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Swan Bitcoin vs. Unchained: Both bitcoin-only, different custody models and financial services.

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About Swan Bitcoin

TradingCustodyWhite GloveIRA

Swan Bitcoin is a US-based bitcoin-only financial services company founded in 2019. It offers recurring bitcoin purchases, a Swan Vault product built on Blockstream Jade hardware for collaborative custody, a Bitcoin IRA, and a Private Client tier for high-net-worth holders. Swan supports bitcoin only and has never offered altcoins. Its IRA uses Equity Trust as custodian, who holds the keys; Swan Vault uses collaborative multisig where the client holds the majority of keys.

Who each is for

Swan Bitcoin is for

Clients who want a low-friction recurring-buy product and an option to enter Blockstream Jade-based collaborative custody at any holdings size.

Unchained is for

Holders who want collaborative custody across the broadest range of hardware wallets, an IRA, bitcoin-backed business loans, or fiduciary wealth management.

Swan Bitcoin
Unchained
Trading fee
Tiered by purchase size, typically 0.99% to 1.99%. Private Client gets lower tiers.
1.00% standard tier. 0.75% Signature tier.
Minimum purchase
$10
$2,000
Recurring / DCA
Standard product across multiple frequencies.
Not offered
OTC / large trades
Private Client tier ($250,000+ or by application).
Primary buy channel for all vault clients.
Settlement
Into a Swan custodial account, or into Swan Vault if used.
Into your multisig vault.
Custody model
Collaborative multisig
Collaborative multisig
Key distribution
Client holds 2 keys, Swan holds 1 recovery key.
Client holds 2 keys, Unchained holds 1 key.
Default structure
2-of-3
2-of-3
Other configurations
No alternative configurations. Swan Vault is fixed at the 2-of-3 structure with the client on Blockstream Jade.
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
Loss of 1 key is recoverable. The remaining 2 keys still meet the 2-of-3 threshold.
Loss of 1 key is recoverable. The remaining 2 keys still meet the 2-of-3 threshold.
Hardware wallets
Blockstream Jade only
Ledger, Trezor, Coldcard, BitBox, Blockstream Jade
Annual cost
0.02% of vault balance per month (0.24% annually).
$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
Traditional, Roth, SEP
Traditional, Roth, SEP
Key control
No. Equity Trust holds all keys.
Client holds 2-of-3 keys in a dedicated IRA vault.
IRA custodian
Equity Trust Company
Fortis Bank (Colorado-chartered, FDIC-supervised)
Account minimum
$5,000
No minimum balance. $2,000 minimum per trade.
Trading fee
Included in tiered platform fees.
1.50% per trade
Annual fee
Tiered platform fee based on assets.
$250/year per IRA vault
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
Swan Private Client
Signature
Annual cost
Threshold-based. Not publicly disclosed.
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
OTC desk, tax planning, and bitcoin treasury services for businesses.
Vault setup, 2 premium hardware wallets, security reviews, ongoing education, and inheritance setup.
Founded
2019
2016
Client funds lent
Vault assets are not lent. IRA custody is managed by Equity Trust.
Not applicable. No client funds are held, and loans are not rehypothecated.
Proof of reserves
Not disclosed for Swan Vault. Equity Trust IRA custody is non-pooled.
Not applicable. The client holds their own keys, verifiable on-chain.
SOC certifications
Not disclosed
SOC 1 Type II and SOC 2 Type II
US availability
Most states
Most states (varies by product)
International availability
No
No

Common questions

Yes, in Swan Vault. Both use a 2-of-3 multisig where the client holds the majority of keys. The structural differences are hardware support (Swan Vault requires Blockstream Jade; Unchained supports Ledger, Trezor, Coldcard, BitBox, and Blockstream Jade) and fee model (Swan charges a percentage; Unchained charges a flat $250/year per vault).
Only Unchained's. Swan's IRA uses Equity Trust as custodian, who holds the keys. Bitcoin IRA and iTrustCapital are also custodian-key models. Unchained is the only bitcoin IRA where the client holds 2 of 3 keys directly.
Swan Vault is 0.02% of balance per month, or 0.24% annually. Unchained is $250 per year. The break-even is approximately $104,000 of bitcoin in vault. Above that threshold, Unchained's flat fee is cheaper; below it, Swan's percentage fee is cheaper.
No bitcoin-backed loans and no dedicated inheritance protocol. Unchained offers both. Swan's focus is buying, holding, and IRAs.
Yes. Swan supports on-chain withdrawals to any external bitcoin address, including an Unchained vault. Many clients use Swan for DCA and Unchained as the destination for long-term cold storage.

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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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