Strike can't buy out or directly transfer a loan from another provider, but you can move it over yourself. The process depends on how much bitcoin you have available and whether your current lender returns collateral in portions as you pay down the loan.

If you can open another loan of the same size

If you have enough bitcoin that is readily available, you can migrate in one go:

1. Open a loan or line of credit on Strike for a similar or higher amount, depositing bitcoin as collateral during the process
2. Use the cash to pay off your loan with the other provider
3. Retrieve your collateral from the other provider

You end up with a single loan on Strike backed by all your bitcoin.

Example

Bitcoin is priced at $100,000. You have a $50,000 loan with another provider backed by 1 BTC, and you have at least 1 BTC in a personal wallet.

You deposit 1 BTC into Strike and borrow $50,000 at a 50% LTV. You use it to pay off the other provider, and they release your 1 BTC collateral, which you can send back to your personal wallet.

Your bitcoin ends up right back where it started, and your loan is now on Strike.

If you can't open another loan of the same size

If you don't have enough bitcoin readily available to open another loan of the same size, you can migrate by opening smaller loans in Strike.

For this to be possible, your existing lender must allow releasing collateral in proportion to the partial repayments you make. Some lenders release collateral after the loan is fully paid off. If that's the case, your only option will be to open another loan of at least the same amount. Check with your current provider before proceeding.

If your lender supports partial collateral retrieval:

1. Open a smaller loan on Strike using whatever bitcoin you have available
2. Use that cash to make a partial repayment on your existing loan
3. Retrieve the collateral your other provider unlocks
4. Send that bitcoin to Strike and open additional loan volume
5. Repeat until your old loan is fully paid off
6. Consolidate your Strike loans into one, which may qualify you for a lower Annual Percentage Rate (APR)

Each round frees up more collateral to move. The process compounds, so it goes faster with each step.

Example

Bitcoin is at $100,000. You have a $50,000 loan with another provider backed by 1 BTC. The rest of your bitcoin is in cold storage and not easily accessible, but you have 0.5 BTC readily available in a personal wallet.

You deposit that 0.5 BTC on Strike and borrow $25,000 at 50% LTV. You pay $25,000 toward your old loan, bringing it down to $25,000. Your current provider releases 0.5 BTC back to your personal wallet.

You deposit that same 0.5 BTC on Strike again and borrow another $25,000 to pay off the rest. Your other provider releases the remaining 0.5 BTC back to your wallet. You then consolidate your two Strike loans into one.