Dolomite Enables Concrete to Borrow Against $100 Million in Bitcoin

Dolomite has enabled Concrete to borrow against $100 million in Bitcoin (BTC) held at BitGo, with any liquidation dependent on an offchain custody settlement rather than an immediate onchain sale.

The BTC serves as collateral, or an asset pledged to back borrowing. Dolomite provides Concrete’s borrowing access, while BitGo holds the Bitcoin. If a position is liquidated, settlement must take place outside the blockchain instead of through an instant onchain sale.

That makes BitGo’s custody process part of the liquidation path: the borrowing is enabled through Dolomite, but the collateral is held at BitGo. The arrangement links DeFi borrowing with Bitcoin in custody, and liquidation depends on a step outside the blockchain. The $100 million figure describes the Bitcoin collateral, not a stated amount borrowed.

The key operational detail is the split between borrowing access and the handling of collateral. Concrete can borrow against the BTC, but liquidating it requires the offchain custody settlement. That settlement requirement is central to how the collateral arrangement works.