- Anchorage Digital is collaborating with the Sui network to unlock institutional Bitcoin deployment through its Atlas qualified custody platform and Porto self-custody wallet via the Hashi bridge.
- More than 20 institutions—including BitGo, Bullish, Cumberland, FalconX, and Ledger—have pledged over $500 million in commitments ahead of Hashi’s mainnet launch.
- Deposited BTC remains on the Bitcoin network while minting hBTC on Sui, secured by a 2-of-2 multisig mechanism split between multi-party computation validators and a Guardian Layer.
Anchorage Digital and Sui Bridge Institutional Bitcoin to DeFi via Hashi
Institutions holding Bitcoin are gaining new avenues to deploy their assets into decentralized finance (DeFi) on the Sui blockchain through an integration with Anchorage Digital. The framework leverages Hashi, an infrastructure protocol developed by Mysten Labs, the original contributor to Sui. By offering structured custody pathways tailored to institutional regulatory compliance, the initiative seeks to activate dormant institutional capital across lending markets, yield venues, credit solutions, and real-world asset strategies on Sui.
The institutional routing is divided based on regulatory requirements. For public companies and digital asset treasury firms that face restrictions regarding direct interactions with DeFi protocols, assets route through Anchorage Digital’s Atlas platform. Atlas functions as a three-party collateral and settlement system to ensure that all assets remain within qualified custody. In contrast, hedge funds, crypto venture funds, miners, market makers, and liquidity providers can utilize Porto, Anchorage’s self-custody wallet, to interface directly with Hashi.
Anchorage, recognized as the first federally chartered crypto bank in the United States, also intends to bring stablecoin liquidity to the network. Speaking on the institutional hurdles surrounding digital assets, Nathan McCauley, CEO and co-founder, 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,”
Capital Commitments and Hashi’s Security Framework
Industry backing has accelerated leading into the protocol’s wider deployment. More than 20 firms—including prominent names such as BitGo, Bullish, Cumberland, FalconX, and Ledger—have pledged over $500 million to support the rollout. While these capital commitments indicate broad market interest, Sui has not confirmed the precise amount that will be deployed into Hashi contracts immediately on day one. Hashi has been operational on a global testnet since July 22, following earlier phases restricted to devnet environments.
The bridge operates without moving underlying assets off the base layer. Bitcoin deposited into Hashi remains on the Bitcoin network, while a corresponding token, hBTC, is minted on Sui. Users can utilize hBTC in credit products, structured products, and vaults. Upon withdrawal, the corresponding hBTC is burned, releasing the original Bitcoin. Sui emphasizes that more than $1 trillion in Bitcoin remains largely dormant due to a lack of institutional-grade controls.
Security is reinforced through a dual-approval mechanism. Withdrawals are secured by a 2-of-2 multisignature setup requiring consensus between Hashi validators—who sign using multi-party computation (MPC)—and an independent Guardian Layer. The Guardian Layer possesses the authority to delay or pause transactions flagged as suspicious. The protocol’s smart contracts underwent formal verification by Certora, and its MPC security architecture was reviewed by CommonPrefix. Additionally, Sui cited an analysis from law firm Fenwick suggesting that Hashi deposits and redemptions should not qualify as taxable events under U.S. law, though a legal opinion does not carry the official weight of an IRS ruling.
Why This Matters
Bridging traditional and institutional capital into decentralized finance remains one of the largest growth frontiers for Layer-1 blockchains. Sui’s initiative targets the massive, largely idle capital base of corporate Bitcoin holdings by providing regulated, qualified custody via Atlas alongside institutional self-custody via Porto. By eliminating the necessity of moving native Bitcoin away from its underlying blockchain while maintaining MPC-based safeguards, the Hashi system seeks to lower structural risks for corporate treasuries.
The launch comes during a critical operational period for Sui. At the same industry event, testing monitored by CertiK recorded the network processing 40.6 million transactions per second, as reported by Cryptopolitan. However, the ecosystem has also experienced friction; wallet provider Phantom announced in August that it would discontinue support for Sui after the network’s total value locked (TVL) in DeFi slipped beneath the $1 billion milestone.
Frequently Asked Questions
How does Hashi protect Bitcoin deposits while minting hBTC on Sui?
Native Bitcoin deposited into Hashi is held on the Bitcoin network rather than being transferred to a secondary chain. Deposits and withdrawals are protected by a 2-of-2 multisig system requiring coordinated approval from multi-party computation (MPC) validators and an independent Guardian Layer that can delay or freeze suspicious activity.
What is the difference between Anchorage’s Atlas and Porto solutions?
Atlas is designed for strictly regulated entities like public companies and treasury firms requiring qualified custody via a three-party settlement system. Porto is Anchorage’s self-custody wallet, designed for hedge funds, venture funds, miners, and liquidity providers seeking direct connectivity with Hashi to access DeFi yield and credit markets.
Are deposits and withdrawals through Hashi considered taxable events in the United States?
A legal opinion provided by the law firm Fenwick concluded that Hashi deposits and redemptions should not be treated as taxable events under U.S. tax law. However, this opinion remains a legal analysis rather than a binding determination or formal ruling issued by the Internal Revenue Service (IRS).
