Miami-based financial technology firm Milo has announced that it has now originated more than $100 million in crypto mortgages, marking a notable milestone for the use of digital assets in real-world housing finance. The figure includes the company’s largest single transaction so far, a $12 million crypto mortgage. According to Milo, demand has been rising among institutional clients and high-net-worth borrowers who are looking for alternatives to conventional mortgage structures and who want to use crypto holdings more efficiently without liquidating them.
Milo’s core product allows clients to pledge Bitcoin as collateral for home purchases instead of selling their BTC to raise cash. The company says it can provide up to 100% financing, with loan amounts reaching as high as $25 million. That structure is designed to eliminate the need for a traditional cash down payment and to help borrowers avoid taxable events that may result from selling crypto assets. For long-term Bitcoin holders, the pitch is straightforward: keep market exposure while unlocking liquidity for property purchases.
Chief Executive Officer Josip Rupena described the milestone as evidence that crypto-based financing is moving beyond theory. In his view, passing $100 million in originations reflects the maturity and stability of Milo’s lending infrastructure. The company is no longer simply trying to prove that a crypto mortgage can exist; it is trying to show that such a product can be executed repeatedly, at scale, and within a more disciplined lending framework. That distinction matters as crypto lending continues to search for durable models after years of market volatility.
Milo also said that its mortgage portfolio has experienced no margin calls to date, while its average interest rates are around 7%. The firm attributes this performance to its underwriting model, which combines AI-driven servicing with real-time collateral monitoring. Compared with traditional lenders, Milo argues that this setup allows for faster risk assessment in a market where collateral values can move rapidly. In practical terms, the company is presenting itself as a lender built specifically for volatile digital-asset-backed credit rather than a legacy mortgage provider trying to bolt crypto onto an old system.
Milo’s self-custody mortgage structure
One of the most important parts of Milo’s update is its emphasis on a self-custody mortgage option. This structure allows borrowers to maintain control of their Bitcoin while still qualifying for financing. For many crypto-native users, that is not a minor feature but a central value proposition, because control over private keys remains one of the strongest principles in digital asset ownership. A self-custody model can therefore reduce some of the trust concerns that come with handing collateral fully to an outside institution.
At the same time, Milo said that in its standard crypto mortgage structure, client collateral is held through custodians Coinbase and BitGo. That gives the firm a hybrid product lineup: one path leans more heavily on recognized third-party custody, while another appeals to borrowers who want stronger direct control over their BTC. This dual approach suggests that the company is trying to accommodate both compliance-oriented borrowers and more crypto-native users who prioritize sovereignty over assets.
Adam Back, CEO of Blockstream, argued that crypto-backed mortgages could meaningfully expand real-world financial use cases for Bitcoin holders. His reasoning is that if Bitcoin continues to appreciate, buyers can build equity in real estate without sacrificing long-term conviction in BTC. That framing captures the broader attraction of this market: rather than choosing between keeping Bitcoin and buying property, borrowers may be able to do both. In that sense, crypto mortgages are being marketed not as a speculative novelty, but as a bridge between digital wealth and traditional asset accumulation.
For holders with large unrealized gains, this matters financially as well as strategically. Selling Bitcoin to fund a down payment can trigger tax consequences and potentially remove exposure just before future upside. Pledging BTC as collateral changes that equation. It turns crypto from a passive investment position into a productive financing asset, one that can be used to acquire real estate while still preserving a long-term thesis on Bitcoin’s value. That is a particularly compelling proposition for affluent borrowers with concentrated digital asset holdings.
Broader loan growth and expanding use cases in 2025
Beyond mortgages, Milo said its wider crypto lending business has expanded sharply. The company stated that its loan book quadrupled in 2025, indicating that the demand for crypto-backed borrowing extends well beyond home finance. This is an important signal because it suggests that borrowers increasingly view digital assets as collateral that can support multiple forms of capital access, similar to how traditional investors might borrow against stock portfolios or other appreciated holdings.
Milo said it offers crypto-backed loans starting at 8.25% interest. According to the firm, clients have used those loans for a range of purposes, including buying additional Bitcoin, acquiring land, renovating homes, and funding business investments. These categories matter because they show crypto lending moving outside purely circular trading activity. Instead of being limited to leverage for more speculation, the loans are being used for physical property, construction-related spending, and enterprise capital needs.
The borrower profile implied by these use cases is also notable. This is not only a product for short-term traders chasing market moves. It appears increasingly aimed at long-term holders, wealthy individuals, and institutions that want liquidity without disposing of strategic crypto positions. Borrowing against Bitcoin can allow them to preserve upside participation while mobilizing capital for other goals. That tradeoff between retained exposure and immediate purchasing power is one of the strongest reasons this segment continues to attract attention.
From 2022 to a 30-year U.S. bitcoin mortgage product
Milo said it began developing what it now calls the first U.S. bitcoin mortgage back in 2022. From the beginning, the idea was to let buyers use their BTC holdings as collateral to purchase property without selling crypto for a down payment. The concept addressed a real problem: some crypto-rich borrowers may have substantial asset balances but may not fit traditional mortgage underwriting models based on salaried income, conventional credit profiles, or legacy asset documentation.
The company said its product is structured as a 30-year mortgage and can finance 100% of a home purchase. CEO Josip Rupena and Miami Mayor Francis Suarez have both framed the offering as a way for bitcoin holders to qualify for mortgages while remaining exposed to Bitcoin’s upside. In effect, the product tries to connect two financial worlds that have historically been separated: crypto-based wealth and mainstream housing credit. If successful, that could broaden the definition of what counts as acceptable collateral in consumer finance.
Whether such products can endure over full market cycles remains a central question. Bitcoin is volatile, which means collateral management, underwriting discipline, and servicing infrastructure all need to be much stronger than in simpler secured lending models. By disclosing originations, interest levels, collateral practices, and its no-margin-call record, Milo appears to be addressing skepticism about whether crypto mortgages can function reliably over time. The company is attempting to show that this is not merely a marketing idea, but an operational lending framework.
Regulation, licensing, and the push for legitimacy in U.S. crypto lending
On the compliance front, Milo said it operates as a licensed lender and has completed a SOC 2 audit. In the context of the U.S. market, those details are significant. Crypto lending has gone through multiple stress periods in recent years, and several platforms faced serious failures tied to weak risk controls, poor governance, or opaque balance-sheet practices. Any lender attempting to build a durable crypto mortgage business must therefore do more than attract borrowers; it must also fit into recognizable regulatory and operational standards.
Milo’s positioning suggests a broader industry direction. As crypto lending continues to evolve in the United States, products that rely on digital assets as collateral will likely need stronger oversight, transparent custody arrangements, auditability, and clearly defined risk processes. The company’s latest announcement is framed around a business milestone, but its larger message is more ambitious: Bitcoin may be developing from a pure investment asset into a regulated financing asset that can support home purchases, business borrowing, and other real-world credit use cases. If that transition continues, crypto-backed mortgages could become one of the clearest examples of digital assets integrating with mainstream financial infrastructure.