Anchorage Digital, Kamino, and Solana Company have announced a joint institutional capital venture centered on a first-of-its-kind tri-party custody model. It unlocks an efficient on-chain borrowing strategy on Solana without moving assets out of Anchorage Digital Bank, meaning staked SOL can now be used as collateral for loans within a regulated environment. The partnership is being carried out with the publicly traded Solana Company, with Pantera Capital and Summer Capital. The company is one of the largest SOL-based digital asset treasuries, holding 2.3 million SOL. Anchorage will manage loan-to-value ratios, margin requirements, and liquidations, acting as a collateral manager using its Atlas platform. This integration aims to reduce the friction between traditional finance and DeFi.
A Scalable Institutional Model
The CEO and co-founder of Anchorage Digital, Nathan McCauley, said that institutions require access to the most efficient sources of on-chain liquidity without compromising custody, compliance, or operational control, and Atlas collateral management does just that. Kamino Finance will oversee the on-chain lending markets and borrowing access, while maintaining the assets in the segregated accounts at Anchorage. Thus, there is no need to move them into smart contracts, which eliminates a major barrier.
The collaboration is positioned to be more than a single deployment; it is designed to serve as a model that other treasury institutions, venture firms, and institutional allocators can mirror. For lending protocols, the structure provides a direct channel to institutional borrowers through Anchorage’s tri-party custody framework, also expanding the types of acceptable collateral, including reward-bearing digital assets.
The Next Phase of Institutional Blockchain Growth
All this is going down on Solana because of its reputation as the fastest-growing blockchain, which leads the industry in transaction revenue and processes more than 3,500 transactions per second. The Solana Company (HSDT) also has a Solana treasury, which aims to support the growth and security of its tokenized networks by serving as a long-term holder of $SOL, in addition to contributing to the development of its neurotech and medical device operations. Solana has long been active in the retail-driven DeFi markets, and the integration will signal a deep push into institutional territory, transitioning towards the infrastructure that is capable of supporting the regulated financial institutions at scale.
Anchorage Digital is on the hunt for a major capital raise as it positions itself for a potential public listing. According to the reports, the company seeks between $200 million and $400 million in fresh funding. The firm’s ambitions have been linked to its regulatory standing; its affiliate, Anchorage Digital Bank National Association, is the first federally chartered crypto bank in the United States, which aided in setting Anchorage’s status apart from its rivals.
Since the passage of the GENIUS Act, Anchorage has been positioning itself to play a central role in the stablecoin issuance and related services. In September 2025, the Chief Executive, Nathan McCauley, revealed plans to double the size of the firm’s stablecoin team this year, anticipating a surge of demand for dollar-backed digital tokens from banks, fintech firms, and global institutions. As institutions continue to explore blockchain-based finance, models that blend custody risk management and on-chain execution may define the next phase of growth.
