Analysis entries
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Updated through August 23, 2026.
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August 23, 2026
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Featured
AnnouncementLoans3 min readApril 15, 2026
How Pledge Compares Bitcoin-Backed Loan Rates
A current snapshot of Pledge's safety-first Bitcoin-backed loan comparison: 17 tracked platforms, 152 data points, and no paid ranking placements.
A
Pledge Research Team
Independent Bitcoin product research
announcementcomparison
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OpinionLoans5 min readApril 6, 2026
Why We Built Pledge
After years in private credit, we kept seeing BTC borrowers make the same mistakes. So we built the tool we wished had existed — by Bitcoiners, for Bitcoiners.
A
Pledge Research Team
Independent Bitcoin product research
missionwhy
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DataLoans8 min readApril 3, 2026
The Tax Case for BTC Loans: A Concrete Example
Selling BTC triggers capital gains. Borrowing against it does not — but the tax mechanics are nuanced. A practical tax strategy guide for US Bitcoin holders.
A
Pledge Research Team
Independent Bitcoin product research
taxstrategymath
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btc-loans
11 postscomparison
8 postsstrategy
8 postscustody
7 postsbitcoin
5 postsLatest analysis
Deep DiveControl models6 minAugust 23, 2026
Bitcoin Seed Recovery: The Phrase Is the Backup
The seed phrase is the ultimate backup — with it, you can restore your entire wallet on any compatible device, even if the device itself is lost, destroyed, or stolen. Lose the device, not the coins. Here's how recovery actually works, and the six rules that keep it safe.
A
Pledge Research Teambitcoinseed-phraserecovery
Deep DiveControl models6 minAugust 23, 2026
Choosing a Bitcoin Wallet: Fit Over Rank
Pledge reviews 22 wallets across five lenses — recovery safety, key control, ease of use, hardware support, and privacy tooling. There is no single best wallet; there is the wallet that fits how you actually hold bitcoin. Here's how to pick yours.
A
Pledge Research Teambitcoinwalletself-custody
Deep DiveControl models7 minAugust 23, 2026
Hardware Wallets 101: The Custody Tradeoff, Explained
A hardware wallet is a small device that signs bitcoin transactions with keys that never leave it — the strongest practical custody you can hold in your own hands, at the cost of taking on the job the exchange used to do for you.
A
Pledge Research Teamhardware-walletself-custodybitcoin
Deep DiveControl models9 minAugust 23, 2026
How Spot Bitcoin ETFs Actually Work: The Mechanics, the Fees, and the Fine Print
A spot Bitcoin ETF is a grantor trust that holds real bitcoin and sells you shares in it — the cleanest Wall Street wrapper for BTC exposure, at the price of a yearly fee, a custodian in the middle, and a tax quirk most buyers never see coming.
A
Pledge Research Teambitcoin-etfibitgrantor-trust
ComparisonControl models9 minAugust 22, 2026
The Custody Compare Desk: Who Holds Your Bitcoin, Compared
Custody is the first question, not the last. Before any rate, yield, or feature, ask: who can move your bitcoin, and what happens if the custodian fails? Pledge scores 11 custodians on an 8-factor rubric — but a score only means something read within a custody model, never across models.
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Pledge Research Teamcustodybitcoinself-custody
MethodologyLoans8 minAugust 22, 2026
How to Read the 8-Factor Score: What a High Number Actually Means
Pledge's 8-factor score is a reproducible, evidence-bound composite — a weighted sum of eight 0–10 factor scores, computed the same way every time. A high score means the product is structurally boring in the ways that matter. It does not mean 'safe' — and it is not a buy rating.
A
Pledge Research Teampledge-methodology8-factor-scorerisk
Deep DiveControl models7 minAugust 22, 2026
Native-BTC Rails: The Endgame for Bitcoin Lending — and Why It Isn't Here Yet
The next big shift in bitcoin lending is native-BTC rails — borrowing against bitcoin that never leaves the base layer, with no wrapper, no bridge, and no custodian. The promise is real. The products are not live yet. Right now you are buying a roadmap, not a custody structure.
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Pledge Research Teamnative-btczestbabylon
Deep DiveStablecoins9 minAugust 21, 2026
How Digital Credit Works: The Complete Guide to Bitcoin-Backed USD Loans
Digital Credit is the business of lending dollars against bitcoin — you pledge BTC, borrow USD, and keep the upside. How the mechanics, the three custody models, and the liquidation math actually work — and how to compare lenders on the axis that matters.
A
Pledge Research Teambitcoin-backed-loansdigital-creditcustody
Deep DiveStablecoins8 minAugust 21, 2026
STRC vs SATA: The Two Biggest 'Digital Credit' Products, Compared
STRC and SATA are both perpetual preferred stocks paying a high variable yield — but neither gives you bitcoin. How to compare the two biggest Digital Credit products on the axis that matters: the issuer's balance sheet, not the headline rate.
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Pledge Research Teamstrcsatastrategy
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