US individuals can opt in to earn a 3.6% interest rate on cash, paid in bitcoin. Enable it from the “Interest on cash” card on your “Cash” tab in the mobile app. There’s no minimum balance to turn it on.
How your interest is paid
Once opted in, interest starts accruing. You can send or withdraw your interest-bearing cash at any time.
Accrual happens daily, but instead of about thirty line items, you see one “Interest payout” a month in your transaction history, in sats rather than dollars. Trading fees don’t apply to interest paid in bitcoin.
How your interest is taxed
Your cost basis for the bitcoin you’re paid is its fair market value at the payout on the 1st day of the month, so interest creates at most one tax lot a month rather than one per daily accrual.
Strike issues a Form 1099-INT when the interest you earn in a calendar year reaches the IRS annual threshold. You’ll find it with your other tax forms.
How much your cash earns
The rate is subject to change. If it changes, we’ll notify you.
Bitcoin interest is only credited when daily accrual reaches $0.01. That means that balances under $102 will not earn any interest at the current 3.6% rate.
Cash starts earning on the first business day after it settles, no matter how you deposited it. Settlement times vary by deposit method. Strike Instant and early direct deposit can let you spend a deposit sooner, but deposits only start earning after they settle.
Where your money is held
Strike is not a bank. Cross River Bank, Member FDIC, holds your cash and pays the interest that Strike converts into bitcoin. Your bitcoin earnings are held in Strike’s custody, not at the bank holding your dollars.
Cash is held at Cross River Bank and insured up to $250,000 across all deposits held in your name, which may include balances from other accounts you have that also use the same bank.
If you opted in and want to stop earning, contact support.