Unchained Capital offers Bitcoin-only custody, loans, and IRAs using collaborative multisig — you keep a key during every transaction. This 2026 review covers vault pricing ($250/year), loan terms (9-12% APR, 40% LTV), IRA structure, and comparison to Casa and Swan.
Unchained Capital has built a reputation as the most Bitcoin-native financial services company in the US. Unlike most custodians that offer Bitcoin as an afterthought, Unchained is Bitcoin-only, US-focused, and built on multisig from the ground up.
This review covers their three main products — custody, loans, and IRAs — and explains who should use each in 2026.
Unchained Capital (operating as Unchained) was founded in 2016 by Joe Kelly and Dhruv Bansal in Austin, Texas. The company's core thesis: Bitcoin holders deserve financial services that don't require giving up their coins. Everything they build starts from that premise.
Unchained serves two primary audiences: individual Bitcoin holders who want institutional-grade security without surrendering keys, and financial advisors who need Bitcoin custody infrastructure for their clients.
Unchained's flagship custody product is built on collaborative multisig — specifically a 2-of-3 multisig setup:
To move Bitcoin, 2 of 3 keys must sign. If Unchained disappears, your 2 keys can recover everything without them. If you lose 1 key, Unchained's key provides recovery. You're never a single point of failure.
Inheritance integration: Unchained builds inheritance directly into the vault structure. You can designate heirs who work with Unchained to access your vault after death — no tech skills required from your beneficiaries.
Vault pricing (2026):
| Plan | Annual Cost | What's Included |
|---|---|---|
| Individual Vault | $250/year | 1 vault, inheritance, concierge setup |
| Multi-vault | $500/year | Multiple vaults, advanced features |
| Advisor | Custom | White-label for RIA clients |
The $250/year is reasonable for holding $100,000+ of Bitcoin. Below that threshold, a good hardware wallet setup may be sufficient.
Unchained offers Bitcoin-backed loans using your vault as collateral. Because you're already in multisig custody, loans don't require moving your Bitcoin.
Loan terms (2026):
| Feature | Details |
|---|---|
| Maximum LTV | 40% |
| Interest rate | 9-12% APR |
| Minimum loan | $10,000 |
| Loan term | 12 months |
| Collateral | Bitcoin in Unchained vault |
| Self-custody key | You keep your key during loan |
The 40% LTV is more conservative than Ledn's 50%, but the self-custody angle is the real differentiator. During an Unchained loan, you still hold 1 of the 3 keys. Ledn, Coinbase, and most other lenders take full custody.
This matters for trust minimization: if Unchained were to experience a credit crisis, your key means your Bitcoin can't simply be seized.
Unchained offers Bitcoin-only IRAs using the same multisig infrastructure as their vaults. Your IRA Bitcoin is in collaborative multisig — not on an exchange or in single-key custody.
IRA details:
| Feature | Details |
|---|---|
| Account minimum | $10,000 |
| Trading fee | 0% |
| Annual custodian fee | ~$450/year (Forge Trust) |
| Asset support | Bitcoin only |
| Custody model | Collaborative multisig |
The 0% trading fee is a significant advantage over iTrustCapital's 1% per trade. For large accounts, the flat $450 annual fee often works out cheaper than percentage-based fees on frequent rebalancing.
The $10,000 minimum screens out smaller accounts — iTrustCapital's $1,000 minimum is more accessible.
| Provider | Key Model | US-Only | Bitcoin-Only | Loan Support | IRA Support |
|---|---|---|---|---|---|
| Unchained | Collaborative multisig (you hold key) | Yes | Yes | Yes | Yes |
| Casa | Collaborative multisig | Mostly | Mostly | No | No |
| BitGo | Full custodian (you give up keys) | No | No (multi-asset) | No | No |
| Coinbase | Full custodian | No | No | Yes | No |
| Swan | Full custodian | Yes | Yes | No | Yes |
Casa is Unchained's closest competitor on custody. Casa's Gold and Platinum plans offer similar multisig with better key management UX. Casa has no loans or IRA; Unchained does. Casa is better for people who want ongoing support and inheritance concierge; Unchained is better for people who also need liquidity without selling.
Swan is better for high-volume DCA buyers who want auto-purchases and withdrawal automation. Swan's IRA doesn't use multisig; Unchained's does.
Unchained's onboarding requires an initial call with their team — they're not a self-serve click-through platform. The call covers:
Most clients complete setup in 1-2 hours including the call. The hands-on approach is a feature, not a bug — you understand what you're setting up.
For Estate Planning clients ($500/year), Unchained's concierge team provides:
For multi-generational wealth preservation, this ongoing relationship matters. A 24-word seed phrase hidden in a safe is worthless if your heirs don't know it exists or what to do with it.
Unchained has operated since 2016 without a major security incident. Key facts:
The 2022 crypto collapse that took down BlockFi and Celsius didn't affect Unchained because their model doesn't involve rehypothecation — they don't lend your Bitcoin to generate yield for themselves.
Best for: US Bitcoin holders with $50,000+ in BTC who want professional-grade custody without surrendering keys. Also excellent for advisors building Bitcoin portfolios for clients, and estate planning for significant holdings.
Consider alternatives if: You're outside the US (Unchained is US-focused), you have less than $10,000 to start (try iTrustCapital for IRA, Ledn for loans), or you want to hold assets other than Bitcoin.
Unchained has earned its position as the premier Bitcoin-only financial services provider in the US. The collaborative multisig model genuinely solves the key custody paradox: institutional security with meaningful personal control. No other regulated US company combines custody, loans, and IRAs in this framework.
At $250/year for a vault, it's not cheap for small balances — but it's one of the better uses of money for anyone protecting significant Bitcoin wealth.
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