Don’t hear “Bitcoin mortgage” as an automatic good: Better × Coinbase is now open to the public, but the terms have some hard thorns.
According to reports from CoinDesk and Grafa, US mortgage lender Better has fully opened applications for its Bitcoin-collateralized home loan in partnership with Coinbase. Since the offering opened to the public, demand for pre-approval loans has reached about $360 million, higher than the roughly $260 million expected during the waitlist stage. The structure is roughly this: the primary loan is still a standard mortgage, and additional cash for the down payment is raised by using Bitcoin as collateral—at a collateralization ratio of about 250% (borrowing $1 requires posting about $2.5 worth of BTC). Custody is handled on the Coinbase Prime side, which currently accepts Bitcoin only.
First, tighten the boundaries: Better discloses that it can re-pledge the collateralized Bitcoin (rehypothecation), as long as it can return an equivalent amount of BTC at maturity. The collateral typically can only be retrieved after the main mortgage is paid off or refinanced, and it can be tied up for as long as 15–30 years. It does not automatically add margin or liquidate if the coin price falls. However, after about 60 days of delinquency, the collateral can be disposed of.
This isn’t “guaranteed profit from using coins to buy property.” Instead, it swaps custody counterparty risk and long-term lock-up risk into the balance sheet.
Market reference (CoinGecko):
$BTC is about $79,400, and
$BNB is about $744. Read the disclosures and your own leverage capacity first, then discuss the narrative.
$BTC $BNB #比特币 #Coinbase #crypto market
Not investment advice