The interactive model behind Iron, the non-custodial bitcoin credit card. Move the levers.
The loan book
Revenue is the net interest spread on the average drawn balance, plus card interchange and a thin FX margin. Overcollateralized, so charge-offs stay near zero. The first milestone is $100k MRR; the scale target is $3M ARR. Both presets clear the first milestone.
Loan book (drawn)
$75M
50,000 users · 30%
Revenue / yr
$5.7M
net interest + interchange
MRR
$475k
per month
Revenue / user / yr
$114
blended
Cardholders50,000
Avg bitcoin locked / user$5,000
Utilization (drawn LTV)30%
Net interest spread (borrow APR minus facility cost)4%
Past the $100k MRR first milestone · scale target $3M ARR ($250k MRR)
At these terms, ~10,527 cardholders reaches $100k MRR ($52.6M of bitcoin locked). Within reach of the Network School and bitcoin-community beachhead.
Illustrative. Assumes card spend cycles the drawn balance ~3x/yr at ~1.2% all-in interchange and FX. Not a forecast.
IRON
•••• •••• •••• 0021
Card holder
YOUR NAME
Exp
09 / 29
VISA
Why it wins
Non-custodial by construction
2-of-3 collaborative multisig, the user holds a key. Rehypothecation is structurally impossible, so we sidestep the exact failure that killed Celsius and BlockFi.
Overcollateralized, near-zero losses
40 to 50% LTV plus transparent auto-liquidation means charge-offs are a fraction of Chase's 5 to 6%. We keep more of the spread and we do not blow up.
Net interest spread is the core
The Chase engine on a real balance sheet. The loan book is funded by a debt facility (debt, never equity), so the company is not diluted to fund lending.
Card plus local rails, Lightning settlement
A spendable Visa card and local rails in emerging markets that pure BTC lenders lack, with instant, low-fee Lightning for repayment and top-ups.