Companies Holding Bitcoin Need Specialized Lenders

Companies that hold Bitcoin on their balance sheets face a thin market for Bitcoin-backed loans, high borrowing rates and limited institutional underwriting. Those firms require lenders that can custody BTC, assess it as collateral and structure loans that fit corporate treasury needs.

U.S. regulatory and accounting changes have reduced some barriers to corporate Bitcoin ownership. The Securities and Exchange Commission approved spot Bitcoin exchange-traded products and the Financial Accounting Standards Board shifted to fair-value accounting for crypto assets. Financial firms have opened Bitcoin financing units, and more corporations now employ staff with Bitcoin experience in treasury, operations, payments and insurance.

Despite those changes, options for borrowing against Bitcoin remain limited. Market participants report available loans can carry steep interest rates, in some cases above 9 percent, and underwriting standards vary across providers.

Lenders familiar with traditional credit often base pricing on access to banking relationships and proximity to the monetary system rather than the specific quality of collateral. That approach can leave companies holding hard assets such as Bitcoin facing higher costs or rigid loan terms that do not reflect collateral liquidity or custody arrangements.

Industry participants identify several gaps. Custody solutions must meet institutional requirements for security and compliance. Underwriting models need to assess factors specific to Bitcoin as collateral, including market liquidity, price volatility and custody risk. Loan structures should provide flexibility compatible with corporate treasury management rather than short-term constraints.

Some providers are developing dedicated Bitcoin financing products and moving beyond basic custody and exposure services. Those offerings remain early-stage and uneven. Wider adoption depends on lenders building internal expertise and producing standardized products that corporate risk teams and institutional investors can accept.

In an opinion piece, Matt Luongo, founder and CEO of Thesis*, wrote, “Bitcoin may be one of the most liquid and pristine forms of collateral in the world, but the moment a business tries to borrow against it, the market still treats that decision as exotic.” He added that for a growing class of companies, Bitcoin is becoming part of a longer-term capital strategy rather than only a hedge.

The market for Bitcoin-backed lending remains underdeveloped. Lenders, custody providers and corporate treasuries continue to work on underwriting frameworks and product structures intended to match how companies hold and use Bitcoin.