Himanshu Sahay on Building a Bitcoin-Backed Lender
October 31, 2026
Onramp Media's First Principles features Arch co-founder Himanshu Sahay explaining how he approaches bitcoin-backed lending, from margin calls to collars. Arch is a third-party lender, and Onramp does not offer yield, interest or a return on bitcoin balances.
Cam Stromme talks with Himanshu Sahay, co-founder of Arch, about his path from consumer apps at Tinder, Bird and Snap into bitcoin lending. Himanshu describes the policies Arch adopted at launch, how he sees margin calls, loan-to-value and interest rates, where lending capital comes from, and the loan structures he finds useful, including collars. They also discuss when he expects banks to lend against bitcoin. Arch is a third-party lender, and Onramp does not offer yield, interest or a return on bitcoin balances.
Chapters
00:00 - Himanshu Sahay and Arch 01:12 - From Tinder, Bird and Snap to Bitcoin 04:09 - Himanshu on the Buy, Borrow, Die Strategy 06:27 - Starting a Bitcoin lender in the 2022 collapse 08:08 - Himanshu on Arch's Collateral Policy 12:20 - Himanshu on Arch's Custody Setup 16:13 - State lending licenses and the BitLicense 20:17 - Who borrows against Bitcoin, and why 22:56 - How Arch's Loan Process Works, per Himanshu 24:54 - Margin calls, price wicks and safeguards 31:11 - Loan to value, APR and deferred interest 33:09 - Where the lending dollars come from 38:02 - Upsizing and rolling over a loan 39:39 - Himanshu on Collars and Loan Structures 44:23 - Himanshu on Banks and Bitcoin Lending 48:59 - Borrowing against spot Bitcoin vs ETFs 52:12 - The financialization of Bitcoin 54:53 - Be curious, and be conservative
Frequently Asked Questions
Who is Himanshu Sahay?
Himanshu Sahay is a co-founder of Arch and a former product builder at Tinder, Bird and Snap. He joins Cam Stromme for a conversation about his background and bitcoin lending, starting at 01:12.
What does the episode say about margin calls?
Himanshu explains how margin calls and price wicks are handled on Arch's loans, with the discussion starting at 24:54. This is his description of a third-party product, not investment advice from Onramp.
What are collars in the episode?
At 39:39 Himanshu describes collar loans, which he says are structured to remove margin call risk. This is his framing of a third-party product, not investment advice from Onramp.
When does the episode discuss banks lending against bitcoin?
Himanshu gives his view on when banks may begin lending against bitcoin at 44:23, and compares borrowing against spot bitcoin with ETFs at 48:59.
This episode is editorial and educational content. Onramp does not provide tax, legal, or investment advice. Bitcoin is volatile and may lose value. Past performance does not guarantee future results.