Sui’s Hashi Bitcoin Finance Network Launches With More Than $500 Million Committed

TL;DR: Hashi, Sui’s native Bitcoin finance infrastructure, will begin a phased mainnet rollout later this month with more than $500 million in committed capital. Anchorage Digital has joined the launch coalition, giving institutional clients routes into Hashi through qualified custody and self-custody infrastructure.

Sui is preparing to bring its Bitcoin finance system to mainnet with something most new DeFi products do not have on day one: half a billion dollars of capital already lined up.

The Sui Foundation said Thursday that Hashi will begin a phased mainnet rollout later this month backed by more than $500 million in capital commitments from its launch coalition.

Anchorage Digital is also joining that coalition as a launch partner.

Hashi is designed to let Bitcoin remain secured on the Bitcoin network while being used as collateral inside financial applications built on Sui.

When BTC enters the system, a corresponding hBTC asset is minted on Sui. That hBTC can then interact with lending markets, vaults and other applications. When the position is unwound, hBTC is burned and the underlying Bitcoin is released.

The distinction between that model and a conventional wrapped Bitcoin token is central to the pitch.

Hashi is attempting to give institutions a way to use BTC as programmable collateral without treating Bitcoin as something that first has to be sold or permanently moved into a separate smart-contract ecosystem.

The $500 million commitment gives those markets a meaningful starting point.

Sui says the initial capital will support lending, borrowing, credit products, vaults, structured products and other Bitcoin-backed applications as individual providers complete their integrations.

The coalition already includes names such as BitGo, Bullish, Cumberland, FalconX and Ledger.

Anchorage adds another important route into the system.

Institutional clients will be able to access Hashi through Anchorage’s Atlas infrastructure for tri-party collateral arrangements while maintaining qualified custody. A second route will use Porto, Anchorage’s institutional self-custody wallet, for firms that want more direct access.

That makes the launch particularly relevant to public companies and funds holding large Bitcoin positions.

Bitcoin treasury companies have accumulated enormous balances, but turning those holdings into working capital usually means selling BTC, borrowing through a centralized lender or entering bespoke financing arrangements.

Hashi is trying to create on-chain alternatives.

The security model will face scrutiny precisely because the amounts involved are potentially large.

Sui says Hashi uses a 2-of-2 multisignature structure involving validators and a guardian layer, with additional controls designed to slow or stop suspicious movements. Its smart contracts have undergone formal verification and the underlying cryptographic protocol has been reviewed.

Those safeguards do not remove risk, but they show the product is being built for a different audience from the early days of experimental Bitcoin DeFi.

More than $500 million has been committed before the phased launch. If a meaningful portion of that capital actually becomes active, Hashi could become one of the larger tests yet of whether institutions want to make long-term Bitcoin holdings productive without giving up exposure to the underlying asset.

Mainnet will show whether the capital waiting at the door actually comes inside.