Two Prime
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
Loan duration is not a venue figure on an on-chain pool: these markets are open-term, and a position runs until it is repaid or liquidated. A fixed term exists only where the venue writes one — the custodial desks (cefi_credit_rates.term_days) and Gavel's auction, which is fixed-rate and fixed-term by construction.
10 of 10 criteria researched. What the criteria are →
Markets — as served, not a venue rate
One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.
No BTC market rows are served for this venue. This venue runs no contracts, so there is no market state to read — the absence is a property of the venue class, not a gap.
Price
What does credit cost here, and how is the price formed?
| Rate formation | bilateral_unpublishedsourcebilateral_unpublished per v1 §8.2. No rate card: No rate card on https://twoprime.com/lending or https://twoprime.com/bitcoin-backed-lending-guide (read 2026-10-05). Two Prime says only 'Due to the firm's competitive rates, flexibility, and customer service...' (https://twoprime.com/resources/news/two-prime-q3-2025-loan-volume, 2025-10-09). Rates appear only in borrowers' filings and differ by facility: MARA 'fixed rate of 7.65 % per annum' (https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm); Hut 8 '7.99% per annum' (https://www.sec.gov/Archives/edgar/data/1964789/000110465925085775/tm2524762d1_8k.htm); CleanSpark 'one-month Term Secured Overnight Financing Rate ("SOFR") plus 3.55 % per annum' (https://www.sec.gov/Archives/edgar/data/827876/000119312526338382/clsk-20260630.htm); Fold '8.5 % per annum' (https://www.sec.gov/Archives/edgar/data/1889123/000119312526344668/fld-20260630.htm). read 2026-10-05. |
|---|---|
| Term structure | fixed_termsourceMARA: 'The Two Prime Loan Term Sheet provides for a fixed term loan of $300.0 million ... The Two Prime Loan will mature on August 3, 2028.' (https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm). Hut 8: 'The facility will mature 364 days after the date of the first borrowing' (https://www.sec.gov/Archives/edgar/data/1964789/000110465925085775/tm2524762d1_8k.htm). Fold: 'initial one-year term from October 1, 2025, which automatically renews' (https://www.sec.gov/Archives/edgar/data/1889123/000119312526344668/fld-20260630.htm). read 2026-10-05. Several facilities are prepayable revolvers. |
| Rate certainty | fixed_at_originationsourceBy facility, as the borrowers file them; no rate card. Three of the four facilities read are fixed: MARA 'fixed rate of 7.65 % per annum' (https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm), Hut 8 '7.99% per annum' (https://www.sec.gov/Archives/edgar/data/1964789/000110465925085775/tm2524762d1_8k.htm), Fold '8.5 % per annum' (https://www.sec.gov/Archives/edgar/data/1889123/000119312526344668/fld-20260630.htm). WARNING: CleanSpark's FLOATS: 'one-month Term Secured Overnight Financing Rate ("SOFR") plus 3.55 % per annum' (https://www.sec.gov/Archives/edgar/data/827876/000119312526338382/clsk-20260630.htm). The only drawn balance known (MARA, $300m) is fixed, so fixed_at_origination describes the larger known part; it is not a property of every loan. Read 2026-10-05. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | undisclosedsourceTwo Prime: 'The lender monitors collateral value in real time.' (https://twoprime.com/bitcoin-backed-lending-guide, read 2026-10-05). Hut 8 margin test uses 'the fair value of the Collateral' (https://www.sec.gov/Archives/edgar/data/1964789/000110465925085775/tm2524762d1_8k.htm). No price source named anywhere. |
|---|---|
| Default & liquidation | thresholdsourceCleanSpark 10-Q Q2 2026: 'an initial maximum LTV ratio of approximately 62.5%, a margin call if the LTV exceeds 74%, and a liquidation trigger if the LTV exceeds 80%' (https://www.sec.gov/Archives/edgar/data/827876/000119312526338382/clsk-20260630.htm). Hut 8 8-K: 'equal to or less than 135%, a margin call event occurs' (https://www.sec.gov/Archives/edgar/data/1964789/000110465925085775/tm2524762d1_8k.htm). MARA 10-Q: 'If the value of posted collateral falls below the specified margin call limit, the Company must promptly post additional collateral. Failure to maintain sufficient collateral constitutes an event of default entitling Two Prime to exercise its remedies, including the right to liquidate pledged bitcoin.' (https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm). Two Prime: 'defined margin and liquidation procedures' (https://twoprime.com/bitcoin-backed-lending-guide). read 2026-10-05. Levels are per facility; no Two Prime standard published. |
| Custody & backing | third_party_custodialsourceTwo Prime: 'Your assets stay in accounts under your name with Qualified Custodians. We never co-mingle funds.' / 'We do not lend your bitcoin to anyone else, use it as collateral, or trade with it.' / 'Borrower collateral remains in cold storage for the entire loan term: offline, multi-sig controlled' (https://twoprime.com/trust-and-transparency, read 2026-10-05). Release: 'non-rehypothecated loans backed by collateral held in segregated, secured custody'; 'tri-party custody with multiple qualified custodians' (https://twoprime.com/resources/news/two-prime-q3-2025-loan-volume). Hut 8 8-K: 'held in the custody of BitGo Trust Company, Inc.' and 'The Custodian does not have any right to lend, pledge, hypothecate or re-hypothecate the posted Collateral.' (https://www.sec.gov/Archives/edgar/data/1964789/000110465925085775/tm2524762d1_8k.htm). Cipher: 'held in a triparty account' (https://www.sec.gov/Archives/edgar/data/1819989/000181998926000028/cifr-20260331.htm). Fold: 'held in segregated cold storage with a qualified digital asset custodian' (https://www.sec.gov/Archives/edgar/data/1889123/000119312526344668/fld-20260630.htm). |
| Recourse | non_recoursesourceBorrower-sourced, not Two Prime's words. Hut 8 8-K (2025-08-29): 'Two Prime's recourse under the Credit Agreement is limited to the Collateral.' (https://www.sec.gov/Archives/edgar/data/1964789/000110465925085775/tm2524762d1_8k.htm). Empery release (reposted on twoprime.com 2025-10-13): 'no recourse beyond the Bitcoin collateral' (https://twoprime.com/resources/news/empery-digital-100m-credit-facility-two-prime). MARA 10-Q silent. read 2026-10-05. Established for two facilities only. Established for two facilities only, from the BORROWERS' filings and a borrower's release; Two Prime's own pages do not say. |
| Track record | 0 months observedsourceDerived from credit_venues.first_date (2026-10-05), the day the venue was registered. This is a LOWER BOUND on the venue's age, not the age itself: Two Prime says it has lent since March 2024. |
Composition
Who and what makes up this market?
| Collateral accepted | BTC (custodied for the borrower; representation not disclosed)source'issued a total of $827 million in bitcoin-backed loans and credit facilities in Q3 2025' (https://twoprime.com/resources/news/two-prime-q3-2025-loan-volume); MARA: 'secured by an aggregate 18,750 of the Company's bitcoin as initial collateral' (shared with Coinbase facility) (https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm). read 2026-10-05. Two Prime does not state its whole book is BTC-collateralised; every filing read names bitcoin. |
|---|---|
| Book depth & concentration | unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established (OB2-F1). This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it (criteria §0.6).) |
| Observability | price: partial — No rate card: Two Prime negotiates per facility and posts none, which is bilateral_unpublished as Maple and Galaxy are. Rates are known only where a borrower files them (MARA 7.65% fixed, Hut 8 7.99%, Fold 8.5%, CleanSpark SOFR + 3.55%); MARA's facility is already carried as corporate instrument mara_twoprime_2028. Those are single loans, not a price for the desk. quantity: none — Two Prime publishes what it ISSUED, not what is outstanding: "$827 million in bitcoin-backed loans and credit facilities in Q3 2025" (its own release, which calls it committed volume, so undrawn facilities are in it) and "more than $2.55 billion" since March 2024. No later quarter has been published. Single-borrower balances from borrowers' 10-Qs are held in cefi_book_observations as loans_outstanding_single_borrower and are never a book: MARA's $300m is already in the corporate layer, and adding it here would count it twice. composition: none — No loan-level data. Every borrower filing read names bitcoin as the collateral; the desk itself does not state that its whole book is bitcoin-collateralised. |
What the loans are denominated in
US dollars — as the venue's filings state itFold 10-Q Q2 2026: 'permits the Company to request, and Two Prime to make available at its discretion, USD-denominated loans up to an aggregate commitment amount of $ 45.0 million' (https://www.sec.gov/Archives/edgar/data/1889123/000119312526344668/fld-20260630.htm). MARA 'fixed term loan of $300.0 million' (https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm); Hut 8 'revolving credit facility of up to $200 million' (https://www.sec.gov/Archives/edgar/data/1964789/000110465925085775/tm2524762d1_8k.htm). Two Prime's guide speaks generically of 'a cash or stablecoin loan' (https://twoprime.com/bitcoin-backed-lending-guide). read 2026-10-05. No source says any Two Prime loan is disbursed in USDC.
Each currency is a separate book; the dollar equivalents compare sizes and are never added together.
Backing chain
backing_chain (v1 §9.5, D29): the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.
- desk established — the desk · third_party_custodial
source
attribute · custody_model = third_party_custodialTwo Prime: 'Your assets stay in accounts under your name with Qualified Custodians. We never co-mingle funds.' / 'We do not lend your bitcoin to anyone else, use it as collateral, or trade with it.' / 'Borrower collateral remains in cold storage for the entire loan term: offline, multi-sig controlled' (https://twoprime.com/trust-and-transparency, read 2026-10-05). Release: 'non-rehypothecated loans backed by collateral held in segregated, secured custody'; 'tri-party custody with multiple qualified custodians' (https://twoprime.com/resources/news/two-prime-q3-2025-loan-volume). Hut 8 8-K: 'held in the custody of BitGo Trust Company, Inc.' and 'The Custodian does not have any right to lend, pledge, hypothecate or re-hypothecate the posted Collateral.' (https://www.sec.gov/Archives/edgar/data/1964789/000110465925085775/tm2524762d1_8k.htm). Cipher: 'held in a triparty account' (https://www.sec.gov/Archives/edgar/data/1819989/000181998926000028/cifr-20260331.htm). Fold: 'held in segregated cold storage with a qualified digital asset custodian' (https://www.sec.gov/Archives/edgar/data/1889123/000119312526344668/fld-20260630.htm). - sub_custodian incompleteno borrow card for this venue names one
- reuse incompleteno borrow card for this venue carries a custody model
source
The generic axis set
Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it.
| Collateral locked | not published — the desk holds its borrowers' bitcoin in custody and publishes no collateral total |
|---|---|
| Debt outstanding | not published — this desk publishes no book, and no bound on one has been derived |
| Utilisation | not applicable — there is no pool of deposits here to be drawn |
| Venue-level borrow APR | not published — this lender negotiates terms per borrower and publishes no card, so there is no posted price to read (DI3-G2) |
| Venue-level lend APR | not published — the desk publishes no lend card |
| Intermediation margin | not published — needs both a borrow and a lend rate; the borrow rate is not served here |
| Trailing realised average (7/30/90d) | not published — a posted or filed rate has no daily series here |
| Rate volatility (30/90d) | not published — a posted or filed rate has no daily series here |
| Spread to the pair aggregate | not published — this venue has no borrow rate to compare |
| Spread to matched Treasuries | not published — this venue has no borrow rate to compare |
| Origination flow | not published — the venue publishes no loan-by-loan flow |
| Repayment flow | not published — the venue publishes no loan-by-loan flow |
| Aggregate and distributional LTV | not published — the desk publishes no realised LTV of its book |
| Residence distribution | not published — the venue publishes no loan durations |
| Liquidation incidence | not published — the venue publishes no liquidations |
| Top-10 concentration share | not published — the venue publishes no borrower distribution |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.
Access routes
Not yet surveyed. No one has looked for an MCP server for this venue. That is not the same as having looked and found none, and this row will not say the second while meaning the first. The listing criteria are published.
How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp