Crypto as collateral? Mortgage dreams ahead

June 24, 2025

Reading time: 5 minutes

FHFA eyes crypto for mortgages as Trump-era integration deepens

Key points:

  • The U.S. Federal Housing Finance Agency (FHFA) has launched a review to assess whether crypto holdings like Bitcoin and Solana can qualify as mortgage-eligible assets.

  • Director Bill Pulte, a Trump appointee and longtime crypto investor, signaled deeper integration of digital assets into traditional finance under the new administration.

News - In a move that could reshape mortgage financing in the United States, the Federal Housing Finance Agency (FHFA) is reviewing whether cryptocurrency holdings could be factored into mortgage qualification assessments. FHFA Director Bill Pulte announced the development on X, stating, “We will study the usage [of] cryptocurrency holdings as it relates to qualifying for mortgages.”

The FHFA’s review could influence how mortgage giants Fannie Mae, Freddie Mac, and the 11 regional Federal Home Loan Banks assess borrower wealth. If approved, Bitcoin, Solana, and stablecoins might one day be listed as eligible assets, signaling a potential shift in the financial mainstreaming of crypto.

Trump influence and Pulte’s crypto bets - Pulte, who was sworn in on March 14 after his nomination by President Trump, is a prominent crypto advocate and investor. Financial disclosures reveal he holds between $500,000 and $1 million in both Bitcoin and Solana, alongside stakes in crypto-linked firms like MARA Holdings and meme stocks like GameStop.

His appointment comes amid broader crypto-friendly reforms under the Trump administration. In January, the SEC rescinded SAB 121, an accounting policy that had restricted banks from offering crypto-backed financial products by classifying customer crypto as balance sheet liabilities.

What changes could look like - Currently, crypto must be converted to USD and held in a U.S.-regulated financial institution to be counted toward mortgage eligibility. While crypto-backed mortgages already exist via niche firms, FHFA’s review could pave the way for mainstream banks to enter the space, potentially transforming real estate access for both high-net-worth and underserved borrowers.

Trump targets debanking with new executive order

Key points:

  • The Trump administration is preparing an executive order to protect crypto firms from discriminatory banking practices.

  • The Fed also dropped ‘reputational risk’ language, further unwinding crypto’s banking freeze-out.

News - The Trump administration is reportedly drafting an executive order to end banking discrimination against politically unfavored industries, including cryptocurrency firms. The proposal, as reported by The Wall Street Journal, aims to counter claims that major U.S. banks engaged in selective service denial, a trend critics have called “Operation Chokepoint 2.0.”

Over 30 tech and crypto firms were allegedly debanked during the Biden era. Institutions like JPMorgan, Citigroup, and Wells Fargo have since met with Texas and Oklahoma officials to deny politically motivated service restrictions. At the Senate Banking Committee in February, Senator Elizabeth Warren pressed for equal banking access, stating no American should be denied services based on industry or ideology.

The pressure is mounting amid Trump’s vow at the White House Crypto Summit to end Operation Chokepoint 2.0 entirely.

Fed reverses course - In a parallel move, the U.S. Federal Reserve said it will no longer use “reputational risk” as a factor in supervising banks. This change, long demanded by crypto advocates, is seen as a major victory for the industry.

Senator Cynthia Lummis welcomed the rollback, calling it a win for American Bitcoin businesses. The Fed clarified that banks still must uphold strong financial risk management, even as reputational criteria are eliminated from regulatory materials.

Ongoing uncertainty until 2026? - Despite these rollbacks, crypto banking access may remain unstable until 2026. Custodia Bank CEO Caitlin Long warned that unless all regulators—including the Fed—align, friction could persist. Trump can’t appoint a new Fed governor until January, potentially delaying full relief for crypto firms caught in the debanking crossfire.

Bitcoin dominates portfolios as corporates race to accumulate BTC

Key points:

  • Bitcoin now makes up nearly one-third of investor portfolios, fueled by institutional inflows, treasury allocations, and ETF optimism.

  • Corporations like Metaplanet, ProCap, and ECD are adopting aggressive BTC treasury strategies, with global holdings surging past 3.4 million BTC.

News - Bitcoin’s share of crypto portfolios has jumped to 30.95%, up from 25.4% in late 2024, according to a new report by Bybit. The increase reflects growing institutional appetite post-ETF approvals and more favorable regulations under the Trump administration. Notably, the number of public companies holding BTC has nearly doubled in the past few weeks, from 124 to over 244, with total corporate and ETF holdings exceeding 3.45 million BTC.

Bitcoin also outperformed major traditional asset classes after Trump’s inauguration in January 2025, accelerating its reputation as a viable portfolio hedge.

From cars to gold: Who’s buying Bitcoin now? - Japanese firm Metaplanet plans to inject $5 billion into its U.S. subsidiary to fast-track BTC accumulation and aims to hold 210,000 BTC by 2027. Meanwhile, Panther Metals is using a $5.4 million BTC treasury to acquire a Canadian mineral mine, positioning Bitcoin as productive collateral.

Luxury car customizer ECD Automotive Design raised $500 million via an equity facility to build its BTC treasury. The company also launched a crypto incentive program offering $21K in upgrades to Bitcoin-paying clients.

ProCap’s bold entry and Asia’s crypto push - Crypto investor Anthony Pompliano’s ProCap Financial raised $750 million ahead of a Nasdaq listing. It aims to stockpile up to $1 billion in Bitcoin reserves, calling BTC “the new hurdle rate” for corporate value creation.

In Asia, Hong Kong’s $4B family office VMS Group plans its first crypto investment via Re7 Capital, citing regulatory clarity and institutional demand. Local firms like DDC Enterprise and 9GAG’s MemeStrategy have already joined the Bitcoin-buying wave.

Altcoin shifts signal ETF hopes - While institutions boosted Bitcoin, retail investors trimmed their BTC holdings by 37% since November 2024. Many rotated into XRP, whose portfolio share doubled amid rising hopes for an XRP ETF. By contrast, Solana allocations fell by 35% during the same period.

Crypto in Japan gets serious: Flat tax, ETF path unlocked

Key points:

  • Japan’s Financial Services Agency (FSA) proposed classifying crypto as financial products, enabling ETFs and slashing taxes from 55% to 20%.

  • The move aims to align Japan with mature global markets, boosting investor protections and institutional participation.

News - Japan is making its boldest crypto move yet. On June 24, the country’s Financial Services Agency (FSA) proposed reclassifying cryptocurrencies under the Financial Instruments and Exchange Act (FIEA)—a move that would legitimize digital assets as formal financial products, much like stocks.

If adopted, the proposal would open the door to long-awaited crypto ETFs in Japan and drastically lower the tax burden on crypto gains, from a progressive rate that tops out at 55% to a flat 20%, mirroring capital gains on equities.

This reform is part of Japan’s larger “New Capitalism” agenda, which seeks to attract global investment and modernize the economy. With over 12 million active crypto accounts and ¥5 trillion (~$34B) in assets already in play, the regulatory pivot signals Japan’s readiness to compete with pro-crypto jurisdictions like the U.S. and South Korea.

A turning point for institutional growth - The FSA’s move follows growing institutional demand and retail enthusiasm. More than 1,200 financial entities now hold U.S.-listed Bitcoin ETFs, and Japan is looking to replicate that momentum. The shift also comes after Metaplanet redirected $5 billion to the U.S. for Bitcoin purchases, highlighting how Japan’s past crypto tax policies pushed capital offshore.

Why it matters - Japan’s proposal could flip the country from a crypto cautious outlier to a global leader in digital finance. By combining investor protection with tax relief and ETF access, Japan is signaling it’s ready to take crypto mainstream—at home and on the world stage.

Interesting facts

  • World’s first cryptography company was founded in 1916: AB Cryptograph, founded in Sweden in 1916, was the world’s first company dedicated to cryptographic machines, predating digital crypto by a century and symbolizing early roots of cryptography in commerce.

  • Equihash — ASIC‑resistant mining innovation: Launched in 2016, the Equihash algorithm introduced a memory‑hard Proof‑of‑Work (PoW) design aimed at resisting ASIC dominance, boosting mining decentralization in projects like Zcash and Pirate Chain.

  • WhopperCoin — Burger King’s crypto loyalty flop: Burger King Russia debuted WhopperCoin in 2017, an early branded crypto loyalty token on Waves blockchain, but its value plummeted from $0.14 to near-zero by 2019, fading into irrelevance.

Top 3 coins of the day

Sei (SEI)

Key points:

  • At press time, SEI was trading at $0.27, reflecting a 14.56% increase over the last 24 hours.

  • It was one of the top gainers and trending cryptocurrencies according to CoinMarketCap.

What you should know:

SEI staged a sharp breakout above $0.27, reversing a multi-week decline after its Supertrend flipped bullish on June 22. The move came with a notable surge in trading volume, which jumped to over $440 million, indicating strong participation in the rally. This upside push also marked the highest daily gain for SEI in over a month. The Directional Movement Index (DMI) supported the bullish momentum, with the +DI line surging past 44 and maintaining a strong gap above the -DI line. The ADX value rising past 21 confirmed strengthening trend momentum, suggesting bulls had not only regained control but were accelerating upward pressure. Part of the renewed optimism stems from SEI being selected as the blockchain for Wyoming’s upcoming fiat-backed stablecoin pilot (WYST)—a move that significantly boosted institutional sentiment. Broader macro relief from a potential Israel–Iran ceasefire also helped drive capital back into risk assets. Despite the rally, SEI now faces potential resistance near the $0.30 psychological level. Traders may also watch the Supertrend baseline around $0.21 as a key support zone in the event of a pullback. If SEI sustains above $0.26 in the coming sessions, the breakout could extend toward the early May swing high.

XRP (XRP)

Key points:

  • At press time, XRP was trading at $2.17, reflecting a 0.79% increase over the last 24 hours.

  • The Awesome Oscillator flipped green, while the 9-day SMA hovered below the candle, hinting at potential trend reversal.

What you should know:

XRP showed signs of recovery after rebounding from the $1.95 zone, registering modest gains on the daily chart. While the price remained below its early June highs, it reclaimed the 9-day Simple Moving Average (SMA) for the first time in nearly two weeks—a signal that short-term sentiment may be shifting in favor of the bulls. The Awesome Oscillator (AO) histogram turned green after a prolonged red phase, suggesting that bearish momentum had slowed and bullish pressure was gradually returning. The volume on the bounce was slightly higher than previous down sessions, although not yet indicative of a full-fledged breakout. A key driver behind XRP’s recent strength has been the U.S. Federal Reserve’s decision to remove “reputational risk” from its crypto oversight rules, opening doors for more bank participation in XRP-linked services. Bullish sentiment was further reinforced by Canada’s 3iQ XRP ETF gaining traction, alongside speculation of a potential U.S. spot ETF approval. For now, the $2.20–$2.25 region stands as a short-term resistance zone to watch. If bulls manage a decisive close above that range, XRP could target $2.40 next. Conversely, a breakdown back below $2.05 may reinforce lingering bearish pressure and invalidate the nascent uptrend attempt.

Solana (SOL)

Key points:

  • At press time, SOL was trading at $144, reflecting a slight 0.12% decline over the last 24 hours.

  • The 9-day SMA trailed just below the latest price candle, while the RSI hovered at 44.93, indicating neutral-to-weak momentum.

What you should know:

Solana struggled to maintain bullish traction after bouncing off the $130 zone earlier this week. While the recovery attempt briefly pushed the price above $145, the momentum fizzled as sellers returned near the short-term resistance. The price has yet to reclaim the 9-day Simple Moving Average (SMA), a key hurdle for any sustained upside move. The Relative Strength Index (RSI) edged up from oversold territory but remained below the neutral 50 level, reflecting caution among traders. Volume showed a modest uptick during the recent rebound, but it wasn’t strong enough to confirm a trend reversal. Adding fuel to the rebound was DeFi Development Corp’s move to tokenize its Nasdaq-listed shares on Solana via Kraken’s xStocks platform—a milestone for institutional adoption of tokenized equities. Separately, Solana also secured a government partnership with Kazakhstan to establish a blockchain economic zone and drive Web3 innovation across Central Asia. Unless bulls push SOL decisively above the $150 resistance and reclaim the 9-day SMA, the broader structure may still favor sellers in the short term. On the flip side, a breakdown below the $135 mark could reintroduce bearish pressure and expose SOL to a retest of the $120 support level.

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