Milo, a fintech company specializing in crypto-backed mortgages, has crossed the $100 million milestone in total crypto-backed home loans originated, according to a report from CoinDesk.
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The firm also closed a record single transaction worth $12 million, marking what appears to be the largest individual crypto-backed mortgage to date. The milestone signals growing institutional-grade demand for financial products that allow crypto holders to leverage digital assets without liquidating them.
How Crypto-Backed Mortgages Work
Crypto-backed mortgages function similarly to traditional collateralized lending but use digital assets — typically Bitcoin or Ethereum — as the underlying collateral instead of conventional financial instruments. Borrowers pledge their crypto holdings to secure a home loan, allowing them to purchase real estate while maintaining exposure to their digital asset portfolios.
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The model appeals to a specific demographic: crypto-wealthy individuals who hold significant digital asset positions but may lack the traditional income documentation or liquidity that conventional mortgage lenders require.
For borrowers, the primary advantage is avoiding a taxable event. Selling cryptocurrency to fund a home purchase can trigger substantial capital gains taxes in the United States. By using crypto as collateral rather than selling it, borrowers can access real estate markets while deferring those tax obligations and retaining potential upside on their holdings.
Milo's Growth Trajectory
Reaching $100 million in total originations represents a significant proof point for Milo's business model. The company currently holds mortgage provider licenses in ten U.S. states, with plans to expand into additional jurisdictions.
The licensing footprint is notable because mortgage lending is heavily regulated at the state level in the U.S., and obtaining licenses across multiple states requires meeting varying compliance standards — a barrier that has historically kept smaller fintech players from scaling quickly in the mortgage space.
Perhaps more significant than the headline dollar figure is Milo's claim of a perfect track record with zero margin calls across its entire mortgage portfolio. In crypto-collateralized lending, margin calls are triggered when the value of the pledged digital assets falls below a certain threshold relative to the loan amount.
The absence of margin calls suggests that Milo has either maintained conservative loan-to-value (LTV) ratios, structured its products with sufficient buffers to absorb crypto market volatility, or some combination of both.
Milo has maintained zero margin calls across its mortgage portfolio — a notable achievement given the significant crypto market drawdowns that have occurred over the past several years.
The record $12 million single transaction also points to the caliber of borrower Milo is attracting. A mortgage of that size falls squarely in the luxury and ultra-high-net-worth segment of the housing market, indicating that the firm's client base includes individuals with substantial crypto holdings seeking high-value properties.
The Broader Crypto Lending Landscape
Milo's focus on state-by-state mortgage licensing — rather than operating in regulatory gray areas — positions it within the more traditional financial services framework, which may provide a degree of credibility with both regulators and institutional partners.
The crypto mortgage niche remains relatively small compared to the broader U.S. mortgage market, which originates trillions of dollars annually. But the addressable market is growing as crypto wealth matures.
According to various industry estimates, millions of Americans now hold meaningful crypto positions, and a subset of those holders are reaching life stages — home purchases, investment properties, estate planning — where mortgage products become relevant.
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What to Watch
Several developments will determine whether Milo's milestone represents an inflection point for the crypto mortgage sector or remains a niche product for a narrow audience:
State expansion pace: How quickly Milo can obtain licenses beyond its current ten-state footprint will dictate its growth ceiling.
Margin call resilience: The zero margin call record will face its true test during the next significant crypto market downturn.
Competitive landscape: Whether traditional mortgage lenders or other fintech firms enter the crypto-collateralized space could reshape market dynamics.
Regulatory clarity: Pending U.S. legislation on digital assets and stablecoin frameworks could either enable or constrain crypto-backed lending products.
For now, Milo's $100 million milestone and record transaction represent concrete data points in a sector that has historically been long on promises and short on execution. The firm's continued expansion will serve as a barometer for how quickly crypto-native financial products can bridge into mainstream real estate markets.
