Spark, Anchorage Digital Open Bitcoin (BTC)-Backed Lending to Institutions
Three institutional counterparties borrowed $150 million in USDC against $222 million of BTC collateral through the arrangement.
Spark integrated with Anchorage Digital’s Atlas platform to support institutional borrowers with lending liquidity while keeping Bitcoin (BTC) collateral in qualified custody.
Three institutional counterparties borrowed $150 million in USD Coin (USDC) against $222 million of BTC collateral. The collateral represented approximately 148% of the outstanding loans based on the disclosed figures.
Anchorage Digital serves as collateral agent through Atlas. Atlas oversees collateral levels, payment processing and enforcement actions, including margin calls and liquidations.
The partnership gives institutions access to Spark’s lending capital while Anchorage Digital holds the pledged Bitcoin in custody.
Spark’s institutional lending structure had approximately $261 million deployed as of June 30, up from $150 million at the end of the first quarter. The disclosed figure does not specify how much was connected to the Anchorage arrangement.
“Institutions want access to the most efficient pools of capital in crypto, but they also require operational rigor, custody, and risk management they can trust,” Nathan McCauley, CEO and co-founder of Anchorage Digital, said.
The arrangement connects decentralized lending liquidity with custodial infrastructure for institutional borrowers using Bitcoin as collateral.
