Which bitcoin lenders do not rehypothecate collateral?
Unchained, SALT, APX Lending and Ledn each publish a promise about reusing bitcoin collateral. We read all four word for word and graded who can check it.
Filed under
Custody
6 articles
Ledn vs Unchained: which bitcoin loan liquidates first?
Ledn's page prices an LTV-triggered loan; Unchained's commercial-loan page defines a CTP violation and prints no sale level. Both read 20 September 2026.
Does Ledn rehypothecate bitcoin collateral? Not for yield
Ledn says collateral is not lent for yield since May 2025, yet its own explainer allows re-posting to a funding partner. What its Open Book Report shows.
Arch Lending's tokenised-gold loans, assessed on what a 90% liquidation threshold assumes
A $250,000 minimum, up to 75% initial advance, margin call at 85% and liquidation at 90%. Every threshold is published in the launch release. What the release does not publish is the price source that decides when they are crossed.
Galaxy's Crypto Portfolio Line of Credit, assessed on a no-rehypothecation promise
A revolving line against BTC, ETH and staked SOL at 50% loan-to-value and an advertised 8.99% variable APR. The pitch rests on collateral the firm says it does not lend on — a claim the borrower cannot check, and the launch coverage never describes the margin call.
Custodial crypto lending, assessed as a counterparty question
Hand assets to a firm, receive an advertised yield. Assessed on the only question that has ever mattered in this model: who is paying that yield, and what happens if they cannot.
