn's institutional and retail BTC lending, safety, and terms.
Keep the business-loan decision in the research flow
Use the loan hub, tax guide, and methodology to pressure-test lender fit, accounting assumptions, and custody structure before your company moves into execution.