Borrowing against Bitcoin to mine — when it is a tool, when it is a trap

A holder who refuses to sell Bitcoin to buy miners will eventually be offered a loan. Sometimes that is a tool. Sometimes it is a trap. The tool case is narrow. The coins stay in a custody arrangement the holder can diligence. The lender is independent of the advisory firm and of the hardware desk. Loan-to-value, liquidation process, rehypothecation, and jurisdiction are understood in writing. Use of proceeds is sized to a power tariff that already works, not to a hope that Bitcoin’s next move will save a bad site. Debt service sits inside treasury policy, not beside it. The trap case is common. Leverage on a depreciating box, at a retail grid tariff, with a lender whose custody and liquidation terms were not read. A drawdown then forces the sale the holder was trying to avoid. Past Bitcoin price is not a plan. Cloud hashrate and guaranteed-yield wrappers are not a substitute for this analysis. NexusArc structures the credit path with independent lenders. We do not lend. We do not broker securities. We do not take collateral. Illustrative names in this market include Ledn, Unchained, Arch, Strike, and any regulated India path that actually exists — named for orientation, not as endorsements. If selling a slice of Bitcoin is cleaner than a loan, we will say so. Stack-and-Hash is the mandate for holders who want that question answered before anyone shops for a machine.