Our pick for a first hardware wallet
Trezor Safe 3 (Bitcoin-only)
Cheapest open-source option with a Bitcoin-only firmware, a simple app and a big user community. Buy the Bitcoin-only edition from the official store.
Bitcoin wallets: which one to choose
liveFor most people the best choice is a hardware wallet with Bitcoin-only firmware: our pick for a first one is the Trezor Safe 3 Bitcoin-only edition ($59 at the official store, price checked 9 Oct 2026). For large savings, use a Coldcard or a multisig setup with several devices; for small everyday amounts a phone app is enough. Whatever you choose, the seed phrase backup matters more than the device.
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Which wallet to choose: our picks and ratings
This is our opinion, not advice and not an ad: links go straight to the official sites, with no referral codes. Scores follow the rules below, so you can check them.
Easiest to set up
BitBox02 (Bitcoin-only)
Costs more, but setup is the shortest we know and the backup to microSD is hard to get wrong.
For large savings
Coldcard Mk5 / Q
Bitcoin-only, open source and can stay fully offline. Not for the first day: take time to learn it.
For large savings, also consider multisig: several keys on different devices.
Known incident: a firmware build error from March 2021 made seeds created on affected versions weak; from 30 Jul 2026 attackers swept single-sig wallets (no multisig wallet was hit). Fixed firmware does not repair an old seed.
For small amounts on a phone
Safely (phone app)
Open source and independently audited (Least Authority, Sep 2026), no sign-up, and no need to keep the recovery phrase only on paper. It is new (launched 16 Sep 2026) and a phone is online, so keep savings on a hardware wallet.
FreeOfficial site →
Founded by Oleg Andreev, previously co-founder of the Tonkeeper wallet; made by Tread Safely Inc. (Delaware, USA). safely.app · Press release, 14 Oct 2026 · Least Authority audit · Source code (GitHub)
Rating table
How we score
- Security (computed from facts): 2 points if keys stay on a separate offline device (a phone app gets 1, because a phone is online), +1 open-source code anyone can check, +1 Bitcoin-only firmware or app (fewer features, less to attack), +1 can sign fully offline by QR code or microSD.
- Ease (our editorial score): how quickly a first-timer can set it up, back it up and send a payment. The reason is written under each score.
- Price (computed): cheapest model at the official store. Free or up to $70 = 5, up to $150 = 4, up to $220 = 3, up to $260 = 2, more = 1.
- Table order: security counts double, then ease and price.
- The table is the formula. Our picks above also weigh what a formula can't: how forgiving a device is for a first-timer, the app and support, and how long the maker has been around. That is why they can differ from the table order.
| Wallet | Security | Ease | Price | Best for |
|---|---|---|---|---|
 Blockstream Jade Hardware wallet | 5 open source · Bitcoin-only · offline signing | 3 USB, Bluetooth or fully offline with QR codes; tiny screen and buttons take some getting used to. | 5 | offline signing for little money |
| 4 open source · Bitcoin-only | 4 Plug in by USB-C and follow the Trezor Suite app; small monochrome screen. | 5 | a first hardware wallet on a budget |
Safely (phone app) Phone app (hot wallet) | 3 open source · Bitcoin-only | 5 iPhone and Android app, no sign-up; the recovery phrase is backed up end-to-end encrypted across the devices you link. | 5 | small amounts on your phone |
 | 5 open source · Bitcoin-only · offline signing | 1 You build it yourself from a Raspberry Pi Zero and load the seed every time you switch it on. | 5 | tinkerers who want no supply-chain trust |
 Keystone 3 Pro Hardware wallet | 4 open source · multi-coin · offline signing | 4 Big touchscreen and fingerprint unlock; talks to the phone through QR codes. | 4 | a big screen, if you also hold other coins |
| 4 open source · Bitcoin-only | 5 Very short setup in the BitBoxApp, backup goes to a microSD card; the Nova adds Bluetooth for iPhone. | 3 | the simplest setup |
| 5 open source · Bitcoin-only · offline signing | 2 Built for experienced users: many security options, usually used fully offline with a microSD card or NFC. | 3 | large savings, experienced users |
 Foundation Passport Prime Hardware wallet | 5 open source · Bitcoin-only · offline signing | 4 Phone-like design; signs by scanning QR codes with its camera, so no cable is needed. | 1 | offline signing with a friendly design |
| 2 closed parts · multi-coin | 4 Ledger Live app is easy, Bluetooth on Nano X and Flex; Nano S Plus does not work with iPhone. | 5 | people who also hold many other coins | |
 Bitkey (Block) Hardware wallet | 3 closed parts · Bitcoin-only | 5 No seed phrase to write down: a 2-of-3 setup with the device, your phone and Block's recovery server; fingerprint unlock. | 2 | people who fear losing a seed phrase |
Coldcard.
Known incident: a firmware build error from March 2021 made seeds created on affected versions weak; from 30 Jul 2026 attackers swept single-sig wallets (no multisig wallet was hit). Fixed firmware does not repair an old seed.
Ledger.
Known incident: in Oct 2026, Ledger devices sold by the Southeast Asian reseller CryptoBilis had a hidden implant that read the recovery phrase during setup; Ledger says its own systems were not breached. Buy only from the official store.
Prices in USD from the official stores before shipping and tax, checked 9 Oct 2026 (Ledger and Safely 21 Oct 2026, Coldcard 2 Nov 2026); they change often. Product images: the makers' official sites and the Safely press kit, shown to identify each product. Not financial advice.
Cold wallets
Ways to keep bitcoin offline, away from exchanges and the internet. Educational overview, not advice or an ad.
Our picks and ratings ↑Security guides: backups, multisig, inheritance, verifying firmware, your own node →Hardware wallets
A hardware wallet is a small device that keeps your keys offline. Every payment has to be confirmed on the device itself, so a virus on your computer or phone can't move your coins. How a hardware wallet works →
Bitcoin-only editionOpen sourceConnects by cable/radio
Both models come in a Bitcoin-only edition; Safe 5 has a colour touchscreen and a microSD slot. A newer Safe 7 is also on sale.
- Connection
- USB-C
- Price
- Safe 3 $59 · Safe 5 $129
Multi-coinPartly closed sourceConnects by cable/radio
Multi-coin, not Bitcoin-only. The secure chip's code is closed source. Nano S Plus does not work with iPhone.
- Connection
- USB-C · Bluetooth (Nano X, Flex) · NFC (Flex)
- Price
- see official site
Bitcoin-onlyOpen sourceAir-gapped
Bitcoin-only, open source, air-gapped: it can be used without ever plugging into a computer. The Mk5 has replaced the Mk4. Update the firmware on arrival, as the maker advises.
- Connection
- microSD · NFC · QR (Q) · USB-C
- Price
- Mk5 $219 · Q $319 (sale price, list $269 / $369)
Bitcoin-only editionOpen sourceConnects by cable/radio
Swiss-made. Backup to a microSD card. Sold in a separate Bitcoin-only edition.
- Connection
- USB-C · Bluetooth (Nova, iPhone) · microSD backup
- Price
- BitBox02 $167 · Nova $196
Bitcoin-onlyOpen sourceAir-gapped
US-made, open hardware and software. Can sign by scanning QR codes with its camera, so no cable is needed. Also stores 2FA codes and files.
- Connection
- QR camera · NFC · USB-C · Bluetooth
- Price
- $349
Bitcoin-onlyOpen sourceAir-gapped
From Blockstream. Works over USB or Bluetooth, or fully offline via QR codes. Supports Bitcoin and Blockstream's Liquid network only.
- Connection
- QR camera · USB-C · Bluetooth
- Price
- Jade $67 · Jade Plus $149–169 (Jade on sale, list $79)
Multi-coinOpen sourceAir-gapped
Big touchscreen and fingerprint unlock. Talks to your phone only through QR codes in air-gapped mode. Supports many coins, not only Bitcoin.
- Connection
- QR camera · microSD · USB-C
- Price
- $149
Bitcoin-onlyPartly closed sourceConnects by cable/radio
Made by Block (Jack Dorsey's company). A 2-of-3 multisig with no seed phrase: one key on the hexagonal device (unlocked by fingerprint), one in the phone app, and one on Block's server for recovery. Any two keys sign, so Block alone cannot move your coins, and losing the phone or the device can be recovered. There is also built-in inheritance and an Emergency Exit Kit for leaving without Block's server. The 2026 model adds an OLED touchscreen. The code is published on GitHub under MIT, but the firmware can't be built from it because the fingerprint library is proprietary. Ships to many countries; check availability at checkout. Trade-off: it depends on Block's app and server for everyday convenience.
- Connection
- NFC (phone app) · USB-C charging
- Price
- $250
Bitcoin-onlyOpen sourceAir-gapped
Build it yourself from a Raspberry Pi Zero without Wi-Fi, a camera and a small screen. Remembers nothing after you switch it off, so you load your seed each time. For confident users.
- Connection
- QR camera
- Price
- < $50 (parts, per project site)
Prices are list prices in USD from the official store on 9 Oct 2026, before shipping and taxes. They change often; check the official site.
Paper wallets (printable)
A paper wallet is a key printed or written on paper. It costs nothing and has no electronics, but it is easy to get wrong: if someone sees the key or the paper is lost, the coins are gone. Today paper is mostly used to back up a seed phrase, not to hold coins on its own. What a seed phrase is →
Single-address paper wallet generator
LegacyOpen source
The classic open-source generator from 2011. Gives one old-style address (starts with 1) and its key. Use it only from the GitHub download, opened offline.
Printable single-address wallet with a fold-up design
LegacyOpen source
A design built on bitaddress code, with tamper-evident stickers sold separately. Same old single-address model, so the same limits apply.
Avoid: known incident
AvoidOpen source
In 2019 researchers found the website served altered code that produced repeatable keys. Do not use it. Listed here only as a warning.
Modern backup: printed BIP39 card
Recommended todayOpen source
Write the words your hardware wallet shows on the card that comes in the box. This paper restores the whole wallet, all addresses, on any compatible device.
Explainer
Recommended todayOpen source
Two different jobs. 1) Recording: a SeedQR is a QR code you fill in with a pen on a printed grid; it stores a seed you already have so a signing device can scan it. 2) Creating: the randomness must come from dice or coin flips, never from shading cells or picking words 'at random' in your head, people are bad at that. The last (checksum) word has to be calculated, do it only on an offline device.
Hand-filled QR to record an existing seed
Recommended todayOpen source
Official blank grids in the SeedSigner repo. Sizes: CompactSeedQR 21×21 (12 words) or 25×25 (24 words); Standard SeedQR 25×25 (12 words) or 29×29 (24 words). SeedSigner shows which cells to fill, you copy them with a pen. Scanned back by SeedSigner, Blockstream Jade, Passport Prime and other devices. Never photograph it.
Create a seed from physical randomness
Recommended todayOpen source
Coldcard and SeedSigner let you enter real dice rolls: at least 50 rolls for 12 words, 99 for 24 (Coldcard also takes 128+ coin flips). The device turns them into words and computes the checksum. Both publish scripts to check the math on an offline computer, test with a throwaway seed first.
Pen-and-paper method + last-word calculator
Recommended todayOpen source
Open-source guide: print the word list, draw words with paper slips and a die to get 23 words, then compute the 24th (checksum) word with its calculator, downloaded and run on an offline machine. Slow, but every step is visible. For careful, advanced users.
Durability upgrade for the seed
Recommended today
The same words, but stamped or slotted into steel, so they survive fire and water. Paper burns and fades; steel lasts.
Price: BitBox Steelwallet $73
Safety rules for paper
- Generate keys offline, on a clean computer that is not connected to the internet (ideally a live USB system).
- Download the open-source page (e.g. bitaddress from GitHub), check it, disconnect from the internet, and only then open it.
- Never photograph, scan or type the key or seed into a phone, cloud or notes app.
- Shading grid cells or choosing words 'randomly' by hand is not real randomness. Use dice or coin flips, and compute the checksum word only on an offline device.
- Single-address paper wallets are old technology. When you spend, move the whole balance at once to a new wallet, otherwise the change can be lost.
- Today's usual setup: a hardware wallet plus its seed phrase on paper or steel, kept in a safe place.
Cold wallets
Printable / 3D-printed seed backups
SeedQR grids you fill with a marker, plates you print yourself, steel you stamp, and open-source DIY signers that read them. Inspired by the Open Source Hub table at Bitcoin MENA. See also the paper entries above: SeedQR grid · dice entropy · SeedSigner · what a seed phrase is · how SeedSigner works
links checked 10 Oct 2026
Photos: our visit to the Open Source Hub booth, Bitcoin MENA. Seed data on demo plates blurred.
SeedQR in 30 seconds
SeedQR is an open standard from SeedSigner: your BIP39 seed words are turned into a QR code you can copy by hand onto a grid and later scan back into an air-gapped signer. Standard SeedQR stores each word as a 4-digit number (12 words = 25×25, 24 words = 29×29). CompactSeedQR stores the raw bits, so it is smaller (12 words = 21×21, 24 words = 25×25) but not human-readable when scanned with a phone.
Create/scan: SeedSigner (both formats), Krux (scans both), Blockstream Jade Plus (scans both, exports CompactSeedQR).
Open-source templates, 3D-printable plates and entropy tools
SeedSigner SeedQR templates ↗
Paper template · MIT
Official printable grids 21×21, 25×25 and 29×29 (PDF, A4/Letter, card size). Fill squares with a pen, then scan to verify.
Free STL: 80×80×6 mm plate with case, inserts and a sliding lid for 24-word CompactSeedQR. Details from the listing; the site blocked our automated check.
21×21 SeedQR template (Thingiverse) ↗
3D-print STL
Printable 21×21 grid (12-word CompactSeedQR), about 70×70×6 mm.
SeedSigner SeedPills ↗
Entropy tool · MIT
OpenSCAD/STL generator for 2048 BIP39 word 'pills' you draw from a container. Mix very well; let your signer calculate the final checksum word.
Hexadecimal die (STL) ↗
Entropy tool
16-sided die: 32 rolls = 128 bits, 64 rolls = 256 bits of entropy. Published by the Samourai Wallet team (the project was shut down in 2024); the STL is still on GitHub.
Printable word tiles for a plastic seed backup. Listing found via search; the site blocked our automated check.
3D-printed jig that holds steel while you stamp letters with a punch set. Listing found via search; the site blocked our automated check.
Bead entropy shaker (booth prototype)unverified
Entropy tool
Round 3D-printed shaker with coloured beads shown at Bitcoin MENA. We could not identify a published project, so treat it as a demo. Casino dice entered into SeedSigner/Krux are the proven option.
Steel plates and washers
Machine that engraves seeds, SeedQR and multisig descriptors onto steel plates; open-source software (github.com/seedhammer/seedhammer).
Steel grid you mark with a centre punch (first 4 letters of each word). Passed Jameson Lopp's heat, corrosion and crush tests (grade A). Store page showed 'unavailable' on 10 Oct 2026.
Stainless steel / titanium letter backup; reviewed in Lopp's stress tests.
Stainless capsule with letter tiles; reviewed in Lopp's stress tests.
Steel plate with letter tiles; reviewed in Lopp's stress tests.
German steel backup, from €199 on the official shop.
DIY stamped washersunverified
Stainless (304/316) washers on a bolt, one word per washer, stamped with a letter punch set, as seen at the booth. Cheap, but durability depends on the steel and the depth of stamping: not independently tested by us.
DIY: stamp your seed on coins-size discs and washers
- Buy plain stainless (304/316) washers or metal discs and a 3–4 mm letter punch set; copper is softer and easier to stamp but corrodes and melts much lower (~1085 °C) than steel.
- One word per washer: the first 4 letters are enough for BIP39 (every word is unique by its first 4 letters). Stamp the word number too, e.g. 07 DRAG.
- Clamp the blank in a jig on a steel block, one firm hammer hit per letter. Practise on a spare first.
- Thread the washers in order on a stainless bolt with a lock nut, or keep them in a sealed tube. Check the stamped words against the signer before wiping the paper copy.
Independent fire / corrosion / crush tests: jlopp.github.io/metal-bitcoin-storage-reviews
Materials: TPU vs PLA vs steel
| Material | Heat / fire | Water | Use it for |
|---|---|---|---|
| PLA | Softens ~60 °C, melts ~175 °C. Not fire-proof. | OK short-term; slowly degrades with heat, humidity and UV. | Template / practice only |
| PETG | Softens ~78 °C. Not fire-proof. | Good water and chemical resistance. | Better than PLA, still plastic |
| TPU | Flexible, deforms when warm (~70 °C). Burns. | Very good water resistance, survives drops. | Waterproof sleeve / everyday copy, not a fire backup |
| Stainless steel / titanium | Survives house-fire temperatures; Lopp heats test plates to ~1100 °C. | Corrosion-resistant (304/316 stainless, titanium). | Long-term backup |
Temperatures are typical filament datasheet values; exact numbers vary by brand.
How to make one (SeedSigner / Krux / Jade, air-gapped)
- Generate the seed on an air-gapped signer (SeedSigner, Krux or Jade), ideally from casino dice: SeedSigner uses 50 rolls for 12 words, 99 rolls for 24.
- Have the device show the CompactSeedQR (SeedSigner's seed backup/export to SeedQR option, Jade's 'create a SeedQR from your recovery phrase').
- Copy the dots zone by zone onto the paper template or 3D-printed plate with a permanent paint marker, or punch/engrave them on steel.
- Below the grid write the 4-letter word abbreviations plus the master fingerprint and derivation path (e.g. m/84'/0'/0'). Those two are not secret but help recovery.
- Scan the plate back with the signer and confirm it reproduces the same fingerprint. Then do a full test restore on a second device before funding.
- Keep at least one copy in steel, in a different place from the device.
Security warnings
- A SeedQR IS your seed. Anyone with a phone camera reads it in a second.
- Never photograph, scan with a phone, or use an online QR generator.
- Plastic is not fire-proof. PLA/PETG/TPU plates are templates or extra copies, not your only backup.
- Marker ink fades. Re-check plastic and paper copies every year.
- Never reuse a seed you saw at a booth, in a video or in a photo (including ours).
- Always verify with a test restore. An unverified backup is not a backup.
DIY open-source signers
Raspberry Pi Zero + camera + Waveshare 1.3" LCD HAT, stateless (forgets the seed on power-off), the origin of SeedQR. People print their own cases, like the gamepad-style one at the booth. Already in our cold wallet list.
Open-source firmware for Kendryte K210 boards (M5StickV, Maix Amigo, Yahboom, WonderMV and others). Air-gapped via QR or SD card, single-sig and multisig, scans both SeedQR formats.
DIY air-gapped wallet that talks to the host via QR codes. Built from an STM32F469I-DISCO board plus a Waveshare QR scanner, bought from any electronics store (MIT licence).
Before you send or receive: check a Bitcoin address for sanctions → (free AML check against the OFAC SDN list and public exchange labels)
Bitcoin wallets: FAQ
What is the safest way to store bitcoin?
Hold the keys yourself on a device that stays offline: a hardware wallet with open-source, Bitcoin-only firmware. Back up its seed phrase on paper or steel and keep the backup away from the device. For large savings, a multisig setup (for example 2 of 3 keys on different devices in different places) removes the single point of failure. Coins left on an exchange are held with the exchange's keys, not yours. What multisig is →
Do I need a hardware wallet?
Not for pocket money. A phone app is a hot wallet: keep in it only what you could afford to lose if the phone were hacked, lost or stolen. Once losing what sits on the phone would really hurt, move it to a hardware wallet. We don't give a fixed amount, because that line depends on your budget. Our pick for a first one is the Trezor Safe 3 Bitcoin-only edition ($59 at the official store, price checked 9 Oct 2026). How a hardware wallet works →
Bitcoin-only vs multi-coin wallet: what's the difference?
Bitcoin-only firmware supports nothing but Bitcoin, so it has less code and fewer features that could hide a bug. Multi-coin wallets such as Ledger and Keystone hold many coins in one device. Coldcard, Blockstream Jade, Foundation Passport and SeedSigner are Bitcoin-only; Trezor Safe 3 and BitBox02 come in separate Bitcoin-only editions. If you only hold bitcoin, choose a Bitcoin-only device or edition.
Hot wallet vs cold wallet?
A hot wallet keeps the keys on a device connected to the internet, such as a phone or computer app: handy for spending, but more exposed. A cold wallet keeps the keys offline, on a hardware wallet or a seed backup on paper or steel, and signs payments without exposing them. A common setup is a small hot wallet for spending and a cold wallet for savings. Hot and cold wallets explained →
What happens if I lose my hardware wallet?
Your coins are on the blockchain, not inside the device. With your seed phrase (12 or 24 words) you can restore the wallet on a new device; most wallets use the same BIP39 standard, so it does not have to be the same brand. The lost device is protected by its PIN, but if anyone may have seen your seed phrase, move the coins to a new wallet with a new seed. Without the seed phrase, and with no multisig backup, the coins cannot be recovered. What a seed phrase is →
Is a paper wallet still safe in 2026?
An old-style paper wallet, a single private key printed from a website generator, is outdated: the key can leak while it is made, and spending only part of the balance can lose the change. Paper is still the usual way to back up a seed phrase for a hardware wallet. Paper burns and gets wet, so many people also stamp the words on steel. Paper and steel backups →
How the wallets work: Trezor Safe 3 · BitBox02 · Coldcard Mk5 · Ledger Nano S Plus · SeedSigner · hardware wallet
Whale wallets and exchange reserves
Where bitcoin sits: whale moves, long-term holders, exchange reserves, large on-chain transfers (Whale Alert), Bitcoin news and the biggest holder groups. Public sources only. A snapshot, not advice.
Bitcoin-backed credit
Where Bitcoin-collateral loans/credit are offered publicly · banks first · snapshot · not an offer
snapshotSnapshot of 28 Sep 2026
Snapshot only, not an offer or financial advice. Rates, loan-to-value limits (LTV) and eligibility vary by country and identity checks (KYC). Figures come only from lenders' public pages on the snapshot date; where none is published, we show "see site".
Banks
Xapo Bank
bank · high
USD credit/line against BTC
- LTV
- up to 40% (borrowing ratio)
- Rate
- on page: ~10.5% variable (see current terms in the app)
- Jurisdictions
- Gibraltar (GFSC credit institution)
- Custody
- BTC in Xapo vault; no rehypothecation (per bank statement)
- Collateral
- BTC
Minimum 0.1 BTC; min loan $1k, max up to $5M on page. Margin call ~65%, liquidation ~80% (FAQ).
retail members (not UK / not Australia for lending)
Sygnum Bank
bank · high
Lombard loan / credit line against digital assets
- LTV
- see on site
- Rate
- see site, or ask your relationship manager
- Jurisdictions
- Switzerland · Singapore · ADGM (UAE)
- Custody
- collateral in Sygnum custody; off-balance sheet, bankruptcy-remote, no rehypothecation (per statement)
- Collateral
- BTC, ETH, USDC, others (see site)
Swiss banking licence. Credit-line approval usually <1 business day for clients. The public page gives no fixed LTV or rate; ask your relationship manager.
private qualified + institutional clients
AMINA Bank (ex-SEBA)
bank · high
Loans against crypto and traditional assets
- LTV
- see on site (rate depends on LTV and tenor)
- Rate
- see on site / contact — depends on LTV and tenor
- Jurisdictions
- Switzerland
- Custody
- collateral at AMINA; segregated / bankruptcy-remote
- Collateral
- BTC, ETH, SOL, XRP, etc., traditional assets
Does not promote products outside CH; access is client-initiated. Min tranche CHF 100k.
individuals + corporates; min loan CHF 200,000 (or equivalent)
Lenders / platforms
Ledn
licensed lender (not a bank) · high
BTC-backed loans (custodied)
- LTV
- typically 50% initial LTV
- Rate
- public APR tiers on page (e.g. from ~11.49% to ~9.25% by size) — see current on site
- Jurisdictions
- Canada-founded; availability by country (100+); check eligibility
- Custody
- custodied; BitGo mentioned in third-party comparisons; ring-fenced / not lent for yield (per Help Center)
- Collateral
- BTC
Not a bank. Availability and minimums depend on jurisdiction. Liquidation ~80% LTV (Help Center).
retail / private wealth; min $500
Unchained
licensed lender (not a bank) · high
Commercial BTC-backed loans
- LTV
- example CTP 200% (~50% LTV) on calculator — see on site
- Rate
- example rates/APR on page; current — pricing page
- Jurisdictions
- United States (commercial; state licensing / NMLS)
- Custody
- 2-of-3 multisig (borrower + Unchained + Fortis Bank); no rehypothecation
- Collateral
- BTC
Not a bank (NMLS licences). US commercial loans only; not a consumer loan for resident individuals.
US business entities only; min $150,000
Coinbase Borrow (Morpho)
regulated platform / on-chain (not a bank) · high
USDC loans against crypto via Morpho (Base)
- LTV
- liquidation at LLTV 86% (Help); starting LTV — see in app
- Rate
- variable; rate in app (Coinbase fee on top of market) — see on site/in app
- Jurisdictions
- United States (excl. New York); other states not yet announced
- Custody
- BTC converts 1:1 to cbBTC and is held in the Morpho smart contract
- Collateral
- BTC (→ cbBTC), ETH, other eligible
Not a classic bank loan. On-chain Morpho protocol; gas fees sponsored. Proceeds cannot be used to trade on Coinbase (ToS).
verified US customers (excl. NY); up to $5M USDC against BTC (blog May 2026 update)
Two Prime Lending
institutional lender (not a bank) · high
Institutional BTC-backed credit
- LTV
- see on site (conservative / over-collateralized)
- Rate
- see on site / on request (institutional terms)
- Jurisdictions
- United States (SEC RIA / CFTC CTA affiliate; lending via Two Prime Lending Limited)
- Custody
- qualified custodians; segregated; no rehypothecation; cold storage (per statement)
- Collateral
- BTC
Not a retail product. Public landing does not fix LTV/rates — contact. Large deals (e.g. MARA) appear in press, but deal terms are not public.
corporate treasuries, miners, family offices, RIAs — institutional
Figure / Figure Markets
licensed lender (not a bank) · medium
Crypto-backed loan (BTC/ETH/SOL)
- LTV
- see on site
- Rate
- see on site (public FAQ did not give a stable rate at check time)
- Jurisdictions
- United States (check eligibility)
- Custody
- MPC / platform custody — see disclosures on site
- Collateral
- BTC, ETH, SOL
Figure Markets: on 28 Sep 2026 the site's code carried a wind-down date of 23 Sep 2026. On 24 Oct 2026 the site still offered crypto-backed loans. Check the official site before you rely on it.
US retail/eligible — verify residency
Not included
- Bank Frick (Liechtenstein) — The official FAQ says: «Bank Frick does not lend against cryptocurrencies.» Its branch in the Dubai International Financial Centre, regulated by the Dubai Financial Services Authority (DFSA), can arrange credit, but that is not a public retail Bitcoin loan from the Liechtenstein head office. source
- Russian banks — No public offers of Bitcoin-backed loans from Russian banks found when we checked on 28 Sep 2026. For global products, see the lenders above.
- Anchorage Digital Bank — A US federal crypto bank, publicly known as a custodian. When we checked (snapshot of 28 Sep 2026), its own pages did not confirm a retail Bitcoin loan made directly by the bank. Partner or on-chain options such as Mezo may exist. Not listed until a page from the bank itself confirms such a loan. source
- No Russian banks with public Bitcoin-backed loans found (checked 28 Sep 2026).
- Bank Frick (Liechtenstein) states it does not lend against cryptocurrencies.
- Sygnum, AMINA and Two Prime usually share LTV and rates only through a relationship manager, so we show "see site".
- Figure Markets still listed loans on 24 Oct 2026; check the site before you rely on it.
- Products depend on your country and identity checks (KYC), and can change after the snapshot date.
Whale moves
Whale moves · BTC only
Last large-move series: 12 Nov 2026, 12:08–12:39 London, all at Coinbase Institutional
5 moves out of exchanges, 3,510 BTC (≈ $255.7M): 3,510 BTC from Coinbase Institutional. Dollar values at the time of each move. Whale Alert does not say who owns the unlabelled wallets.
Newest Whale Alert entry: 12 Nov 2026, 12:39 London (checked 12 Nov 2026, 13:20 London).
702 BTC
$51.2M
Coinbase Institutional → unknown wallet
702 BTC
$51.2M
Coinbase Institutional → unknown wallet
702 BTC
$51.1M
Coinbase Institutional → unknown wallet
702 BTC
$51.1M
Coinbase Institutional → unknown wallet
702 BTC
$51.1M
Coinbase Institutional → unknown wallet
1,427 BTC
$105.4M
unknown wallet → unknown new wallet
825 BTC
$61.0M
Binance → unknown wallet
929 BTC
$69.2M
unknown wallet → Kraken
999 BTC
$74.4M
unknown wallet → Binance
1,001 BTC
$74.3M
Kraken → unknown wallet
832 BTC
$61.8M
Kraken → unknown wallet
702 BTC
$52.1M
Kraken → unknown wallet
Not trading advice. We show Whale Alert's entries with their time; we don't trade on them or copy them for you.
Whale wallets
checked 12 Nov 2026, 13:21 London
Addresses come from Whale Alert's BTC alerts; balances from mempool.space.
Alerts from 2 Oct, 16:12 to 12 Nov, 12:38 London (995 alerts). Whale Alert's free feed shows only the last day or two; older rows come from our earlier checks.
Wallets under 1 BTC hidden: 830.
Alerts
995
Addresses
1685
Transactions read
427
| Entity | Balance | Net flow 24h | Net flow 7d | Last active | Share |
|---|---|---|---|---|---|
Unlabelled bc1qmv2r…yjxfy0alerts: 1 | 0 BTC | -876.33 | -876.33 | 12 Nov 2026, 04:08 London | |
Unlabelled bc1qt6ya…w2xenyalerts: 1 | 0 BTC | -551.4 | -551.4 | 12 Nov 2026, 04:08 London | |
Unlabelled 3GWK7qUN…fXo1uzalerts: 1 | 0 BTC | +1,427.73 | +1,427.73 | 12 Nov 2026, 04:08 London | |
Binance bc1qhp7n…wp5fjjalerts: 91 | 714.05 BTC | -827 | -1,532.47 | 12 Nov 2026, 02:51 London | |
Unlabelled 1NBYWqtQ…77AVgzalerts: 5 | 654.28 BTC | +826 | +826 | 12 Nov 2026, 02:51 London | |
Kraken 381EtEi2…dBu26salerts: 1 | 0 BTC | +929.55 | +929.55 | 11 Nov 2026, 20:24 London | |
Unlabelled bc1q8tvc…ftrxepalerts: 1 | 0 BTC | -929.55 | -929.55 | 11 Nov 2026, 20:24 London | |
Unlabelled bc1qwd9j…5evhzsalerts: 5 | 0 BTC | -600 | -600 | 11 Nov 2026, 18:26 London | |
Unlabelled bc1qsylw…e8qnpdalerts: 1 | 0 BTC | +999 | +999 | 11 Nov 2026, 18:26 London | |
Unlabelled bc1qr2ku…z70ccmalerts: 1 | 200 BTC | +200 | +200 | 11 Nov 2026, 18:26 London | |
Unlabelled bc1q4xwl…vln2ahalerts: 1 | 0 BTC | -599 | -599 | 11 Nov 2026, 18:26 London | |
Kraken bc1q3wlh…wyt8qualerts: 4 | 0 BTC | -2,537.21 | -1,704.16 | 11 Nov 2026, 16:49 London | |
Unlabelled bc1q0zup…5xwalwalerts: 3 | 0 BTC | +2,536.48 | +2,536.48 | 11 Nov 2026, 16:49 London | |
Unlabelled bc1q5pld…jlghsnalerts: 1 | 1.72 BTC | +0.01 | +0.01 | 11 Nov 2026, 16:49 London | |
Unlabelled bc1qsyq8…47xj6falerts: 124 | 549.91 BTC | -2,392.3 | +7.7 | 11 Nov 2026, 11:43 London |
These are small addresses from the same transactions (change and dust outputs): each holds and moved less than 1 BTC.
Coinbase Institutional (from alerts)
3MqUP6G1daVS5YTD8fz3QgwjZortWwxXFd · 680.64 BTC
- Whale Alert's free feed shows only the most recent large transfers, not a 30-day history.
Crystal Intelligence · Bitcoin only
12 Nov 2026, 15:15 LondonBitcoin-only research from Crystal Intelligence. Their posts are not shown here; read them on X.
@CrystalPlatform on X →No Bitcoin posts to show right now.
HODL · wallets and coin age
snapshot 27 Sep 2026, 18:22 London
Table balances are current: companies, funds and governments from bitcointreasuries.net (12 Nov 2026, 13:45 London), exchanges from Newhedge (12 Nov 2026, 13:19 London). Coin-age figures (Continuous HODL, LTH, HODL Waves) are from the 27 Sep 2026, 18:22 London snapshot.
Large holders (corps, ETFs, states, LTH) + Continuous HODL (Whale Alert) and HODL Waves (UTXO age).
Continuous HODL (Whale Alert)
1,770.30 days
+0.83%
LTH Supply (Newhedge)
16,590,000 BTC
UTXO age ≥1y
63.35%
~12,727,128 BTC est
Continuous HODL vs BTC price
HODL Waves · UTXO age (% supply)
Newhedge →0d–1d 0.5%1d–1w 2.7%1w–1m 3.4%1m–3m 7.4%3m–6m 5.4%6m–1y 17.4%1y–2y 14.8%2y–3y 6.0%3y–4y 4.9%4y–5y 4.1%5y–7y 7.4%7y–10y 8.4%10y+ 17.8%
| Holder | Category | BTC | Data quality | Source | Share |
|---|---|---|---|---|---|
Long-term holders (LTH supply, aggregate) Total held by Newhedge's long-term holder group, not one wallet. Overlaps with company, government and ETF coins; don't add them up. | Long-term holders | 16,590,000 | Medium | source → | |
UTXO age ≥1y (HODL Waves sum) Coins unmoved for 1 year or more: 63.35% of circulating supply (Newhedge HODL Waves). An estimate from coin age; overlaps company holdings. | Long-term holders | 12,727,128 | Medium | source → | |
US spot Bitcoin ETFs (aggregate) Combined holdings of US spot ETFs (IBIT, FBTC, GBTC and others), held by custodians; data via BitcoinTreasuries.NET. Don't add to company rows. | ETF | 1,309,593 | High | source → | |
Coinbase (labeled cluster) On-chain estimate for addresses labelled as this exchange. Not the exchange's official proof of reserves. For flows, see Exchange reserves. | Exchange | 981,128 | Medium | source → | |
StrategyMSTR Company treasury per BitcoinTreasuries.NET, from filings and investor reports. Total reported by the company, not one on-chain address. | Company | 850,364 | High | source → | |
Binance (labeled cluster) On-chain estimate for addresses labelled as this exchange. Not the exchange's official proof of reserves. For flows, see Exchange reserves. | Exchange | 717,771 | High | source → | |
Bitfinex (labeled cluster) On-chain estimate for addresses labelled as this exchange. Not the exchange's official proof of reserves. For flows, see Exchange reserves. | Exchange | 337,397 | Medium | source → | |
United States Government-linked holdings per BitcoinTreasuries.NET, often from seizures or public disclosures. Methods differ by entity. | Government | 328,372 | Medium | source → | |
Upbit (labeled cluster) On-chain estimate for addresses labelled as this exchange. Not the exchange's official proof of reserves. For flows, see Exchange reserves. | Exchange | 190,020 | Medium | source → | |
China Government-linked holdings per BitcoinTreasuries.NET, often from seizures or public disclosures. Methods differ by entity. | Government | 190,000 | Medium | source → | |
Robinhood (labeled cluster) On-chain estimate for addresses labelled as this exchange. Not the exchange's official proof of reserves. For flows, see Exchange reserves. | Exchange | 182,868 | Medium | source → | |
United Kingdom Government-linked holdings per BitcoinTreasuries.NET, often from seizures or public disclosures. Methods differ by entity. | Government | 61,245 | Medium | source → | |
Ukraine: public officials' declared holdings Ukraine's row is the total declared by public officials personally, not coins held by the state. | Officials (personal declarations) | 46,351 | Medium | source → | |
Metaplanet Inc.MPJPY Company treasury per BitcoinTreasuries.NET, from filings and investor reports. Total reported by the company, not one on-chain address. | Company | 44,000 | Medium | source → | |
Twenty One CapitalXXI Company treasury per BitcoinTreasuries.NET, from filings and investor reports. Total reported by the company, not one on-chain address. | Company | 43,514 | Medium | source → |
Ukraine's row is the total declared by public officials personally, not coins held by the state.
- HODL metrics ≠ investment advice.
- Balances come from public filings and on-chain estimates.
- Do not add the groups up: long-term holders, ETFs and companies partly overlap.
- Continuous HODL: public Whale Alert graph.json (days); alongside — Newhedge HODL Waves.
Exchange BTC reserves
live12 Nov 2026, 13:19 London
Top exchange balances + net flows (deposit/withdrawal proxy)
Total on exchanges (Newhedge)
3,683,125 BTC
Net 24h
+3,691
Net 7d
+8,339
| Exchange | BTC | 24h | 7d | Data quality | Share |
|---|---|---|---|---|---|
| Coinbase | 981,128 | +362 | -3,067 | Medium | |
| Binance | 717,771 | +2,134 | +1,058 | High | |
| Bitfinex | 337,397 | +401 | -1,208 | Medium | |
| Upbit | 190,020 | +5 | +30 | Medium | |
| Robinhood | 182,868 | -24 | -466 | Medium | |
| OKX | 168,369 | +226 | +547 | High | |
| Kraken | 165,413 | +43 | +252 | Medium | |
| Bybit | 72,836 | +758 | +3,122 | Medium | |
| Gemini | 59,634 | +8 | +178 | Medium | |
| bitFlyer | 54,472 | -57 | -48 | Medium | |
| Bithumb | 46,937 | +11 | -51 | Medium | |
| Bitstamp | 45,225 | +181 | +67 | Medium | |
| Trade Republic Bank GmbH | 43,643 | +103 | +328 | Medium | |
| Coincheck | 42,452 | +6 | +30 | Medium | |
| Revolut | 41,849 | -70 | +2,063 | Medium | |
| Deribit | 40,227 | -138 | +231 | Medium | |
| Crypto.com | 40,119 | -615 | +1,352 | Medium | |
| Boerse Stuttgart Digital | 40,049 | -1 | +165 | Medium | |
| Mt. Gox | 34,387 | 0 | 0 | Medium | |
| River | 33,393 | -6 | -192 | Medium | |
| Bitget | 30,812 | +76 | +356 | Medium | |
| Bitvavo | 29,512 | +66 | +381 | Medium | |
| Bitcoin.de | 27,509 | -54 | -116 | Medium | |
| Bitgo | 26,340 | +86 | +1,233 | Medium | |
| Gate.io | 20,711 | +107 | +433 | Medium |
High: the exchange also publishes an official proof of reserves (figures above the table).
- Newhedge figures are on-chain wallet labels, not an official exchange API.
- PoR (OKX, Binance) is an official cut; it often does not match analyst clusters.
- Large Coinbase volume includes custody; do not confuse it with «hot» trading inventory.
Large transfers · Whale Alert
checked 12 Nov 2026, 13:20 London
Public feed of large BTC transfers on the blockchain, data from Whale Alert.
BTC (Coinbase, live)
$71,685
-3.37% 24h
Continuous HODL
1,783.95 days
+0.57%
BTC alerts shown
15 of 21
in the latest Whale Alert feed
| Time (London) | BTC | USD | From → To | Link | Share |
|---|---|---|---|---|---|
| 12 Nov 2026, 12:39 London | 702 | $51.2M | Coinbase Institutional → unknown wallet· transfer | d9315aa583… | |
| 12 Nov 2026, 12:22 London | 702 | $51.2M | Coinbase Institutional → unknown wallet· transfer | 3a7c8fd040… | |
| 12 Nov 2026, 12:11 London | 702 | $51.1M | Coinbase Institutional → unknown wallet· transfer | 3ec05b28f1… | |
| 12 Nov 2026, 12:09 London | 702 | $51.1M | Coinbase Institutional → unknown wallet· transfer | 3acf57e27a… | |
| 12 Nov 2026, 12:08 London | 702 | $51.1M | Coinbase Institutional → unknown wallet· transfer | ca94d30a0b… | |
| 12 Nov 2026, 04:08 London | 1,427 | $105.4M | unknown wallet → unknown new wallet· transfer | d43140c6a0… | |
| 12 Nov 2026, 02:51 London | 825 | $61.0M | Binance → unknown wallet· transfer | fb1ce7346d… | |
| 11 Nov 2026, 20:24 London | 929 | $69.2M | unknown wallet → Kraken· transfer | 899b5a3b5e… | |
| 11 Nov 2026, 18:26 London | 999 | $74.4M | unknown wallet → Binance· transfer | 642c52a8a8… | |
| 11 Nov 2026, 16:49 London | 1,001 | $74.3M | Kraken → unknown wallet· transfer | f4b7005b25… | |
| 11 Nov 2026, 16:49 London | 832 | $61.8M | Kraken → unknown wallet· transfer | 31dcd28173… | |
| 11 Nov 2026, 16:49 London | 702 | $52.1M | Kraken → unknown wallet· transfer | de9a840631… | |
| 11 Nov 2026, 11:43 London | 1,000 | $74.0M | unknown wallet → Binance· transfer | f61727988d… | |
| 11 Nov 2026, 11:13 London | 1,392 | $103.0M | unknown wallet → Binance· transfer | 0d8e575343… | |
| 11 Nov 2026, 11:03 London | 833 | $61.7M | unknown wallet → Kraken· transfer | b0fc5b54f8… |
- The free feed shows a limited set of large transfers; custom alerts are paid.
- We use only the public data on the Whale Alert site; their full transaction history is paid.
- From/to labels are Whale Alert's own (exchange or unknown wallet), not our attribution.
Source: Whale Alert →Whale Alert's free feed shows only the most recent large transfers, not a 30-day history.
BTC news · Whale Alert
live12 Nov 2026, 16:25 London
Whale Alert stories and Bitcoin headlines, with links to their sources.
Whale Alert stories
- BlackRock’s IBIT bleeds $2 billion in nine straight days of outflowsBitcoin Magazine, Bitcoin.com, Coinpedia, Cointelegraph, Decrypt, U.Today · 7 links
- MSCI confirms Strategy’s removal from indexes could reduce MSTR demand and pressure future Bitcoin buyingBitcoin Magazine, Bitcoin.com, Cointelegraph, Crypto News · 5 links
Source: whale-alert.io/news →News sources checked: 10
Holders · largest groups
12 Nov 2026, 13:19 LondonAbout 20,111,166 BTC in circulation (at block 975,572). The groups overlap, so don't add them up.
| Group | BTC | How it's counted |
|---|---|---|
US spot Bitcoin ETFs 12 US spot ETFs (IBIT, FBTC, GBTC, ARKB, BITB, HODL and others). That is 6.51% of supply, from the funds' reported holdings. | 1,309,593 6.5% bitcointreasuries.net, 12 Nov 2026, 13:45 London | Sum of reported holdings |
Public company treasuries Includes Strategy (MSTR) with 850,364 BTC and other listed companies. May include some miners' treasuries. | 1,238,607 6.2% | Sum of reported holdings |
Private company treasuries | 201,884 1.0% | Sum of reported holdings |
Governments Coins held or seized by governments and state bodies, as tracked by bitcointreasuries.net. | 645,625 3.2% | Sum of reported holdings |
ETFs and exchanges, combined ETFs and exchanges, combined (bitcointreasuries.net bucket). Wider than the US spot-ETF figure above; don't add the two together. | 1,615,524 8.0% | Sum of reported holdings |
DeFi and other | 375,179 1.9% | Sum of reported holdings |
Exchange wallets Exchange wallets, on-chain estimate (Newhedge): 3,683,125 BTC. Not the same as an exchange's official proof of reserves; Coinbase's figure includes custody. Per-exchange figures: Exchange reserves → | 3,683,125 18.3% | Estimate from labelled on-chain wallets |
Companies, funds, governments and DeFi: bitcointreasuries.net, 12 Nov 2026, 13:45 London (checked every 6 hours). Exchange wallets: Newhedge, 12 Nov 2026, 13:19 London (checked every 4 hours).
More live data →