Bitcoin-backed lending grows up as institutions tap BTC for corporate financing

Two Prime’s loan to MARA carries a fixed interest rate of 7.65% and matures in August 2028. Blume said borrowing demand has increased in recent months, with institutions tapping bitcoin holdings to finance capital expenditure while retaining exposure to the asset.

The structures are also becoming more sophisticated. Recent regulatory filings show agreements with detailed provisions covering margin calls, collateral custody and liquidation, alongside a wider range of loan sizes and maturities.

Lenders including Ledn and Kraken have also expanded the market through asset-backed securities and warehouse facilities linked to bitcoin collateral, according to Blume.

The development could have implications beyond bitcoin lending as more financial assets move onto blockchain-based infrastructure.

“This core competency will grow increasingly relevant as the broader financial system comes on-chain,” Blume said, pointing to tokenized equities as one potential area of growth.

As more publicly traded companies add bitcoin to their balance sheets, the ability to borrow against those holdings is emerging as an increasingly important part of digital-asset corporate finance.