Strike vs. Milo Bitcoin Backed Loans: Which Is Right for You? (2026)

Two bitcoin backed loan products are getting attention in 2026: Strike's 12-month personal loan and Milo's crypto-backed loan. Both let you borrow against Bitcoin without selling it. Both cap initial LTV at 50%. But when you look beyond the headline rate, Milo comes out ahead on several factors that matter most to borrowers who want to protect their assets and structure a loan that fits their situation.

Here is how they compare. For a broader look at how Milo stacks up against the full market, see our guide to the best U.S. crypto loan lenders in 2026.

What Is a Bitcoin Backed Loan?

A bitcoin backed loan lets you post Bitcoin (or other crypto) as collateral and receive cash without triggering a taxable sale. You stay long on your holdings while accessing liquidity today. When you repay, you get your collateral back.

The meaningful differences between lenders come down to rate, collateral policy, margin call structure, and the quality of support you receive when structuring and managing the loan.

Milo's Bitcoin Backed Loan

Milo has been in the crypto lending market since 2022, closing over $100 million in crypto-backed loans. The product is built around borrower protection and flexibility.

Rate: Starting at 10.75% APR (8.75% base rate), fixed for the loan term. Two structures are available: monthly interest payments, or a deferred option where interest is paid at maturity alongside the principal.

Loan amount: $5,000 to $5,000,000.

Term: 12 months, with rollover available at maturity subject to approval. If you are not ready to repay the full principal at the end of the term, Milo can extend rather than forcing you to liquidate.

Payment structure: Interest-only throughout the term, with principal due as a balloon payment at maturity.

LTV at origination: 50%.

Collateral: Bitcoin and Ethereum accepted.

Custody: Held with Coinbase and BitGo. Milo does not rehypothecate collateral, meaning your BTC and ETH are never lent to third parties while your loan is active.

Credit check: None.

Margin call threshold: 67% LTV. Starting at 50% LTV, Bitcoin would need to fall roughly 25% from origination price to trigger a call.

Loan consultants: Milo's team includes dedicated loan consultants who work with borrowers directly to structure the right loan for their situation, whether that means choosing between monthly and deferred payment, sizing the loan correctly, or understanding how to use multiple assets as collateral. This level of hands-on guidance is not available through a self-serve app.

Strike's Bitcoin Backed Loan

Strike launched bitcoin backed loans for U.S. borrowers as a 12-month personal loan product.

Rate: 9% to 12% APR depending on loan amount, fixed for the loan term. Larger loans qualify for lower rates. A payment-at-maturity option is available at a higher rate since interest compounds rather than being paid monthly.

Loan amount: $10,000 minimum, no stated maximum.

Term: 12 months. No rollover option has been disclosed.

Payment structure: Monthly payments or payment at maturity.

LTV at origination: Maximum 50%.

Collateral: Bitcoin only. Ethereum and other assets are not accepted.

Rehypothecation policy: Not publicly disclosed.

Margin call threshold: 70% LTV. Starting at 50% LTV, Bitcoin would need to fall roughly 29% to trigger a call. Borrowers have a 72-hour window to add collateral or repay. If unresolved, Strike liquidates enough BTC to restore a healthy ratio.

Forced liquidation: At 85% LTV.

Origination fee: None. No prepayment or liquidation fees.

Support: Strike is primarily a self-serve app with no disclosed access to loan consultants for structuring or ongoing guidance.

Side-by-Side Comparison

Where Milo Has the Clear Edge

No rehypothecation. Your collateral stays where it is. Milo custodies assets with Coinbase and BitGo and does not lend them out to third parties. Strike has not disclosed its rehypothecation policy, which means you may not know what is happening to your Bitcoin while it is posted.

Ethereum accepted. If any part of your portfolio is in ETH, Milo can work with it. Strike cannot. This matters for borrowers who want to diversify their collateral or avoid posting their entire Bitcoin stack.

Rollover flexibility. Milo allows loans to be rolled over at maturity. If your situation changes or you are not ready to repay the principal at month 12, you have a path forward. Strike requires full repayment with no disclosed extension option.

Loan consultants. Milo's team works directly with borrowers to structure loans, select the right payment option, and think through how the loan fits into a broader financial picture. For anyone borrowing at scale or managing multiple assets, having a human expert available makes a real difference. Strike's self-serve model works for simple use cases but falls short when a borrower's situation has any complexity.

Starting loan size. Milo accepts loans from $5,000, half of Strike's $10,000 minimum. For borrowers who want to test the product or need a smaller draw, Milo is the more accessible option.

The Rate Question

Strike's rate range of 9% to 12% APR overlaps with Milo's starting rate of 10.75%, depending on loan size. Larger Strike borrowers may land at the lower end of that range, while smaller borrowers could pay 12%. Milo's rate structure is more straightforward: a fixed starting rate with a clear base rate (8.75%), so borrowers know what to expect before they apply.

On margin calls, both products trigger at comparable thresholds. Milo's is set at 67% LTV (a 25% price drop from origination) and Strike's at 70% LTV (a 29% drop). The difference is modest. For borrowers who are focused on collateral safety above all else, the more important distinction is that Milo does not rehypothecate and that its custody setup with Coinbase and BitGo provides transparency Strike's policy does not.

Which One Is Right for You?

Consider Strike if:

• You want a fully self-serve experience with no consultation required
• You hold only Bitcoin and do not need Ethereum eligibility
• You qualify for Strike's lower rate tiers on larger loan amounts
• You are comfortable monitoring LTV and can respond quickly to a margin call

Consider Milo if:

• You want your collateral protected and never rehypothecated
• You hold Ethereum or want to use multiple assets as collateral
• You want to speak with a loan consultant who can help structure the right deal for your situation
• You may need to roll over the loan at the end of the term
• You prefer a clear, fixed rate structure with no credit check

For most borrowers who want expert guidance, collateral transparency, and flexibility to extend the loan, Milo is the stronger product. The rate comparison is close, but the difference in collateral safety and support is significant.

Ready to Talk to a Milo Loan Consultant?

Milo has closed over $100 million in crypto-backed loans. If you want to borrow against your Bitcoin or Ethereum and get guidance from a loan consultant on how to structure it, start at milo.io.

The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.