Better and Coinbase Launch General Availability of the First Token-Backed, Conforming Mortgage

Better Home & Finance Holding Company (NASDAQ: BETR), an AI-native mortgage and home equity finance company, and Coinbase Global, Inc. (NASDAQ: COIN) announced general availability on August 26, 2026 of their token-backed, Fannie Mae-conforming mortgage product for Coinbase One members. Borrowers can now pledge Bitcoin or USDC as collateral to fund a mortgage down payment without selling their holdings or triggering a taxable event. Approved Coinbase One members also receive a lender-funded closing cost credit equal to 1% of the mortgage value, up to $10,000, applicable across Better’s full suite of home-financing products.

A Multi-Month Rollout Backed by Real Waitlist Demand

Today’s general availability announcement is the culmination of a process the two companies have run in public since March 2026, when they first unveiled plans for a Fannie Mae-eligible token-backed mortgage. Better funded the first Bitcoin-backed conforming mortgage in the United States in June 2026 and opened a waitlist to gauge demand ahead of a summer 2026 broad launch. That waitlist reportedly represented more than $260 million in projected loan volume, with 76% of respondents already Coinbase One members and 60% reporting plans to buy a home within six months. The structure addresses a specific friction point: borrowers who hold meaningful crypto wealth but limited traditional liquid savings have historically struggled to qualify for conventional mortgages without liquidating appreciated positions and incurring capital gains taxes. Because pledged Bitcoin or USDC only faces liquidation risk after 60 days of payment delinquency, similar to how a conforming mortgage treats other collateral, ordinary price volatility in the underlying asset does not itself trigger a margin call or forced sale.

The Product Extends Coinbase’s Push Into Everyday Financial Services

For Coinbase, the mortgage product is one part of a broader strategy to embed itself into consumers’ everyday financial lives rather than functioning solely as a trading venue. Layering a real estate use case onto Coinbase One membership gives the subscription tier a tangible benefit beyond trading fee discounts, and ties a major life purchase directly to Coinbase’s platform. Pledged USDC specifically earns rewards under the program that can help offset borrowing costs, adding an incentive for members to hold stablecoin balances on Coinbase rather than elsewhere. The company has previously framed the partnership as opening a pathway from digital wealth to homeownership for a demographic, particularly younger buyers, more likely to hold meaningful crypto balances than home equity or traditional cash savings.

Better Launches the Product Amid a CEO Transition and a Challenging Mortgage Market

The rollout arrives at a notable moment in Better’s own corporate story. The company’s Q2 2026 earnings release on August 6 confirmed that board member Daniel Lewis has become Interim CEO, with founder Vishal Garg transitioning out of the chief executive role to remain on the board. That same quarter, loan volume grew 38% year over year to $1.67 billion and net revenue rose 28% to $54.7 million, though the company acknowledged it will fall short of its previously guided goal of reaching adjusted EBITDA breakeven by September. Better ended Q2 with $102.3 million in cash and management has raised its annual cost-savings target to more than $45 million, up from an original $25 million goal. Technology-driven origination continues to gain share, with Better’s Tinman AI platform now handling 55% of loan volume. The token-backed mortgage rollout fits within that broader push toward differentiated, technology-enabled origination channels at a time when elevated mortgage rates have pressured industry-wide application volume.

Strategic Investment Summary

• General Availability: Better (NASDAQ: BETR) and Coinbase (NASDAQ: COIN) launched general availability of their token-backed, Fannie Mae-conforming mortgage for Coinbase One members on August 26, 2026, allowing Bitcoin or USDC to serve as down payment collateral.
• Borrower Incentive: Approved Coinbase One members receive a 1% lender-funded closing cost credit up to $10,000, applicable to standard mortgages, HELOCs, and refinances across Better’s product suite.
• Demonstrated Demand: A pre-launch waitlist represented more than $260 million in projected loan volume, with 76% of respondents already Coinbase One members and 60% planning a home purchase within six months.
• Collateral Protection: Pledged Bitcoin or USDC faces liquidation risk only after 60 days of payment delinquency, meaning ordinary price volatility alone does not trigger a margin call, addressing a key borrower concern with crypto-collateralized lending.
• Better’s Leadership Transition: The launch follows Better’s August 6, 2026 Q2 report confirming Daniel Lewis as Interim CEO, with founder Vishal Garg moving to a board role, as the company also raised its annual cost-savings target to more than $45 million.
• Q2 2026 Financial Context: Better’s loan volume grew 38% year over year to $1.67 billion and net revenue rose 28% to $54.7 million in Q2 2026, though management acknowledged adjusted EBITDA breakeven, previously targeted for September, will not be reached on that timeline.

Find out more about the latest corporate developments and financial reports at the Better investor portal.