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BitRepo

Put your Bitcoin behind real businesses.

Explore a new way to earn yield on Bitcoin through vetted business credit.

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Credit experience.
Bitcoin conviction.

Thomas Hepner
Thomas HepnerFounder & CEO, BitRepoLinkedIn ↗

Thomas co-founded Credit Coop, building credit infrastructure that has processed $2.5B+ in loan originations and repayments.

That infrastructure helped stablecoin-enabled fintechs finance growth with their future cash flows. BitRepo brings that experience to a question Thomas knows personally: how can Bitcoin capital support productive lending?

Read Thomas’s founding story ↗

The idea started with
a Bitcoin holder
already doing it.

The full founding story ↗

Thomas saw a Bitcoin holder borrow against Bitcoin on Morpho and put the proceeds to work in high-yield loans to vetted borrowers.

That experience inspired BitRepo: bringing Bitcoin-backed borrowing and borrower underwriting into one proposed strategy.

Bitcoin collateralUSDC borrowingBusiness credit

How it works

Five steps · Funding the loans

Funding: holder wraps BTC as cbBTC, deposits to the vault, and funds borrowers through Morpho borrowing The holder first wraps BTC as cbBTC through Coinbase, receiving cbBTC on Base. They deposit cbBTC into a proposed BitRepo ERC-7540 vault. The vault supplies cbBTC as collateral to Morpho and borrows USDC, then funds approved borrower loans. Bitcoin holder BTC Holder’s wallet cbBTC BitRepo vault Morpho cbBTC collateral / USDC debt Borrowers Underwritten business loans 2. Deposit cbBTC 3. cbBTC collateral 4. Borrow USDC 5. Fund loans in USDC 1. Wrap BTC as cbBTC 4. Redeem cbBTC* 2. Repay USDC debt 3. Release cbBTC 1. USDC principal + interest
  1. 1 Wrap BTC as cbBTCConvert BTC to cbBTC through Coinbase.
  2. 2 Deposit into BitRepoDeposit cbBTC from your wallet into the vault.
  3. 3 Supply collateralThe vault supplies cbBTC collateral to Morpho.
  4. 4 Borrow USDCThe vault borrows USDC against the collateral.
  5. 5 Fund borrowersThe vault funds vetted business loans in USDC.
  1. 1 Borrowers → BitRepo vaultRepay principal and interest in USDC.
  2. 2 BitRepo vault → MorphoRepay USDC borrowing and interest.
  3. 3 Morpho → BitRepo vaultRelease collateral as debt is repaid.
  4. 4 BitRepo vault → HolderRedeem cbBTC under the vault’s withdrawal terms.

cbBTC is the collateral. USDC is what borrowers receive. Deposited collateral moves into contracts; the underlying BTC backing cbBTC is held by Coinbase.

What the vault standard means

ERC-7540 supports asynchronous deposit or redemption requests. The specific request process, allocation controls, processing time, and withdrawal terms depend on BitRepo’s implementation. This diagram shows the intended asset flow, not a deployed-contract specification.

ERC-7540 standard ↗How cbBTC works ↗

Borrowing against Bitcoin is solved, but lending against it isn’t.

BitRepo begins where those products stop: we find and underwrite borrowers.

Explore what your
Bitcoin could earn.

Speak with Thomas about the strategy, the borrowers, and how Bitcoin-backed credit could fit your portfolio.

Book an intro call