Bima CDP Review 2026: Bitcoin Collar Loans, No Margin Calls

Bima is a Bitcoin-focused credit protocol built by Bima Labs, based in San Mateo, California. It launched mainnet in April 2025 as a way for Bitcoin holders to access liquidity while keeping long-term BTC exposure. DeFi listings track roughly $10.9 million in TVL across eight chains.

The current homepage centres on collar loans. Users deposit BTC, wBTC, cbBTC or wBNB, pick a fixed term, and borrow USDC with no scheduled interest and no margin calls. Earlier coverage describes the protocol minting USBD, a Bitcoin-backed stablecoin, against liquid staked Bitcoin.

Bima Labs reported a $2.25 million seed round in July 2024 led by Portal Ventures. The project lists no governance token. A security firm published an audit of the protocol in January 2025, and the homepage says vault, strategy and escrow contracts have been reviewed.

A user deposits Bitcoin or a supported wrapped asset into a custody vault. Bima then structures a collar: the borrower buys a put that sets a floor price and sells a call that sets a cap. The premium from the call helps pay for the put and the loan, which is why the homepage describes 0% cash interest.

The borrower receives USDC or other stablecoins at a set loan-to-value, shown as 50% in the example. Because the floor is bought upfront, there are no margin calls during the term. If the price rises above the call strike, the extra gain goes to whoever holds the call.

Earlier, Bima was described as a CDP protocol where users mint USBD, a Bitcoin-backed stablecoin, by depositing liquid staked or restaked Bitcoin tokens. The listing still classes it as a CDP, and its TVL is spread across several chains.

Bima does not publish a fee schedule on its homepage. The headline claim is 0% cash interest, because the option premium from the collar pays for the loan rather than monthly interest.

The real cost is the upside given up above the call strike, plus any pricing embedded in the option structure. Users would see exact terms in the loan preview inside the app before committing. Gas and network costs on the chosen chain would apply separately.

Bima says its vault, strategy and escrow contracts were independently reviewed and that every finding in the latest collateral fixed-term audit was resolved. A separate security firm published a protocol audit page in January 2025. The listing data shows no audits recorded, so readers should read the audit documents directly.

Collateral is held in vaults and placed with approved prime brokers, so users carry custodian and counterparty risk on top of smart-contract risk. The homepage disclaimer states that the floor depends on counterparty credit. Regulatory status, insurance cover and any incident history are not published on the homepage. Only commit what you can afford to lose.

Long-term Bitcoin holders, businesses and institutions that want stablecoin liquidity without selling BTC, and that accept capped upside and custodial counterparties in return for fixed terms. It is less suited to users who want fully on-chain, permissionless borrowing.