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Most Bitcoin holders who also own a home are sitting on two forms of appreciating assets — and most don't realize they can use their home equity without selling either. Figure offers one of the most Bitcoin-friendly HELOC (Home Equity Line of Credit) products available, accepting cryptocurrency holdings as part of their borrower qualification process.
This review covers how Figure's HELOC works, their approach to Bitcoin as a qualifying asset, rates, and who should consider it in 2026.
What Is Figure?
Figure is a fintech lender founded in 2018 by Mike Cagney (formerly of SoFi) and June Ou. The company was built on blockchain infrastructure from day one — Figure uses the Provenance Blockchain to record and settle their loan agreements, which allows faster processing and lower costs than traditional mortgage banking.
Figure offers:
- Home Equity Line of Credit (HELOC) — the flagship product
- Home equity loans (lump sum, fixed rate)
- Mortgage refinancing
- Student loan refinancing
The HELOC is by far their most popular product, and the most relevant for Bitcoin holders.
What Is a Bitcoin HELOC?
A standard HELOC lets you borrow against your home's equity — the difference between your home's value and what you owe on it. You get a credit line you can draw from as needed, up to the limit.
Figure's Bitcoin angle is in qualification: when underwriting your HELOC, they can consider cryptocurrency holdings (including Bitcoin) as a qualifying asset. This is significant for Bitcoiners who might have modest W-2 income but significant BTC wealth — lenders traditionally struggle to underwrite these borrowers.
You are NOT using your Bitcoin as collateral in a Figure HELOC. Your home equity is the collateral. Bitcoin is considered as a reserve asset that demonstrates financial stability. This distinction matters: your BTC remains fully under your control throughout the loan.
Figure HELOC Terms (2026)
| Feature | Details |
|---|---|
| Loan amount | $15,000 – $400,000 |
| LTV | Up to 95% combined LTV |
| Draw period | 5 years |
| Repayment period | 5, 10, or 15 years |
| Rate type | Fixed rate (distinctive — most HELOCs are variable) |
| Origination fee | 0-4.99% |
| Application time | As fast as 5 minutes |
| Funding time | As fast as 5 days |
The fixed-rate structure is Figure's biggest differentiator. Traditional HELOCs have variable rates that move with the prime rate — in a rising rate environment, your payment can increase dramatically. Figure locks your rate at origination for predictable payments.
How Bitcoin Qualifies Your Application
Figure accepts cryptocurrency holdings during the underwriting process in two ways:
1. Asset verification: You can provide screenshots or statements from your exchange or custodian showing your Bitcoin holdings. Figure counts these as financial reserves, which improves your debt-to-income ratio (DTI) calculation.
2. Income documentation: If you have a documented history of selling Bitcoin (reported on your taxes), Figure can potentially count this as supplemental income.
Figure doesn't require you to liquidate your Bitcoin or pledge it as collateral — they're simply recognizing your total financial picture more holistically than traditional banks.
Figure vs Traditional Banks for Bitcoin Holders
| Lender Type | Bitcoin as Asset? | Speed | Fixed Rate? | Online Process? |
|---|---|---|---|---|
| Figure | Yes | 5 days | Yes | Fully online |
| Traditional banks | Rarely | 30-60 days | No (variable) | Mostly in-person |
| Credit unions | Sometimes | 2-4 weeks | No (variable) | Varies |
| Rocket Mortgage | No | 2-3 weeks | No (variable) | Online |
For a Bitcoiner with a home and significant BTC holdings but modest reported income (common for self-employed hodlers or early adopters who haven't sold), Figure's ability to count crypto as reserves is a meaningful advantage.
The Provenance Blockchain Advantage
Figure records loan agreements on their proprietary Provenance Blockchain, which is a public blockchain (based on Cosmos) used specifically for financial products. This isn't a gimmick — it delivers real operational advantages:
- Faster settlement: Figure can fund HELOCs in as little as 5 days vs 30-60 days for traditional lenders
- Lower costs: Reduced back-office overhead translates to competitive rates and fees
- Transparency: Loan terms are immutably recorded on-chain
For Bitcoin holders who understand blockchain technology, Figure's infrastructure philosophy aligns with the "trustless" model — though Provenance is a permissioned chain, not Bitcoin.
Figure HELOC Application Process
- Online application (5-10 minutes) — address, income, estimated home value, desired credit line
- Automated valuation — Figure uses AVM (automated valuation model) rather than requiring a full appraisal in most cases
- Document upload — bank statements, pay stubs or tax returns, Bitcoin holding verification
- eNotary closing — Figure uses remote online notarization, so no in-person closing required
- Funding — as fast as 5 business days from approval
The fully digital process is a major convenience advantage for borrowers who don't want to take time off work for bank appointments.
Rates and Fees to Watch
Figure's rates are competitive but not always the lowest absolute rate. Key things to evaluate:
Origination fee: Figure charges 0-4.99% origination fee, which is taken out of your first draw. On a $100,000 HELOC at 4.99%, that's $4,990 off the top. This is above average — traditional HELOC origination fees are typically 0-2%.
Fixed vs variable: Figure's fixed rate may be higher than a traditional variable HELOC's initial teaser rate. If rates drop significantly, you won't benefit (no prepayment penalty, but you'd need to refinance).
Rate determinants: Credit score, LTV, loan amount, property type, and state all affect your rate. Excellent credit (760+) and lower LTV (<80%) get the best pricing.
Who Should Use Figure?
Best for:
- Bitcoin holders who own a home and want liquidity without selling BTC
- Self-employed hodlers with significant crypto assets but modest reported income
- Borrowers who value speed (5-day funding) over the absolute lowest rate
- Anyone who wants a fixed-rate HELOC (not common in the market)
- Borrowers who prefer a fully online process
Consider alternatives if:
- You need the absolute lowest rate (shop credit unions and local banks)
- You have strong W-2 income that traditional lenders will underwrite easily
- You want a Bitcoin-specific collateralized loan (consider Ledn or Unchained instead)
- You're outside Figure's service area (not available in all states)
Figure vs Bitcoin-Backed Loans
Figure's HELOC is fundamentally different from a Bitcoin-backed loan:
Figure HELOC: Home is collateral. BTC is a qualifying asset (reserve). If Bitcoin price crashes, your loan is unaffected. If Bitcoin price crashes AND you lose your job and default, your home is at risk.
Bitcoin-backed loan (Ledn, Unchained): BTC is collateral. Home is not involved. If Bitcoin price crashes 50%, you get a margin call and potentially lose BTC. Your home is safe.
For most Bitcoin holders, the HELOC is the better instrument for large, long-duration borrowing because home equity loans carry lower interest rates than BTC-backed loans (7-9% vs 10-12%). The BTC-backed loan is better for flexibility and speed without involving your primary residence.
Bottom Line
Figure has built the most Bitcoin-friendly HELOC in the US market. The ability to count crypto holdings as reserves, combined with a fully digital process, fixed rates, and 5-day funding, makes it a compelling option for homeowning Bitcoin holders.
The origination fee is the main drawback — evaluate whether the convenience premium is worth it compared to your local bank or credit union. For many Bitcoiners, the ability to have their full financial picture recognized (not just W-2 income) makes Figure worth the fee.