Sypher Capital Management, LLC Launches Borrow on Bitcoin, an Independent Comparison Site for Bitcoin-Backed Loans and Mortgages
Early borrower data shows $74.2 million in requested volume; mortgage shoppers seek 3x larger loans but fewer than 1 in
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JERSEY CITY, N.J., Sept. 03, 2026 (GLOBE NEWSWIRE) — Sypher Capital Management, LLC today announced the public launch of Borrow on Bitcoin, an independent comparison site for bitcoin-backed loans and mortgages in the United States and Canada, and shared early data from borrower inquiries on the platform.
From May 14 through August 27, 2026, borrowers researching bitcoin-backed mortgages requested an average of $317,023, nearly three times the $104,289 average requested for general bitcoin-backed loans. The median mortgage request was $250,000.
Only 8.6% of mortgage inquiries proceeded to a lender, compared with 29.6% of general bitcoin-backed loan inquiries.
The data comes as Coinbase and Better have made bitcoin-backed mortgages generally available, following a waitlist they said represented approximately $260 million in projected loan volume. Borrow on Bitcoin’s data does not measure that waitlist; it reflects requests entered by borrowers on an independent comparison site.
| Inquiry type | Average requested loan | Proceeded to a lender |
| Bitcoin-backed loan | $104,289 | 29.6% |
| Bitcoin-backed mortgage | $317,023 | 8.6% |
After filtering automated traffic and de-duplicating repeat visitors, Borrow on Bitcoin recorded $74.2 million in requested loan volume, representing roughly 4,099 BTC of collateral. The figures are borrower requests, not funded loans or originations.
Borrowers also requested relatively low leverage. The median requested loan-to-value ratio was 38%, compared with maximum LTVs of 50% to 70% commonly offered in the category.
A 600-Basis-Point Custody Premium
Borrow on Bitcoin also publishes a daily Bitcoin Loan Rate Index. On August 27, custodial lenders averaged 10.42% APR, inclusive of origination fees, while the TVL-weighted on-chain segment averaged 4.39% APR — a 6.03-percentage-point difference the site calls the “custody premium.”
The gap has averaged roughly 600 basis points since the index began publishing June 24. The blended index was 7.25% APR.
The custodial index is priced using a reference loan based on the running average loan size and loan-to-value of borrower inquiries submitted to Borrow on Bitcoin. Rates are verified daily.
“We built Borrow on Bitcoin to give Bitcoin holders a useful way to see what options are available when they want liquidity without selling their Bitcoin,” said Michael Song, Co-Founder of Borrow on Bitcoin. “As the market develops, we expect more ways to borrow against Bitcoin to emerge, and we’re excited about the features we’re building next.”
Borrow on Bitcoin does not lend, broker, accept applications or hold customer funds. It receives compensation from some lenders it links to, which is disclosed on the site. No lender can pay for placement, and compensation does not determine the site’s default ranking.
About Borrow on Bitcoin
Borrow on Bitcoin is an independent comparison site for bitcoin-backed loans and bitcoin-backed mortgages in the United States and Canada. Lenders are compared using effective APRs that include origination fees, alongside custody model, maximum LTV, margin-call thresholds and liquidation terms. Rates are re-verified daily.
About Sypher Capital Management, LLC
Sypher Capital Management, LLC is an investment firm focused on digital assets and equities. It owns and operates Borrow on Bitcoin. www.syphercapital.com
Nothing in this release is an offer to sell or a solicitation of an offer to buy any security.
Disclaimer
Rates, terms and lender availability are as of the dates stated and subject to change. Inquiry totals are requested amounts recorded on Borrow on Bitcoin after the filters described above; they are not funded volume. Borrowing against bitcoin carries risks including margin call and forced liquidation. This release is informational only and is not financial, tax or legal advice.
Media Contact
Investor Relations
Sypher Capital
ir@syphercapital.com
www.syphercapital.com
