Compare Institutional Crypto Lenders
Compare institutional crypto lending structures for bitcoin, ETH, majors, and select altcoins. Review LTVs, tenor, custody terms, and margin processes in one place.
| Two Prime | Ledn | Equities First | Obsidian | |
|---|---|---|---|---|
| Interest Rates | ~6–10% | ~8–12% APR | 3–4% fixed | ~2–5% fixed |
| Loan-To-Value | ~50–70% | ~50% | 60–70% | 55–82% |
| Origination Fee | ~1–2% | 0–2% | 1–3% | 1–3% |
| Margin Call Trigger | ~70–80% | ~70% | ~80% | 100% |
| Cure Period | N/A | N/A | 5 days | 4 days |
| Accepted Collateral | BTC | BTC | Majors | All majors, Alts |
| Custody | Custodian | BitGo | Custodian | Kraken |
| Rehypothecation | No | Limited | Yes | No |
| Funds Delivery | USD | USD / USDC | Fiat | Fiat / USDT / USDC |
| Max Loan Duration | ~12–36 months | ~12 months | ~36 months | 60 months |
| Loan Book (Est.) | N/A | ~$100–300M | $1–2B | ~$11–13B |
| Maple | Morpho | Aave | Obsidian | |
|---|---|---|---|---|
| APR | ~8–15% (avg) | ~8–12% | ~2–10% (var) | ~2–5% fixed |
| Loan-To-Value | ~30–60% | ~40–60% | ~70–80% | 55–82% |
| Origination Fee | Pool fees | ~1–2% | None | 1–3% |
| Liquidation LTV | ~60–80% | 86% | ~75–85% | ~102.5% |
| Accepted Collateral | wBTC, ETH | BTC, ETH, majors | ETH, majors | All majors, alts |
| Custody | On-chain | On-chain, custodial | On-chain | Kraken |
| Rehypothecation | No | Limited | No | No |
| Funds Delivery | Stablecoins | USDC | Stablecoins | Fiat / USDT / USDC |
| Max Duration | Variable | Open / callable | Open | 60 months |
| Protocol TVL | ~$300–500M | ~$1–2B (est.) | ~$5–10B | N/A |
Compare institutional crypto lending options
Institutional crypto lending allows companies and funds to borrow USD or stablecoins against digital assets such as bitcoin, without selling those assets.
For a treasury, that usually solves a simple problem: liquidity is needed now, but selling may create market impact, trigger taxes, or reduce exposure to future upside.
This page is built to make comparison easier. The table above shows headline differences across lenders. The sections below explain what those differences mean in practice.
Why companies borrow against bitcoin instead of selling
Selling is straightforward. It is not always efficient.
A treasury sale can create three immediate costs:
- Price impact
- Tax realization
- Loss of upside
A bitcoin-backed loan replaces those with a negotiated cost of capital. For many institutional borrowers, that is the cleaner trade.
This is especially relevant when:
- the position is too large to exit casually
- the funding need is temporary or defined
- retaining exposure matters
- market conditions are thin or unstable
How institutional crypto loans work
Most institutional crypto loans follow the same sequence:
- The borrower pledges eligible digital assets as collateral.
- The lender advances capital in USD, USDT, or USDC.
- Loan-to-value, margin call, and liquidation levels are agreed in advance.
- The borrower repays under the agreed schedule and retrieves the collateral.
The important part is not the sequence. It is how each lender handles the terms around it.
That includes:
- how conservative the LTV is
- how much room exists between margin call and liquidation
- whether collateral rights are restricted
- whether custody is bilateral, tri-party, or title-transfer based
- how stable the lender’s own capital is
What to look for when comparing institutional crypto lenders
A headline rate is not enough. Most experienced borrowers compare the following:
Advance rate
How much capital can actually be borrowed against the asset.
Margin structure
When a margin call is triggered, how notice is handled, and how much time exists before liquidation.
Tenor
Whether the loan term fits the borrower’s operating horizon or simply the lender’s standard template.
Prepayment terms
Whether the borrower can refinance or repay early without unnecessary friction.
Collateral rights
Whether collateral can be reused, transferred, or otherwise treated in ways that change counterparty risk.
Custody structure
Where the collateral sits, who controls movement, and how the arrangement is documented.
Funding reliability
Whether the lender is likely to remain consistent when market conditions worsen.
The table helps with the first pass. The right structure usually becomes clear only after these points are answered directly.
Institutional lending is not retail lending
Retail platforms are built for speed and volume. Institutional lending is built for size, underwriting, and continuity.
That usually means:
- negotiated terms instead of one-size-fits-all products
- facilities sized around actual treasury needs
- documentation that can be reviewed internally and by counsel
- more explicit collateral, custody, and risk language
- a clearer process around margin management
For a serious borrower, that difference matters more than a promotional rate.
Where Obsidian fits
Obsidian focuses on institutional digital asset lending. The work starts with structure, not with a generic application flow.
That matters because institutional borrowers usually do not need broad access to credit. They need a facility that matches a specific balance sheet problem.
In practice, that means looking at:
- asset type and liquidity profile
- position size
- desired proceeds
- acceptable LTV range
- tenor
- sensitivity to margin pressure
- custody and collateral requirements
That approach does not make the process longer. It makes the result more usable.
Who we serve
Our loans are most relevant for:
- protocol treasuries
- public and private companies holding digital assets
- hedge funds and structured vehicles
- miners and infrastructure operators
If the amount is small and the need is immediate, selling may be simpler. If the position is meaningful and the trade-off matters, structured borrowing is usually worth evaluating.
Questions borrowers usually ask first
Review the table above, then take the next step
The comparative table is designed to help narrow the field.
The next conversation becomes useful once four things are clear:
- asset and approximate position size
- desired liquidity amount
- acceptable LTV range
- preferred tenor
With those parameters, a facility can be evaluated on real terms rather than generic ones.
Market Research
Understand your target market’s needs, preferences, and behavior. Identify trends, competitors, and gaps in the market that your business can capitalize on. Conduct surveys, analyze data, and gather insights to inform your strategy. Divide your potential customers into distinct segments based on factors such as demographics, psychographics, and behaviors. This allows you to tailor your marketing efforts to specific audience groups and create personalized messaging.
- UX/UI Design
- Front-end Development
- Copywriting
- Shopify Development
Maintaining consistent service quality across all customer interactions can be difficult, leading to dissatisfaction and negative feedback.
Solution: Implement clear service standards, provide comprehensive training to your team, and establish regular quality control checks. Solicit customer feedback and use it to make improvements.
Feedback Management:
Challenge: Handling customer feedback, both positive and negative, can be overwhelming.
Solution: Establish a feedback system that encourages open communication. Acknowledge and address feedback promptly, and use it as an opportunity for improvement. Celebrate positive feedback internally.
