At the start of 2024, Firefish had processed 450 in total Bitcoin collateralised. We served a few thousand users, mostly in Europe. The big question wasn't whether Bitcoin credit was possible. We'd already proven that. The question was whether it could scale without compromising the principles that made it work: Bitcoin-native, non-custodial, P2P, transparent operations, with minimised trust required.

By the end of 2025, we'd processed 3,500 BTC across 25,000 users in 69 countries. Users on Firefish remained resilient through a challenging Q4 without a single liquidation recorded. We'd published our methodology in the form of our book in five languages and made our source code public for anyone to audit.

The answer to whether Bitcoin credit can scale? Yes. But only if you build it right.

Here's how we did it, and what we learned along the way.

(P.S. This isn't a victory lap. It's a progress report)

The Numbers Tell a Story

From 450 BTC to 3,500 BTC. From a few thousand users to 25,000. From a focus on one region to a presence in 69 countries. The raw growth is significant, but what matters more is what these numbers represent.

Every Bitcoin on our platform belongs to someone who refused to choose between holding their conviction and accessing liquidity. Behind the $140 million in loan volume are real decisions: businesses funded without selling Bitcoin, investments made without custody risk, financial flexibility gained without banking permission.

Our community proved something important this year. The demand for Bitcoin credit isn't niche. It's massive. It was always there, hidden beneath justified concerns about custody, complexity, and counterparty risk. Users didn't need convincing that Bitcoin is valuable. They needed infrastructure that respects how they want to hold it.

When Markets Turned Volatile

Bitcoin's dropped approximately 35% in Q4 this year, against what many Bitcoiners suggested. For many lending platforms, that kind of volatility can mean liquidation cascades, panicked margin calls, and users losing their collateral at the worst possible moment.

At Firefish, we maintained zero liquidations not just in Q4 this year, but since launch.

This wasn't luck. It's the result of conservative collateralisation ratios, real-time monitoring systems, and a marketplace structure where both borrowers and lenders understand the actual risks. When markets turned volatile, our users didn't panic. They adjusted their positions proactively. They added collateral when needed. The system worked exactly as designed.

The crash tested our infrastructure. Our users proved it works.

Building for the Long Term

We didn't just process more volume this year. We strengthened the foundation.

• We launched 2-year loan terms, giving users true long-term credit access. Bitcoin credit shouldn't force short-term thinking. If you're holding Bitcoin for the next decade, your loan terms should reflect that timeline.

• We added USDC support, offering anyone across the world access to credit against their Bitcoin. Bitcoin collateral remains our focus, but expanding currency options means more flexibility for both borrowers and lenders without compromising our non-custodial approach.

• We made our source code public. In an industry built on trust, we chose verification. Every multisig setup, every escrow transaction, every line of code is now open for review. You don't have to trust us. You can audit us.

• With the support of Braiins, we published Bitcoin: The Ultimate Collateral in five languages: English, Spanish, German, Czech, and Mandarin Chinese. Bitcoin credit infrastructure needs education as much as it needs technology. Charles University in Prague now uses Firefish as a case study, teaching the next generation of finance professionals about Bitcoin-native infrastructure. Our book is also now available as a FREE audiobook. Available here.

• And we got faster. From match to loan activation now takes an average of just 2.5 days. Speed matters when you need liquidity, and our operational improvements mean less waiting, more action.

Your 4.8-star Trustpilot rating tells us we're building something that actually works for real people with real Bitcoin.

What the Data Reveals

Bitcoin is a $1.8 trillion asset. Only 2-3% is currently collateralized. Compare that to real estate, where over 60% is mortgaged, or bonds, where repo markets move trillions daily. The gap isn't a limitation of Bitcoin. It's a limitation of infrastructure.

Mortgages didn't just help people buy homes. They unlocked real estate as productive capital. Repo markets didn't just provide short-term liquidity. They made bonds functional for institutional portfolios. Bitcoin credit does the same thing for digital scarcity.

The opportunity isn't incremental. It's structural. We're not building a better lending platform. We're building the credit rails for the Bitcoin era.

Why Non-Custodial Matters

Firefish extends

• Bitcoin-native security with marketplace flexibility

• Non-custodial escrow

• Over-collateralised loans

• Market-driven interest rates

• Open-source transparency with institutional-grade compliance

We understand both Bitcoin maximalists and yield-seeking investors. That's not a compromise. It's the entire strategy.

Looking Ahead

Every Bitcoin holder is a potential Firefish user. Most just don't know it yet.

The visible market for Bitcoin credit is small because the infrastructure has been inadequate. The hidden demand is enormous. Talk to any long-term Bitcoin holder and they'll tell you the same story. They've needed liquidity at some point. They refused to sell. They looked at their options and found nothing that aligned with why they hold Bitcoin in the first place.

That's changing. Not because Bitcoin holders suddenly trust centralised lenders, but because non-custodial infrastructure finally works at scale.

Bitcoin credit is where real estate mortgages and bond repo markets were decades ago: at the start of the curve. We're building the rails that turn a $1.8 trillion asset into productive capital without compromising the principles that make Bitcoin valuable.

Thank You

To our 25,000+ users: You did not trust us, You verified our code. You used Bitcoin credit the way it should work. You proved the skeptics wrong.

To our lenders: You provided the liquidity that makes this marketplace function. Your risk assessment and market pricing keep the system balanced.

To our borrowers: You held your Bitcoin conviction while accessing the capital you needed. That's exactly what this platform was built for.

To everyone who reviewed us, shared our content, followed us on socials, met us at conferences, read our book, or simply told another Bitcoiner about Firefish: thank you. This only works if we build together.

2025 was about proving the model. 2026 is about scaling it globally.

Don't trust. Verify. Keep your keys.

∞/21M