Galaxy One Unveils Crypto Portfolio Line of Credit at 8.99% APR

Galaxy One has launched its Crypto Portfolio Line of Credit, allowing eligible clients to borrow cash against Bitcoin (BTC), Ether (ETH), and Solana (SOL). The line carries an 8.99% APR with no origination fee, and clients can draw funds instantly in either USD or USDC.

The product pools eligible assets into a single collateral base, allowing borrowers to avoid opening separate loans for each asset. Interest accrues only on the balance actually drawn, making it possible for holders to raise cash without selling their positions.

Galaxy One is operated by Nasdaq-listed Galaxy Digital, led by Mike Novogratz. The company has a history of lending, having co-founded BlockFi and invested $52.5 million in the firm in 2018. Zac Prince, managing director of Galaxy One, emphasized that the new product does not rehypothecate client collateral, avoiding a practice that contributed to the 2022 lending blowups.