A Practice Note that summarizes and compares key provisions from certain publicly available crypto-backed credit agreements from 2025. As the lending market adapts to the rise of bitcoin (BTC) and other digital assets, this Note examines the structure of loans in which cryptocurrency is pledged as collateral. It highlights the main areas of focus for lenders and borrowers, including mechanisms for collateral valuation, custody, and control. This Note summarizes different approaches to collateral eligibility, loan-to-value (LTV) monitoring, margin call triggers, and the roles of custodians and lending service providers (LSPs). It also explores how these agreements leverage the Uniform Commercial Code (UCC) to perfect a lender’s security interest in digital collateral, providing valuable insights for parties navigating this evolving area of finance.