Anchorage Digital opens two bitcoin routes into Sui’s Hashi with $500 million committed

• Hashi mainnet goes live this month with $500 million in committed capital from 20+ partners including BitGo, Ledger, Cumberland and FalconX.
• Anchorage Digital opens two routes: Atlas for public companies and treasury firms requiring qualified custody, Porto for crypto-native funds seeking direct DeFi access.
• Native bitcoin deposits are secured via 2-of-2 multisig and minted as hBTC on Sui for lending, borrowing, vaults and structured products without a taxable event.

• $500M+ Capital committed to Hashi at mainnet launch versus zero institutional deployment infrastructure previously available
• $1T+ Bitcoin held by institutions currently idle, lacking tools with institutional-grade controls for DeFi participation
• 20+ Launch partners joining Hashi ecosystem, spanning custodians, wallets, liquidity providers and credit protocols

Sui announced at Basecamp 2026 in Singapore on Thursday that Hashi mainnet will launch this month with $500 million in committed capital and Anchorage Digital as a day-one partner, providing the first regulated custody-compatible routes for bitcoin-holding corporations and funds to deploy capital into programmable markets. The infrastructure solves a structural problem: over $1 trillion in institutional bitcoin remains largely idle because public companies, pension funds, and treasuries have lacked technology that combines DeFi functionality with the compliance, qualified custody, and collateral controls their boards require.

Anchorage opens dual routes for different institutional mandates

Anchorage Digital, chartered as America’s first federally regulated crypto bank, will serve two distinct client classes through separate products.

Atlas, the company’s tri-party collateral and settlement system, routes bitcoin from publicly traded companies and digital asset treasury firms through qualified custody infrastructure, allowing them to use BTC as collateral for loans and liquidity without triggering a taxable sale. This path satisfies stringent regulatory frameworks that currently prevent direct DeFi participation.

Porto, Anchorage’s institutional self-custody wallet, provides a second entry point for crypto-native investors, hedge funds, venture capital firms, miners, market makers and liquidity providers, who can access Hashi directly and pursue faster strategies across lending, yield farming and real-world asset exposure.

Anchorage also plans to supply stablecoin liquidity to the network itself, deepening available capital for loan markets and credit products.

Nathan McCauley, CEO and co-founder of Anchorage Digital, said: “Public companies and institutions hold enormous amounts of Bitcoin, but their ability to use that capital has been constrained by the technology available to them and the limitations of the DeFi space.”

Public companies and institutions hold enormous amounts of Bitcoin, but their ability to use that capital has been constrained by the technology available to them and the limitations of the DeFi space. Connecting our institutional clients with Hashi represents a complete paradigm shift and maturation of Bitcoin finance, and we’re thrilled to be at the center of it.

Nathan McCauley, CEO and co-founder, Anchorage Digital

Security architecture and tax clarity give institutional buyers confidence

Hashi uses a 2-of-2 multisig model in which Hashi’s validators, operating through multi-party computation, must sign alongside a separate Guardian Layer before any bitcoin can leave the protocol.

When users deposit native BTC, Hashi mints an equal amount of hBTC on Sui that can be used across loan markets, vaults and structured products; redemptions reverse the process by burning hBTC and releasing original bitcoin back to the Bitcoin network. BTC never leaves the Bitcoin blockchain, mitigating counterparty risk.

The protocol’s formal verification by Certora and security review by CommonPrefix underscore institutional-grade standards.

More critically, law firm Fenwick issued an opinion stating that Hashi deposits and redemptions should not constitute taxable events under US tax law, a position that removes a major friction point for treasury teams considering capital deployment, though this remains an opinion rather than an IRS ruling.

Phased rollout and unresolved deployment timeline cloud opening liquidity

Hashi mainnet will launch in stages rather than at full capacity. Partners including Aftermath, Concrete and Fluid will operate distinct vaults, and access will expand progressively as custodians and wallet providers complete integrations. The $500 million in capital commitments from the 20-member launch coalition, which includes Ledger, BitGo, Bullish, Cumberland and FalconX, provides the network with initial liquidity pools, but Sui has not disclosed how much of that $500 million will be deployed in Hashi contracts on day one or what timeline partners face for full integration.

The framework was built by Mysten Labs, Sui’s original contributor, and has run on global testnet since July 22.

The CCS read. We see this as custody infrastructure catching up to demand, not a price catalyst. The real question for treasury managers is whether Fenwick’s tax opinion survives IRS scrutiny, and whether the Guardian Layer can operate without creating new centralized chokepoints. If vaults capture meaningful AUM at launch, it validates that institutional bitcoin, long treated as a store of value only, can now serve as working capital. That changes the calculus for every corporate balance sheet.

The critical forward step is whether the phased rollout reaches material scale within 60 days of launch. Sui has not confirmed: what percentage of the $500 million commitment will actually fund Hashi vaults in the first month, which partners will open to their own clients first, or whether any integration delays will push full access into Q4. Anchorage’s ability to funnel both Atlas and Porto users into the network simultaneously will be the first real-world test of whether custody-grade infrastructure can absorb the velocity and collateral demands that DeFi requires.

Original reporting: cryptopolitan.com