Borrowing Against Staked Assets Without Leaving Regulated Custody

Anchorage Digital, Kamino, and Solana Company have introduced a tri-party custody model that allows institutions to borrow against natively staked SOL without removing assets from regulated custody. Collateral management, loan-to-value controls, and liquidations are handled programmatically, while assets remain in segregated accounts throughout. Solana Company NASDAQ HSDT Becomes First Digital Asset Treasury to Enable Borrowing Against Natively Staked SOL in Qualified Custody

New Mechanics for Institutional Liquidity

Anchorage Digital, Kamino, and Solana Company have jointly introduced a tri-party custody arrangement that allows institutions to borrow against staked SOL while those assets remain in qualified, segregated custody at Anchorage Digital Bank. No asset transfer is required to access liquidity. Solana Company NASDAQ HSDT Becomes First Digital Asset Treasury to Enable Borrowing Against Natively Staked SOL in Qualified Custody

Institutional Implications

For institutions holding staked digital assets, the arrangement addresses three operational requirements:

• Custody integrity: Staked SOL remains in a segregated account at Anchorage Digital Bank, satisfying regulatory custody requirements without interruption.
• Liquidity access: Kamino's lending markets provide borrowing capacity against the collateral position without requiring an asset transfer or unstaking event.
• Continued yield accrual: Staking rewards continue to accrue to the account holder while the assets serve as collateral.

How the Tri-Party Arrangement Operates

The model assigns a distinct role to each party: details

1. Anchorage Digital manages collateral operations via its Atlas platform — including loan-to-value ratios, margin calls, and liquidations — in its capacity as qualified custodian.
2. Kamino provides access to lending markets, enabling institutions to draw credit against staked collateral without relinquishing custody.
3. Anchorage Digital Bank holds all assets in segregated accounts throughout the life of the transaction, maintaining the regulated custody chain.

Significance for Institutional Participants

This structure resolves a long-standing tension for institutions seeking to deploy digital assets as collateral: how to access liquidity while preserving compliance obligations. The arrangement offers three concrete advantages:

• Compliance continuity: Assets do not leave a regulated custodian at any point, allowing institutions to participate in programmatic lending markets without compromising their custody or compliance frameworks.
• Operational efficiency: Automated collateral controls and real-time monitoring reduce manual oversight requirements and margin-call latency.
• Capital efficiency: Institutions avoid the friction of unstaking — including associated transaction costs and re-staking delays — while maintaining full exposure to staking yield.

Case in Point: Solana Company's Treasury Application

Solana Company (NASDAQ: HSDT), a publicly traded digital asset treasury, was the first institution to adopt this model. The company is using its SOL holdings as collateral to support treasury management operations and to fund participation in network security and expansion — without liquidating or moving the underlying position.

Frequently Asked Questions

Q: Is this arrangement available to institutions that currently hold staked SOL?

A: The model is designed for institutional holders of staked SOL seeking liquidity without an asset transfer. Institutions should engage Anchorage Digital and Kamino directly to assess eligibility and borrowing terms.

Q: What risks should institutions evaluate?

A: While the structure enhances compliance continuity and custody security, institutions should conduct independent review of borrowing terms — including interest rates, loan-to-value thresholds, and liquidation mechanics — before entering into any arrangement.

Q: Does this model affect existing compliance frameworks?

A: Because assets remain with a regulated custodian throughout, the arrangement is designed to be consistent with existing institutional compliance protocols. That said, legal and compliance teams should review the specific terms applicable to their jurisdiction and mandate.

Operational Consideration

Market volatility can affect the value of collateral positions and trigger margin calls or liquidations under the programmatic controls managed by Anchorage Digital's Atlas platform. Institutions should monitor collateral metrics on an ongoing basis as part of standard treasury risk management.

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The tri-party custody model represents a meaningful advance in how institutions can program their digital asset positions — accessing liquidity, preserving yield, and maintaining custody without compromising regulatory standing. As the range of assets eligible for such arrangements expands, the underlying mechanics will become an increasingly standard component of institutional treasury practice.