Galaxy opened a retail crypto-backed credit line on GalaxyOne, letting eligible U.S. clients borrow cash against Bitcoin, Ethereum, and Solana without selling their holdings. The revolving line carries a variable 8.99% APR and a 50% loan-to-value ratio, and it launches four years after the 2022 lending collapses that froze the category.
Galaxy launched the GalaxyOne Crypto Portfolio Line of Credit on August 25 for eligible U.S. clients, letting them borrow against Bitcoin, Ethereum, and Solana — staked SOL included — without selling their coins. The product pools all three assets inside one revolving line instead of requiring a separate loan per asset.
One line, three assets, no rehypothecation
Galaxy sets a variable annual percentage rate of 8.99% and a 50% loan-to-value ratio: a $100,000 collateral book backs about $50,000 in borrowing. The line carries no origination fee, and draws usually fund instantly, spendable on-platform or withdrawn as USD or USDC.
Galaxy says the pledged crypto isn't rehypothecated — it doesn't lend out or reuse the collateral while it backs the line. Staked SOL keeps earning rewards without unstaking. Galaxy also says it monitors collateral values continuously and warns clients before any collateral action.
A retail push four years after the last blowup
The 2022 collapse of Celsius, BlockFi, and Voyager still frames the category: those lenders froze customer funds and forced liquidations when prices fell. Galaxy's structure runs on its own regulated platform rather than an external DeFi protocol, with collateral that stays in place instead of being rehypothecated.
Sentiment has also shifted. Crypto markets flipped to "extreme greed" this week for the first time since 2024, and Bitcoin and Ethereum ETFs added $23 billion in a week. GalaxyOne Lending LLC offers the new line in 40 states, excluding California, Delaware, Idaho, Indiana, Minnesota, Mississippi, Missouri, Nevada, and South Dakota.
Source: Galaxy
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