The 16 largest loans and credit lines secured by bitcoin that public companies have disclosed, ranked by size at signing, with the lender, collateral, rate and whether each is still in place. Metaplanet’s $500 million facility is the largest.
Data as of · each loan’s status is as of the date shown in its row (most from June 30 to September 2026 filings)
| Rank | Borrower | Lender | Signed | Size at signing | Size basis | Collateral | Rate | Status | Sources |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Metaplanet (3350) | Undisclosed | Oct 28, 2025 | $500M | Facility limit | Pledged bitcoin | USD reference rate + spread | Outstanding: $414M drawn of $500M (Jun 30, 2026) | 12 |
| 2 | MARA (MARA) | Coinbase | Aug 4, 2026 | $450M* * Derived: the $150M line it refinances plus $300M of new funding | Facility limit | Part of 18,750 BTC pledged across both loans | Avg. of Fed funds range bounds + 3.875% | Outstanding: In place per 10-Q (Aug 6, 2026) | 3 |
| 3 | CleanSpark (CLSK) | Coinbase | Sep 18, 2025 | $300M | Facility limit | Bitcoin posted per loan | Line rate 8.25% (from 9%) | Undrawn: No balance, no collateral posted (Jun 30, 2026) | 45 |
| 3 | MARA (MARA) | Two Prime | Aug 4, 2026 | $300M | Facility limit | Part of 18,750 BTC pledged across both loans | 7.65% fixed | Outstanding: In place per 10-Q (Aug 6, 2026) | 3 |
| 5 | Nakamoto (NAKA) | Kraken | Dec 9, 2025 | 210M USDT | Loan principal | 4,405 BTC after Jun 2026 restructuring | 8.00% (7.75% from Jun 2026) | Outstanding: $164.7M outstanding; cut from 210M to 165M USDT in Jun 2026 (Jun 30, 2026) | 67 |
| 6 | Nakamoto (NAKA) | Antalpha | Oct 6, 2025 | 206M USDT | Facility limit | Bitcoin or other digital assets | 7.0% | Repaid: Repaid from the Kraken loan (Dec 9, 2025) | 86 |
| 7 | Strategy (MSTR) | Silvergate Bank | Mar 23, 2022 | $205M | Loan principal | Bitcoin worth ~$820M at closing | SOFR 30-day avg + 3.70% (floor 3.75%) | Repaid: Prepaid in full ($161.0M) (Mar 24, 2023) | 910 |
| 8 | Nakamoto (NAKA) | Two Prime | Sep 30, 2025 | $203.0M | Facility limit | Bitcoin (amount not stated) | 8.5% | Repaid: Repaid to $0; line left open (Oct 6, 2025) | 11 |
| 9 | Hut 8 (HUT) | Coinbase | Dec 22, 2025 | $200M Amended size; the facility dates from June 2023 | Facility limit | Bitcoin in Coinbase custody | 9.0% fixed | Repaid: Repaid and terminated (May 2026) | 1213 |
| 9 | Hut 8 (HUT) | Two Prime | Aug 25, 2025 | $200M | Facility limit | Bitcoin at BitGo Trust | 7.99% | Undrawn: Nothing borrowed (Jun 30, 2026) | 1413 |
| 9 | Hut 8 (HUT) | FalconX | May 1, 2026 | $200M | Loan principal | Bitcoin in third-party custody (143% initial ratio) | 7.0% fixed | Outstanding: $200.0M outstanding (Jun 30, 2026) | 13 |
| 9 | Riot Platforms (RIOT) | Coinbase | May 19, 2025 | $200M Doubled from $100M (Apr 22, 2025) | Facility limit | Bitcoin, USDC and cash | Fed funds upper limit + 4.50% (original terms) | Repaid: Repaid in full, terminated Sept 21, 2026 (Sep 25, 2026) | 1516 |
| 13 | Empery Digital (EMPD) | Two Prime | Oct 12, 2025 | $100M | Facility limit | BTC at 250% of amount borrowed | 6.50% (original) | Outstanding: $35.0M outstanding; 954 BTC posted (Aug 6, 2026) | 1718 |
| 13 | CleanSpark (CLSK) | Two Prime | Sep 19, 2025 | $100M | Facility limit | Bitcoin or other digital assets | Term SOFR + 3.55% | Undrawn: Nothing borrowed; stated maturity of Sept 14, 2026 has passed (Jun 30, 2026) | 195 |
| 15 | USBC (USBC) | Kraken | Mar 18, 2026 | $25M | Facility limit | Bitcoin in custody | 8.5% | Outstanding: $10.0M outstanding after second draw (Apr 27, 2026) | 20 |
| 16 | PowerCompute (PWCM) | Arch Lending | Aug 25, 2026 | $21.9M | Loan principal | 307 BTC | 6.5% | Repaid: Terminated Sept 24, 2026 (Sep 24, 2026) | 2122 |
Size at signing = the amount stated in the borrower’s filing when the loan or its latest increase was signed: a “facility limit” is the most the borrower can draw, and “loan principal” is the amount lent. Amended sizes are noted in the row (Hut 8’s Coinbase facility was $130 million before December 2025; Riot’s was $100 million; CleanSpark’s Coinbase line was $200 million). Ranks are shared where sizes are equal; USDT amounts are ranked at face value. Hut 8, CleanSpark and Nakamoto each appear more than once because each has several separate loans, and Nakamoto’s three refinanced each other. Status is from the latest filing found, dated in the row; “Undrawn” means no balance at that date. Not ranked: Cango (no stated limit), The Smarter Web Company (no commitment size found), Bitfarms and Bitdeer (financing not secured by bitcoin), Core Scientific, Trump Media (hedge collateral) and unsecured notes. Not searched: Sequans, Matador, H100, Capital B, Galaxy, Phoenix Digital Assets and Genius Group.
Instead of selling bitcoin, a company can borrow against it: it pledges coins to a lender as collateral and receives cash or stablecoins. If the bitcoin’s value falls, the lender can issue a margin call, requiring the borrower to post more collateral or repay part of the loan. This ranking lists the largest bitcoin-backed loans and credit lines that public companies have disclosed in filings, by size at signing. It covers loans, not the preferred stock and convertible notes in the largest digital credit issuances.
Japan’s Metaplanet set up a credit facility with a maximum borrowing capacity of $500 million (about ¥76.4 billion) in October 2025, letting it “promptly execute borrowings collateralized by BTC at any time”.1 Its half-year report says it had borrowed $414 million of the $500 million at June 30, 2026.2 The lender is not named, at the lender’s request.
On August 4, 2026 MARA signed two bitcoin-backed term loan facilities, with Coinbase and Two Prime, “providing for $600.0 million of incremental borrowings”. The Coinbase facility refinances an existing $150.0 million line and adds $300.0 million; Two Prime’s $300.0 million facility carries a fixed 7.65%. A total of 18,750 BTC, worth about $1.2 billion, was pledged as initial collateral.3 The post ranks them as two rows, and the $450 million for Coinbase is the two stated components added together. The loans are described in MARA’s 10-Q, not its August 4 8-K.
CleanSpark has two bitcoin-backed credit lines. Its Coinbase agreement was raised to “an aggregate lending capacity of $300 million” in a September 2025 side letter, after being raised to $200 million in April 2025.4 A $100 million Two Prime revolver, priced at Term SOFR plus 3.55%, followed a day later.19 Neither had a balance or posted collateral at June 30, 2026.5
Nakamoto (formerly KindlyMD) appears three times because it refinanced each loan with the next: a $203.0 million Two Prime line on September 30, 2025, repaid on October 6, 2025 with a 206 million USDT Antalpha loan,118 which was in turn repaid from a 210 million USDT Kraken loan secured by bitcoin.6 USDT is a stablecoin pegged to the dollar; its amounts are shown as stated and ranked at face value. In June 2026 the Kraken principal was cut to 165 million USDT, with $164.7 million outstanding at June 30.7
Hut 8 has three $200 million facilities. Its Coinbase facility was raised to $200 million in December 2025 and repaid in May 2026,1213 with the proceeds of a $200.0 million FalconX term loan at a fixed 7.0%, which was still outstanding at June 30, 2026.1313 A $200 million Two Prime revolver signed in August 2025 had nothing borrowed at that date.14
Cango’s annual report says all of its bitcoin, with a gross carrying amount of $644.0 million, was posted as collateral against a loan balance of $557.6 million at December 31, 2025. That is the largest balance disclosed by any company here, but the loan has no stated limit, so it is not ranked. The company sold 4,451 BTC in February 2026 to repay part of it.23 The Smarter Web Company has a Coinbase credit facility, reduced from about £20.8 million to £19.0 million drawn in September 2026, but no commitment size was found.24
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