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River vs. Unchained: Both bitcoin-only, very different on custody.

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About River

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River is a bitcoin-only brokerage founded in 2019 and focused on US-based long-term holders. It is custodial: River holds all client bitcoin keys in full-reserve, in-house multisig cold storage across geographically distributed US locations, and has never lent or rehypothecated client bitcoin. River publishes monthly cryptographic proof of reserves, is SOC 1 and SOC 2 Type II certified, and has operated without a known security incident since founding. Beyond buying and holding bitcoin, River has expanded into cash yield, direct deposit, and Lightning payments.

Who each is for

River is for

Clients building a bitcoin position at any size, or those who want cash yield, Lightning payments, and direct deposit without managing their own keys.

Unchained is for

Holders with a meaningful bitcoin position who want sovereign key control, an IRA, or a formal inheritance plan; and business entities seeking dollar liquidity through bitcoin-backed loans.

River
Unchained
Trading fee
1.00% on one-time buys. Zero-fee on recurring buys after the first week.
1.00% standard tier. 0.75% Signature tier.
Minimum purchase
$10
$2,000
Recurring / DCA
Zero-fee at any frequency.
Not offered
OTC / large trades
Private Client tier ($100,000+).
Primary buy channel for all vault clients.
Settlement
Into a River custodial account.
Into your multisig vault.
Custody model
Not applicable
Collaborative multisig
Key distribution
Not applicable
Client holds 2 keys, Unchained holds 1 key.
Default structure
Not applicable
2-of-3
Other configurations
Not applicable
Quorums up to 15-of-16 are supported on the Signature tier. Connections allow sharing keys with trusted parties.
Recovery if a key is lost
Not applicable
Loss of 1 key is recoverable. The remaining 2 keys still meet the 2-of-3 threshold.
Hardware wallets
Not applicable
Ledger, Trezor, Coldcard, BitBox, Blockstream Jade
Annual cost
Not applicable
$250/year per vault
Default process
Not applicable
Executor locates 1 client key and contacts Unchained with the Inheritance Protocol documents.
Heir technical knowledge required
Not applicable
No bitcoin knowledge required. Executor follows written instructions.
Waiting period
Not applicable
None
Executable without company involvement
Not applicable
Yes. The client's 2 keys remain operable independently of Unchained.
Cost or included tier
Not applicable
Included with Signature. Protocol materials are also available separately.
Account types
Not applicable
Traditional, Roth, SEP
Key control
Not applicable
Client holds 2-of-3 keys in a dedicated IRA vault.
IRA custodian
Not applicable
Fortis Bank (Colorado-chartered, FDIC-supervised)
Account minimum
Not applicable
No minimum balance. $2,000 minimum per trade.
Trading fee
Not applicable
1.50% per trade
Annual fee
Not applicable
$250/year per IRA vault
Payments
✓
✕
Lender of record
Not applicable
Unchained (direct lender)
Eligible borrowers
Not applicable
Business entities only (LLC, corporation, single-member LLC)
Minimum loan
Not applicable
$150,000
Interest rate
Not applicable
12.0%
LTV at origination
Not applicable
50% at origination
Collateral custody during loan
Not applicable
Unchained and Fortis Bank each hold one key, which prevents any party from moving bitcoin unilaterally.
RIA
✕
✓
DAF
✕
✓
Trust entity
Not applicable
Gannett Trust Company, LLC
Jurisdiction / charter
Not applicable
Wyoming (chartered May 2025)
Services offered
Not applicable
Personal trust administration, corporate bitcoin treasury, qualified custody, dynasty trusts, and inheritance and estate planning.
Key control
Not applicable
Client-directed. Supports both collaborative custody and qualified custodian configurations.
Minimum assets
Not applicable
Not disclosed
Tier name
Private Client
Signature
Annual cost
Threshold-based ($100,000+ in holdings).
Personal: $6,000 first year, $4,500 renewal. Business: $7,500/year.
Dedicated contact
Dedicated relationship manager.
Dedicated relationship manager with same-day emergency support.
Included services
Custodial account management with tax and treasury support.
Vault setup, 2 premium hardware wallets, security reviews, ongoing education, and inheritance setup.
Founded
2019
2016
Client funds lent
Full reserve. No rehypothecation.
Not applicable. No client funds are held, and loans are not rehypothecated.
Proof of reserves
Monthly, cryptographic.
Not applicable. The client holds their own keys, verifiable on-chain.
SOC certifications
SOC 1 Type II and SOC 2 Type II
SOC 1 Type II and SOC 2 Type II
US availability
Most states
Most states (varies by product)
International availability
No
No

Common questions

No. River holds all private keys. Clients cannot move bitcoin without River's systems. River's custody stands out for being full-reserve, in-house, and verifiable via monthly proof of reserves, but clients hold no keys of their own. Unchained clients hold 2 of 3 keys and can recover independently.
Yes, in one important respect: it eliminates rehypothecation risk. River cannot become insolvent through a lending collapse. Monthly cryptographic proof of reserves lets any client verify their balance independently. These are genuine improvements over most exchanges. They do not give the client independent key access.
Yes. River supports on-chain withdrawals and configurable auto-withdrawals to any external address, including an Unchained vault. This workflow is practical and explicitly supported by River. Unchained recommends making vault deposits larger than 0.015 BTC to save on bitcoin network fees.
Not directly. River has no proprietary IRA product. It can accommodate self-directed IRA entities through third-party providers such as Rocket Dollar, but this is an accommodation rather than an integrated offering. Unchained's Bitcoin IRA is dedicated and integrated, with the client holding keys in their own retirement vault.
Unchained recommends making vault deposits larger than 0.015 BTC to save on bitcoin network fees. $2,000 minimum per trading desk purchase. $250/year vault fee. For smaller amounts or frequent recurring buys, River is a more practical starting point.

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About this guide

These comparisons are maintained by Unchained. We have tried to represent every service accurately and fairly, and where another service does something well that Unchained does not, we say so. Unchained appears as the reference point throughout because every page is built around a single question: how does this service differ from Unchained? That framing is why Unchained is more prominently featured, not because we consider it the default right answer for every reader.

Disclaimer: Unchained's product and service availability may vary by state. Nothing on this page is investment, tax, legal, or financial advice. Investment advisory services are offered only through Gannett Wealth Advisors. Consult your own advisors before making any financial decision. All financial products involve risk, including loss of principal. Bitcoin is volatile, and past performance does not guarantee future results.

This comparison is provided for informational purposes only and is current as of May 2026. Information about other companies is compiled from publicly available sources, including each company's documentation, regulatory filings, terms of service, and third-party reviews. Offerings, fees, terms, and state availability change frequently and may have changed since publication. Verify all information directly with each company before transacting.

References to other companies are for comparison purposes only and do not imply endorsement, partnership, sponsorship, or affiliation. All third-party names and marks are the property of their respective owners and are used for identification only. Reviewed quarterly; corrections will be addressed within five business days. If you represent a company listed here and/or believe information is inaccurate, fill out a feedback form.

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