Galaxy launched the GalaxyOne Crypto Portfolio Line of Credit (PLOC) on August 25 for eligible U.S. clients, allowing users to borrow cash against Bitcoin, Ethereum, and Solana without needing to sell their digital assets. The revolving credit line includes staked Solana, which continues to earn rewards without requiring unstaking.
The product features a variable annual percentage rate of 8.99% and a 50% origination loan-to-value ratio, meaning a $100,000 portfolio backs approximately $50,000 in borrowing. The line carries no origination fee. Collateral values are monitored continuously, and GalaxyOne states that users are warned before any collateral action takes place if asset values decline. Draws typically fund instantly, allowing users to spend the cash on the platform or withdraw it as USD or USDC stablecoins.
According to the company, pledged cryptocurrencies are not rehypothecated, meaning Galaxy does not lend out or reuse the assets while they back the credit line.
"We're excited to bring a competitive crypto-backed borrowing product to market via our growing retail platform," said Zac Prince, Managing Director of GalaxyOne. "By leveraging Galaxy's institutional infrastructure, we are able to offer competitive rates, security and flexibility with our new crypto portfolio line of credit product."
The launch arrives years after the 2022 collapses of industry lenders such as Celsius, BlockFi, and Voyager, which froze customer funds and triggered widespread liquidations during market downturns. Galaxy positions its product with distinct structural differences, operating on a regulated platform rather than an external decentralized finance protocol while ensuring pledged collateral remains untouched by rehypothecation.
GalaxyOne Lending LLC offers the line of credit in 40 states. Excluded jurisdictions include California, Delaware, Idaho, Indiana, Minnesota, Mississippi, Missouri, Nevada, and South Dakota.
