This is Unchained capital’s current loan offer for borrowing against your Bitcoin in a “shared custody” model.
15% interest +1.5% fee.
On max 39% LTV (good).
Wait until BlackRock gets the engine started, you’ll be borrowing against Bitcoin ETF’s at less than 50% of this cost.
And then the hunger games can start for the financial engineering of Bitcoin in portfolio’s.
Right now, NO ONE in their right mind would be suffering with this deal if the ETF’s were margin-able.
I love love love the work Unchained does, but loan origination on Bitcoin in self custody is going to be tough after ETF rails get onboarded.
There is no way shared custody loans can compete with the efficiency of ETF’s.
