Coinbase funds first Bitcoin mortgage backed by Fannie Mae

Coinbase has funded the first Fannie Mae-insured mortgage in the U.S. using Bitcoin-backed collateral, bringing digital assets into a part of the housing finance market traditionally dominated by cash savings and bank deposits.

Transaction details

• Coinbase and Better Mortgage completed the first Fannie Mae-insured U.S. mortgage backed by Bitcoin collateral.
• Borrowers can pledge Bitcoin and USDC without selling holdings; assets are held in a custodial account during the mortgage process.
• Better Mortgage expects up to $250 million in loan volume from its waitlist; Coinbase plans nationwide rollout later this summer.

Coinbase announced the transaction on June 4, 2026 via X: “The first ever Fannie Mae-insured mortgage backed by BTC in the U.S just got funded. Originated and serviced by Better, powered by Coinbase. Rolling out nationwide this summer.”

The mortgage was issued to Joe and Amy, a couple from Ann Arbor, Michigan (per Yahoo Finance report cited by Coinbase). Rather than selling Bitcoin for the down payment, they placed the asset into a custody account serving as collateral.

Process

Roy Zhang, Coinbase director of product: approved borrowers click through Coinbase’s product interface, complete Better Mortgage’s application, and with a single click move Bitcoin into a custodial wallet through their Coinbase account.

Vishal Garg, Better Mortgage founder and CEO, described crypto-backed conventional mortgages as a natural extension of changing household investment habits — more Americans hold wealth in digital assets rather than traditional bank accounts.

Fannie Mae involvement

Fannie Mae first announced in March 2026 it would begin accepting cryptocurrency assets when evaluating mortgage down payments. Garg said the completed mortgage satisfies underwriting requirements for a Fannie Mae-conforming loan, operating within the existing mortgage framework.

Garg said tokenized mortgages could eventually incorporate additional digital assets, including tokenized stocks.

Broader Coinbase product strategy

The mortgage rollout follows Coinbase’s introduction of USDC-settled perpetual futures tied to private firms, beginning with a SpaceX-linked contract offering up to 5x leverage for eligible traders. Coinbase plans more pre-IPO perpetual futures in AI, energy, technology, and space sectors.