Anchorage Digital will be among the first companies to connect to Hashi when Sui switches on its Bitcoin finance network later this month, with two distinct integration routes designed to let bitcoin treasury companies — businesses that hold bitcoin on their corporate balance sheets — unlock liquidity without selling their holdings. Firms with bitcoin already on their books can use the two routes to obtain cash without giving up exposure to the asset, according to the announcement.

Sui unveiled the plans at its Basecamp 2026 conference in Singapore on Thursday. Hashi's mainnet will open in stages, with access expanding as partners complete their integrations.

Two routes, split by regulatory posture

According to Sui, the route a client takes depends largely on how strictly it is regulated. Public companies and digital asset treasury firms may not currently be able to interact directly with decentralized finance (DeFi), so their bitcoin will pass through Anchorage's Atlas system — a three-party collateral and settlement framework that keeps the assets in qualified custody.

Porto serves the rest of the market. Hedge funds, crypto venture funds, miners, market makers and liquidity providers can link Anchorage's self-custody wallet directly to Hashi, giving them access to lending, yield and real-world asset strategies, Sui said.

Anchorage, which describes itself as the first crypto bank chartered by the US federal government, also plans to add stablecoin liquidity to the network.

"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," said Nathan McCauley, Anchorage Digital's CEO and co-founder.

More than $500 million pledged ahead of launch

More than 20 companies have pledged over $500 million to support the launch, including BitGo, Bullish, Cumberland, FalconX and Ledger. The commitments remain pledges for now — Sui has not disclosed how much of that capital will sit in Hashi contracts on the first day. With the mainnet opening in stages, the pace of partner integrations — and how much pledged capital actually lands in Hashi contracts at launch — will be the first things to watch.

The Hashi framework was built by Mysten Labs, the original contributor to Sui. A global testnet has been running since July 22, following an earlier devnet phase.

BTC added to Hashi stays on the Bitcoin network itself. On Sui, hBTC is minted against the deposited coins and can be used in loan markets, credit products, vaults and structured products. On withdrawal, the process is reversed: the hBTC is burned and the original coins are released.

Sui estimates that more than $1 trillion worth of bitcoin sits largely unused because institutions lack tools that come with the controls they require. That gap between what institutions hold and what they can actually put to use is the problem both integration routes are designed to address.

Security and tax considerations

Withdrawals require sign-off from two parties. Deposits are protected by a 2-of-2 multisig, meaning both Hashi's validators — which sign through multi-party computation — and a separate Guardian Layer must approve before any BTC leaves. The Guardian Layer can slow down or halt transfers it deems suspicious.

Hashi's smart contracts were formally verified by Certora, while CommonPrefix reviewed the security of its MPC protocol. Sui has also cited an opinion from the law firm Fenwick concluding that Hashi deposits and redemptions should not constitute taxable events under US law — though a law firm opinion differs from an IRS ruling.

At the same conference a day earlier, Sui pushed 40.6 million transactions per second through a test verified by CertiK, according to Cryptopolitan.

Separately, wallet provider Phantom said in August that it would stop supporting Sui after the chain's DeFi total value locked fell below $1 billion.