Overview
- The product moved to general availability on Aug. 26 after initial access opened on Aug. 12 for Coinbase One members, following a June pilot that funded a mortgage for a Michigan couple.
- The loans use a two‑loan design: a standard first‑lien mortgage that meets Fannie Mae rules plus a separate down‑payment loan secured by the borrower’s Bitcoin.
- Borrowers must post Bitcoin equal to at least 250% of the down‑payment loan value, transfer it into custody on Coinbase Prime controlled by Better, and lose trading access while the collateral is held.
- Daily Bitcoin price moves will not trigger margin calls or change loan terms but Better may liquidate pledged Bitcoin if a borrower is 60 days delinquent, and any later sale can create an IRS taxable event.
- Coinbase One members approved for eligible Better loans get a lender credit equal to 1% of the mortgage (up to $10,000) and a June waitlist showed more than $260 million in projected demand, signaling strong early interest.