Spark Partners With Anchorage Digital to Launch Bitcoin-Backed Institutional Lending

DeFi lending protocol Spark has partnered with Anchorage Digital to provide Bitcoin-backed loans to institutional clients, setting up a $210 million allocation. Under the tri-party model, Anchorage's Atlas platform acts as qualified custodian and collateral agent, allowing institutions to borrow without moving Bitcoin onto public smart contracts. Three institutional counterparties have already borrowed $150 million in USDC against $222 million in Bitcoin collateral, reflecting a 148% collateralization ratio. Spark's allocation with Anchorage reached about $260 million to $261 million by the end of Q2 2026, delivering yields near 6.5%.