Better Mortgage and Coinbase have opened their bitcoin-backed mortgage to the general public, with pre-applications reaching $360 million in requested loan volume since rollout, exceeding the $260 million projected from an earlier waitlist. The product combines a Fannie Mae-conforming mortgage secured by the home with a second loan that finances the cash down payment and is secured by bitcoin and a second lien on the property. The bitcoin-backed loan starts with a 250% collateral ratio, requiring $2.50 of bitcoin for every $1 borrowed. Better originates both loans and collects them through one combined monthly payment. Bitcoin does not count toward qualification for the primary mortgage, so borrowers must independently meet conventional income, credit-score and debt-to-income requirements. Better may rehypothecate the pledged bitcoin, while borrowers cannot recover their cryptocurrency until the primary mortgage is fully repaid or refinanced. Coinbase serves as custodian and technology provider, not as lender or liquidation decision-maker.