Liquidity without liquidation

Rooted in time

Ancient oak with a massive trunk and a far-reaching branch

Bitcoin rewards those who hold through disorder. Yet life and business demand liquidity: an acquisition, a tax bill, an opportunity that will not wait. Le Chêne Lending, built on BitVault technology, lets you borrow against Bitcoin with a loan that ends on a date, not at a price.

The compromise borrowers are usually asked to make

Rooted in a different premise

Most Bitcoin-backed lending asks the borrower to hand the collateral to a custodian, or to accept an automated liquidation engine. A temporary movement in price can then force the sale of a long-term position, even when the borrower is perfectly able to repay.

Custodial exposure
The Bitcoin is transferred into infrastructure controlled by a lender, a platform or a custodian.

Oracle dependency
An external price source becomes the trigger that decides the fate of the collateral.

Forced liquidation
Short-term volatility permanently disposes of a long-term position.

Collateral should follow the agreed terms of the contract, not the market's next price tick.

What is different

No margin call, no forced sale on a price movement

Borrowing against Bitcoin has meant living beneath a liquidation threshold, where a sharp fall in price can force the sale of a long-term position at the worst possible moment. Le Chêne Lending removes automatic price-based liquidation from the contract itself. The collateral stays on the Bitcoin network, in a vault that does not know the Bitcoin price and therefore cannot react to it.

Three keys secure the vault: one held by the borrower, one by the lender and one by Le Chêne as independent collateral agent. No one can move the collateral alone, except the borrower as a last resort if every counterparty has disappeared. Each way of moving it opens only from a date agreed at the start. This is only possible with BitVault technology.

The four ways the collateral can move, and whose keys each one needs.
Keys	What they allow	From when
Borrower and lender	Repayment, annual rollover or an agreed exit	Shortly after setup
Lender and Le Chêne	Enforcement after a missed payment	After the payment date and the grace period
Borrower and Le Chêne	Release against proof of payment, if the lender refuses	After the payment date and the grace period
Borrower alone	Recovery if every counterparty has disappeared	After a further waiting period

This does not remove the economic risk a lender carries. That risk is priced into the rate and can be hedged separately. What it removes is the reflex: the mechanical sale into the thinnest part of the market.

Two sides, one structure

Rooted in a bilateral agreement

For Bitcoin holders
Swiss franc or euro liquidity while your long-term position stays intact.

No automatic liquidation. A drawdown is not a default, and the vault cannot react to the price.
Conservative loan-to-value. A substantial buffer by design, protecting both sides of the agreement.
No custodial platform. The collateral is secured on Bitcoin itself, under three keys. No exchange, and no one holds it alone.
Release after repayment. If a lender refuses to sign, you release the collateral together with Le Chêne, against proof of payment.
Borrowing is not selling. The timing of any future sale remains yours. Tax treatment depends on your circumstances.

For capital providers
A secured, fixed-term claim against Bitcoin collateral you can verify yourself.

Direct and bilateral. Your capital goes to the borrower. Le Chêne never holds client money.
Verifiable collateral. Both parties can check it on-chain at any time.
Orderly enforcement. Only after a missed payment and the grace period, together with Le Chêne as collateral agent, and never on a price tick.
Optional hedging. Residual exposure can be covered through an authorised financial institution. Le Chêne advises; the institution provides the instrument.

How a loan will work

Six stages, from assessment to release

01 Assessment

Both sides are onboarded and assessed. The loan-to-value band, the term and the rate are fixed before anything moves.

02 Setup

The vault is established and the collateral transferred into it. Control is anchored on the timechain and verifiable by both parties.

03 Disbursement

The lender transfers directly to the borrower. Origination and setup fees fall due.

04 Term

Interest is paid every year. Le Chêne administers the contract state and reports to both sides.

05 Rollover

Borrower and lender roll the loan into its next annual period, with no unprotected gap. The rate follows the mechanism agreed at the start, and any hedge can be renewed.

06 Maturity

Repayment and release of the collateral. If a payment is missed, orderly enforcement follows once the grace period has run.

Loans of one to ten years, in annual periods. The loan ends on a date, not at a price.

Who does what

Rooted in clear responsibilities

Le Chêne Family Office AG arranges the loan, advises both sides, administers the contract as servicer and holds the third key as independent collateral agent. Le Chêne is a Swiss financial intermediary, a member of the VQF self-regulatory organisation and the holder of a VASP authorisation. It never holds client money, can never move the collateral alone, and operates no price oracle.

BitVault SA provides the technology that makes the structure possible: spending conditions shared between several parties, each opening on an agreed date and enforced by the Bitcoin protocol itself. It is written in Rust, open source and fully audited, with a patent application filed. BitVault holds no key in any loan.

The loan itself remains a bilateral agreement between borrower and lender. Le Chêne never enters the credit relationship and gives no guarantee against default.

Why the architecture matters

A different relationship with the collateral

How three approaches to Bitcoin-backed lending treat the collateral.
	Custodial Bitcoin loan	Oracle-based on-chain loan	Le Chêne Lending
Collateral model	Platform-controlled custody	Protocol or multisig arrangement	Dedicated Bitcoin output under three keys
External price oracle	Usually	Required	Not used in collateral control
Automatic price liquidation	Usually	Usually	No
Omnibus custody	Often	Varies	No
Basis for enforcement	Platform discretion and contract	Oracle threshold	Missed payment, grace period and the collateral agent's signature
On-chain verifiability	Limited or partial	Partial to high	Full, at any time
Borrower price protection	Limited	Limited	Price alone cannot trigger enforcement

The initial framework

Built for conservative, fixed-term lending

Loan currencies
Swiss francs and euros.

Collateral
Bitcoin.

Structure
A bilateral loan, arranged and administered by Le Chêne, which also acts as independent collateral agent.

Collateral control
Three keys, held by the borrower, the lender and Le Chêne. Technology by BitVault, which holds no key.

Price liquidation
None.

Loan-to-value
20 to 50 per cent, set at assessment.

Term
One to ten years, in annual periods.

Interest
Paid every year, with the capital repaid at maturity.

Availability
An initial Swiss pilot, with selected European markets to follow.

Borrowers
Individuals, entrepreneurs, companies, family offices and institutions.

Capital providers
Institutions, family offices and private individuals, each assessed for suitability.

Pricing
Individually assessed.

Final eligibility, loan size, pricing, collateral requirements and availability depend on the borrower, the lender, the jurisdiction and the contractual terms.

Be among the first considered.

Early access

Tell us what kind of liquidity you are looking for, or on what terms you would consider lending. We will notify you as the first lending programmes and borrower assessments become available.

Early-access registration only. This is not a loan application, an offer of credit or a commitment to lend.

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Early-access registration only. This is not a loan application, an offer of credit or a commitment to lend. Your details are used solely to contact you about this programme and are not passed to third parties. Le Chêne Family Office AG, Freie Strasse 88, 4051 Basel.

Questions, answered plainly

The essentials, without the hype

Who is my counterparty?Bilateral, always

The loan is bilateral, between borrower and lender. Le Chêne arranges it, advises both sides, administers the contract as servicer and holds the third key as independent collateral agent. Le Chêne does not lend its own money, never holds client money and gives no guarantee against default.

Is my Bitcoin transferred to the lender?No, it stays under three keys

No. The collateral is committed to a dedicated Bitcoin output under three keys, held by you, the lender and Le Chêne, rather than deposited into the lender's wallet or an omnibus custodial account. It can move only along the paths agreed at origination, and none of them lets the lender or Le Chêne act alone.

Can a fall in the Bitcoin price liquidate my collateral?Not by price alone

A price movement alone does not activate a liquidation transaction. The collateral policy uses no price oracle. Enforcement depends instead on a missed payment date, the grace period that follows it and the co-signature of Le Chêne as collateral agent.

Is the Bitcoin price ignored entirely?It matters at underwriting

No. Price and collateralisation are considered when the loan is underwritten and the terms are set. The distinction is that no external price feed controls the collateral during the term.

What happens if the loan is not repaid?An orderly, dated path

If a payment is missed, the lender can enforce once the grace period has run, and only together with Le Chêne, which signs when the documented conditions are met. Enforcement is orderly and dated rather than reflexive.

Can the loan end early?Only by agreement

The loan runs for its agreed term, and neither side can end it alone. Borrower and lender can agree to close it earlier; interest and fees for the current annual period then remain due in full.

What if a party disappears?A path for each case

If the lender does not sign after repayment, the borrower releases the collateral together with Le Chêne. If Le Chêne is unavailable, borrower and lender continue together. And if every counterparty disappears, the borrower can recover the collateral alone after a further waiting period.

Is Le Chêne regulated?VQF member, VASP holder

Le Chêne Family Office AG is a Swiss financial intermediary, a member of the VQF self-regulatory organisation and the holder of a VASP authorisation, and its client adviser is entered in the register of advisers under the Financial Services Act. In lending, it arranges and services the loans and acts as independent collateral agent. Le Chêne is not a bank and takes no deposits.

Can I take part as a lender rather than a borrower?Yes, and you are assessed

Yes. Capital providers can register the same way and will be assessed for suitability. Lending on these terms is not appropriate for every profile, and the assessment is part of the process rather than a formality.

Is Le Chêne Lending available yet?Early access and pilot

It is entering an early-access and pilot phase. Registering allows us to understand demand on both sides and to contact suitable participants as the first lending programmes become available.

Where will it be available?Switzerland first

Switzerland first, followed by selected European markets, subject to regulatory, lender and operational availability.

Your Bitcoin strategy should not be decided by short-term volatility.

Rooted in long-term ownership

Register your interest in a lending model built around long-term ownership, transparent terms and collateral governed by the contract rather than by the market.

If you would prefer a confidential conversation before leaving your details, write to lending@rootedinbitcoin.com · +41 78 221 07 38

This lending facility is under development. The information on this page is for product discovery only and does not constitute an offer, a commitment to lend, financial advice or a recommendation. Availability and final terms depend on contractual, underwriting, regulatory and jurisdictional requirements.