Spark, the lending arm of the Sky ecosystem, has allocated $210 million for institutional loans backed by Bitcoin. The protocol partners with Anchorage Digital to provide regulated custody for collateral, allowing institutions to access liquidity without moving assets fully on-chain.
Three institutional counterparties have already borrowed $150 million in USDC against $222 million in BTC. This represents a collateralization rate of approximately 148%. The arrangement utilizes the Anchorage Atlas platform to manage loan-to-value ratios, payments, and liquidations.
In mid-June 2026, Spark integrated RedStone oracles to provide real-time on-chain data for collateral held by Anchorage. By the end of Q2 2026, the Anchorage allocation in Spark’s lending book grew by about 70%, reaching $260 million.
The Anchorage-backed segment currently generates returns of approximately 6.5%, making it the highest-yielding part of Spark’s portfolio. This activity occurs within an off-chain crypto-backed lending market estimated at $33 billion.
