Spark Allocates $210 Million for Institutional Bitcoin-Backed Loans
Spark, the lending division of the Sky ecosystem (formerly known as MakerDAO), has designated $210 million for institutional loans secured by Bitcoin and held in custody by Anchorage Digital. This collaboration aims to merge the capital efficiency of decentralized finance (DeFi) with the regulated infrastructure necessary for institutional compliance.
So far, three institutional clients have utilized this facility, borrowing $150 million in USDC against $222 million worth of Bitcoin. This represents a collateralization ratio of approximately 148%, meaning borrowers are pledging nearly $1.50 in Bitcoin for every dollar borrowed.
The operational framework is built upon Anchorage’s Atlas platform, which acts as the collateral agent in a three-party lending agreement. The platform oversees loan-to-value ratios, manages payments, and executes margin calls and liquidations when collateral values fall significantly.
A key innovation of this arrangement is that borrowers are not required to move their Bitcoin entirely on-chain to access Spark’s liquidity pools. Instead, the Bitcoin remains in Anchorage’s regulated custody, while Spark provides the stablecoin lending capabilities.
To enhance risk management, Spark integrated RedStone oracles in mid-June 2026. These oracles transmit real-time loan-to-value (LTV) data for the Anchorage-held collateral directly onto the blockchain, offering the protocol and its stakeholders continuous insight into the health of these loans.
By the end of the second quarter of 2026, Anchorage’s share of Spark’s total lending portfolio had increased by approximately 70%, reaching around $260 million. The Anchorage channel has also emerged as the most profitable segment within Spark’s offerings, generating returns of about 6.5%.
This expansion occurs within the context of an estimated $33 billion off-chain crypto-backed lending market.
Anchorage Digital operates as a federally chartered digital asset bank, adhering to a regulatory framework that institutional borrowers and their legal teams can readily acknowledge. By channeling Bitcoin collateral through Anchorage, rather than demanding full on-chain deposits, Spark enables institutions to maintain compliance within traditional finance while simultaneously accessing decentralized liquidity.
