Mining Companies
Working capital facilities aligned with hashrate economics — funding electricity, hosting, payroll, and expansion without forced BTC sales.
- Mining-aware underwriting
- Repayment aligned to cash flows
- Equipment & expansion capex
Institutional collateral
governance for Bitcoin.
BlackPine is a trust infrastructure layer for Bitcoin-secured credit. We provide disciplined liquidity to miners, family offices and treasury BTC holders — governed by external custody, tri-party collateral control and evidence-based operational standards.
Conservative LTV
40 – 50%
Custody
External · Tri-Party
Rehypothecation
None by Default
Underwriting
Manual · Committee
The Platform
Trust infrastructure for .
BlackPine is engineered around the lessons of the last cycle. After Celsius, BlockFi and Genesis, sophisticated capital values operational discipline and transparency over aggressive yield or leverage.
External regulated custody
Collateral held with qualified, regulated custodians — never on a proprietary balance sheet. Segregated cold-storage architecture with independent attestation.
Tri-party collateral control
Borrower, lender and independent custodian operate under a tri-party framework. No single party can move collateral unilaterally.
No rehypothecation by default
Client collateral is not lent, pledged or reused. Position integrity is a structural commitment, not a marketing claim.
Evidence-based operations
Real-time collateral visibility, documented procedures, audit-grade reporting. Every action on the facility is observable and verifiable.
Collateral Governance
The control framework around we secure.
BlackPine does not custody client Bitcoin. We architect the governance — custody, controls, oversight and evidence — that institutional capital expects from any collateralized credit market.
External Custody
Collateral held with regulated, qualified custodians — segregated from BlackPine's balance sheet.
Tri-Party Framework
Borrower, lender and independent custodian act under a coordinated control structure.
Independent Oversight
Collateral positions monitored by a party with no economic interest in the facility outcome.
No Rehypothecation
Pledged BTC is not lent, reused or commingled. Position integrity is contractually guaranteed.
Cold-Storage Architecture
Multi-signature custody with documented key-ceremony procedures and SOC-grade controls.
Audit Trail
Every collateral movement, valuation point and notification is logged and independently verifiable.
Institutional Process
An operating model designed to be .
Every step from diligence to liquidation follows a documented, observable procedure. Borrowers know the rules. Capital providers see the evidence.
Diligence & Credit Committee
Manual underwriting by our credit team. Counterparty diligence, source-of-funds review and committee approval — no algorithmic auto-approvals.
Custody Onboarding
Borrower establishes accounts with our regulated custody partners. Tri-party control agreement executed before any collateral is moved.
Collateral Pledge
BTC moves into segregated cold storage under tri-party control. Position is independently verifiable on-chain and via custodian attestation.
USD / USDC Liquidity
Borrowers draw dollar liquidity against pledged Bitcoin without selling. Capital providers receive secured, transparent, process-driven exposure.
Monitoring & Margin Mechanics
Continuous valuation. Objective, pre-disclosed margin call thresholds. No discretionary action — every event follows documented protocol.
Reporting & Audit
Institutional reporting cadence with position statements, attestations and full audit trails for treasury, compliance and external auditors.
Risk & Credit Discipline
Discipline is the .
Our risk framework is not a feature of the facility — it is the facility. Every loan is engineered around conservative collateralization, transparent mechanics and institutional-grade operational controls.
Conservative collateral ratios
LTVs structured to absorb significant drawdowns before any margin event — protecting both borrower and capital provider through volatility.
Manual credit committee review
Every facility is underwritten and approved by our credit committee. No automated approvals. Counterparty, structure and use of proceeds are reviewed line by line.
Objective margin mechanics
Pre-disclosed thresholds, documented waterfalls, automated notifications. Margin and liquidation events follow protocol — never discretion.
Real-time collateral monitoring
Continuous valuation against independent price oracles, with proactive borrower notifications well in advance of any threshold.
Evidence-based reporting
Position statements, attestations and audit trails consistent with traditional credit markets. Treasury and audit teams can verify everything.
Conservative approval standards
We turn down more facilities than we write. Disciplined underwriting protects every borrower and every capital provider on the platform.
Built for Sophisticated Bitcoin Holders
Designed for institutional .
Each borrower profile receives a facility shaped to its operational reality — never one product retrofitted across every counterparty.
Family Offices
Liquidity solutions for offices with concentrated BTC treasury exposure seeking to preserve long-term positioning while financing real-world allocation.
- Strategic liquidity
- Tax-aware structuring
- Multi-generational positioning
Treasury BTC Holders
Corporate and institutional treasuries deploying Bitcoin as a balance-sheet asset — accessing operational liquidity without disturbing reserves.
- Balance-sheet financing
- Covenant-light structures
- Treasury-grade reporting
Institutional Digital Asset Firms
Funds, prop trading desks, and private investment vehicles requiring disciplined, transparent credit lines from a counterparty built for institutional standards.
- Bespoke facilities
- Counterparty diligence
- Operational SLAs
Credit Program
BTC-Secured
Commercial Term Loan
A fixed-principal, fixed-tenor commercial loan to eligible institutional borrowers, secured by BTC held with institutional custodians under tri-party control. Settled in USD or approved USDC. Available to operating companies with BTC treasury, mining companies, corporate treasuries, funds, and institutional trading firms.
- Instrument
- Fixed-principal, fixed-tenor commercial term loan
- Counterparty
- Legal-entity borrowers only — operating companies, miners, corporate BTC treasuries, funds, institutional trading firms
- Settlement
- USD default · USDC by exception
- Collateral
- BTC only · Held at institutional custodians under tri-party control
- Initial LTV
- 40 – 50% target at closing
- Tenor
- 3 / 6 / 12 months — bespoke renewals subject to re-underwriting
- Pricing
- Quoted post-onboarding · Built from base rate, funding spread and collateral-volatility premium
- Use of proceeds
- Documented commercial purpose. No personal, household, consumer, sanctions-related, unlawful or undisclosed pass-through uses
Why Sophisticated Capital Uses BlackPine
Liquidity without .
Avoid selling BTC
Borrowers receive USD and USDC liquidity without disposing of Bitcoin — preserving long-term exposure and tax position.
Preserve upside
Continue to benefit from Bitcoin's appreciation while operational and strategic capital is deployed against it.
Unlock operational liquidity
Fund payroll, opex, capex and strategic initiatives without disturbing balance-sheet reserves.
Process-driven credit
Capital providers receive secured, transparent, evidence-based exposure — not opaque yield promises.
Institutional execution
Diligence, documentation, custody and servicing aligned with traditional credit standards, not retail crypto product.
Institutional Inquiries
Engage BlackPine for .
Our credit team works directly with qualified institutional borrowers to structure facilities aligned with operational and treasury objectives. Engagements begin with a confidential conversation — not a product pitch.
credit@blackpine.io · By appointment only