Sui launches Hashi Bitcoin finance network with $500 million in commitments

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Sui Hashi Bitcoin network launch

Highlights

Sui Foundation launched the Hashi network with $500 million in commitments, enabling hBTC minting against Bitcoin collateral for DeFi activities.
Over 20 companies, including BitGo, Bullish, Cumberland, FalconX, and Ledger, joined as launch coalition members; Anchorage Digital provides institutional settlement and custody integration.
Hashi, developed by Mysten Labs, allows third parties to build independent financial products, aiming to position Sui as a base layer for Bitcoin-backed DeFi.

Launch structure and partner commitments

As reported by Cointelegraph, citing the Sui Foundation, Hashi uses Bitcoin as collateral on Sui by minting hBTC against deposited BTC, allowing users to deploy that capital in products such as lending, borrowing, credit, vaults and structured strategies.

When users exit the network, hBTC is burned and the underlying Bitcoin is returned to the Bitcoin blockchain. Sui says the launch coalition includes more than 20 companies, among them BitGo, Bullish, Cumberland, FalconX and Ledger. Aftermath, Concrete and Fluid are among the providers expected to operate Hashi vaults.

Anchorage Digital has also joined as a launch partner, giving institutional clients access through its settlement infrastructure and self-custody wallet. According to the announcement, the company also plans to provide stablecoin liquidity to the network.

Institutional DeFi push on Sui

Nathan McCauley, chief executive and co-founder of Anchorage Digital, says public companies and institutions hold large amounts of Bitcoin but face constraints in putting that capital to work because of technology limitations and the current state of decentralized finance.

Hashi was developed by Mysten Labs, the founding contributor to Sui. The Sui Foundation says third parties will independently build and offer financial products on top of the infrastructure, positioning the network as a base layer for broader Bitcoin-backed financial activity in the crypto sector.

In our earlier article on collateral-backed borrowing to scale a rental real-estate portfolio, we looked at how an investor used loans against personal assets and home equity (including a vehicle-backed loan and HELOCs) to fund property acquisitions and expand rentals over time. The piece also described his later shift from rapid unit growth to cash-flow optimization, including selling several long-term rentals to redeploy capital into a higher-performing short-term rental strategy.

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