Hashi launches Bitcoin loan with $500 million: collateral remains on Bitcoin chain

持有比特币却急需现金？Hashi 提供新选择

长期以来，如果你持有比特币且急需现金，唯一的选项似乎只有卖出。然而，自 2026 年 10 月 9 日起，情况发生了变化。Sui 区块链背后的开发公司 Mysten Labs 正在推出 Hashi，这是一个允许比特币在不离开比特币区块链的情况下作为贷款抵押品的网络。据行业媒体报道，该项目背后有超过二十家合作伙伴承诺投入超过 5 亿美元的资金。此次发布将分阶段进行，贯穿整个 10 月。

对于欧洲投资者而言，这首先意味着你将无法在银行应用程序中找到此类产品。这一创新在三个关键点变得尤为引人关注：你将比特币委托给谁保管、围绕持有期的税务问题，以及所有抵押贷款所固有的风险。周日，比特币的交易价格为 83,906 美元（约合 74,816 欧元）。

Hashi 在 Sui 上启动：Mysten Labs 筹集超 5 亿美元承诺资金

Hashi 是由 Mysten Labs 构建的比特币金融网络。这里的“比特币金融”含义简单直接：即将已持有的比特币作为借贷的担保品，而不是让其闲置在钱包中。贷款将以 Sui 链上的其他资产形式发放，而非比特币本身。

The figure mentioned in the report was US$500 million. The figure comes from an official announcement describing committed capital from more than 20 partners in the industry. The rollout starts in October and progresses in a phased manner rather than being completed all at once on a single date.

Commitments are not deposits: Initial liquidity is unclear

The wording here deserves careful review. A "capital commitment" is a statement of intention to provide funds. Currently, no withdrawable amount has been deposited on the Internet. Many media outlets described the US$500 million as "committed capital" rather than "paid-in capital." Mysten Labs did not disclose how much liquidity was actually available on the first day.

This is not an accusation. In a phased release model, this is normal. But that changes the meaning of the number: It describes the level of interest the institution has in the project, but does not specify the terms of the loan ultimately received.

No need for cross-chain bridges: How Hashi locks Bitcoin and issues interests on Sui

The core part of the technology is the link that reveals the most risks. Hashi's way of working does not rely on cross-chain bridges. A bridge is an intermediary that freezes balances on one chain and issues copies on another chain; this is where large amounts of money have been lost in recent years.

Instead, Bitcoin is locked in a multi-signature vault on the Bitcoin blockchain. Multi-signature means that multiple independent keys need to work together before moving any asset. In return, Sui will create a token called hBTC. When you want to exit, you destroy your hBTC and take back the Bitcoin.

and traditional bridges lies in the location of the collateral. It does not leave the Bitcoin chain. What is circulating on Sui is the claim to the locked asset. The process of calculating the issuance of hBTC runs on Sui, not on the Bitcoin chain.

Multi-signature vault: Who holds the key to deposit Bitcoin

A vault with multiple keys is more secure than a single-key vault. But this is different from self-hosting. As long as your bitcoins are stored there, you no longer have separate control; you need to share control with the party who manages the rest of the keys.

This is a core trade-off in any mortgage based on cryptocurrency, regardless of who the provider is. In order to establish a general understanding, the mechanisms of interest rates and risk are elaborated in our Lending Provider Comparisons. It also lists key questions worth asking before delivering balances to providers.

BitGo, Anchorage Digital and Ledger: Partners behind launches

According to existing reports, participating companies include BitGo, Bullish, Cumberland, FalconX and Ledger. Anchorage Digital is also listed as a launch partner. These are well-known names from the industry's institutional sector: custodian, trading company and market maker.

This list explains the sources of capital commitments. At the same time, it also shows who Hashi is mainly targeting. A network of trading desks and custodians as launch partners is first built for enterprise-level counterparties rather than for private portfolios.

Aftermath, Concrete and Fluid: Who will operate the Hashi Treasury

The Treasury itself, the pool from which loans are issued, will be operated by different providers. Aftermath, Concrete and Fluid have reportedly been named. In practice, this means Hashi lays the track while others run on it.

This has an easily overlooked consequence for you: the terms of the loan, namely mortgage rates, interest rates and mandatory clearing thresholds, are set by the respective vault operators, not by the network. At the time of release, public information on these data is not available.

Certora and CommonPrefix: Covered by two safety reviews

The document documents two reviews. Certora examined the smart contract, the project code executed on Sui. CommonPrefix reviewed MPC (Multiparty Computing) cryptography. MPC is a program in which multiple participants calculate together without revealing their respective key shares.

An audit is a snapshot of the review code. It proves that experts have conducted the review, but this does not guarantee that nothing will happen in practice. This year's events have shown in many places that vulnerabilities can emerge between even audited components.

$1 trillion in idle Bitcoin: The market Sui targets

Sui provided the reason for his project: an estimated $1 trillion in Bitcoin is idle and fails to function in financial applications. This number is the provider's assumption of market size rather than a measure of the total.

The thinking behind this is reasonable. Bitcoin itself does not generate revenue. There is no pledge in the agreement, and there is no interest on the chain itself. Any form of return from Bitcoin stems from fees paid by others, and with it comes counterparty risk.

Borrowing in lieu of sale: Holding period under Article 23 of the German Income Tax Act

In Germany, the holding period determines the tax treatment of privately held crypto assets. Under Section 23 of the Income Tax Act, gains from private disposal transactions are exempt from tax if the interval between purchase and sale exceeds one year. Sell before then and the proceeds will be taxed at your personal tax rate.

This is exactly the appeal of a Bitcoin mortgage: no sales occurred, so the term continues to count. Whether this applies in every situation depends on the details of the construction. When collateral is liquidated, this constitutes a disposal and all of its tax consequences. In this model, there is also no unified answer as to whether locking in Bitcoin and issuing different tokens should be regarded as an exchange in the tax sense.

No one on the Internet can provide you with reliable advice; your tax adviser will provide guidance based on your case. This is not empty talk: for a product that is only a few days old, there is no established administrative practice on this issue.

Liquidation risk: When prices push collateral below threshold

As long as the collateral is worth enough, mortgages can work. If the price of Bitcoin falls, the value of the collateral falls, and the debt remains unchanged. Once the ratio falls below the agreed threshold, the collateral will be sold in whole or in part to cover the debt.

This is the moment when the idea of avoiding a sale turns into a forced sale, and often at the worst possible moment. Bitcoin has fallen 1.76% in the past seven days, so it is in a calm phase. But earlier this year, things were different.

European Authorization: MiCA covers transactions, but not lending

Since the implementation of the European Crypto Asset Markets Regulation (MiCA), certain service providers have required authorization. This includes trading, custody and exchanging crypto assets for customers. Loans issued with crypto assets are not included in this catalog.

There is a practical consequence for you. For authorized exchanges, you can check their permissions in the registry. For lending products on the blockchain, there are usually no such checkpoints and no deposit guarantees. The protection you take for granted in banking products does not exist here.

Custody: hBTC on Sui is a claim, not your Bitcoin

means that a locked hold of a token is economically different from the holding itself. It relies on the holding of locks, the proper functioning of key management, and the smooth redemption route. If one link fails, the tokens on the other chain will not be able to help you.

如果您希望永久将比特币余额保留在这种结构之外，唯一的方法是自行持有。哪些设备适合这样做，以及它们有何不同，请参阅我们的硬件钱包概览。

SUI 价格为 1.14 美元：代币支撑网络，而非贷款

Hashi 运行在 Sui 上，因此出现了关于该链代币的问题。SUI 周日的交易价格为 1.14 美元（约合 1.016 欧元）。该代币用于支付网络中的交易并保障网络安全。它既不是抵押品，也不是贷款的货币。

常见的误区是：链上的活动越多，其代币的价格就越高。这种关系并未得到证实。10 月份的分阶段发布究竟会带来多少实际交易量，只有在运行后才能衡量。

悬而未决的事项：条款和起始流动性

目前有三件事尚未公开。第一，各个金库的条款，即抵押率、利率和清算阈值。第二，第一天真正可用的流动性。第三，10 月各阶段依次进行的精确时间表。

只要缺少这些细节，就无法将该产品与现有的信贷产品进行比较。等待条款公布，您将不会错过任何稍后无法弥补的信息。

总结：Sui 上的比特币贷款——5 亿美元已承诺但未存入

新闻的重点是启动，而非成品的完成。如果该话题引起您的关注，建议采取三个步骤：

• Check authorizations before transferring balances: You can check their authorizations for each provider where you purchase or hold crypto assets. For which companies are authorized in Europe, please see our overview of regulated crypto exchanges.
• Solve custody issues: Bitcoin locked as collateral is no longer controlled solely by you. For assets designed to be held by you, our hardware wallet is worth a look.
• Record holding period: Time of purchase determines tax status. Keep the purchase date properly and you can prove a one-year holding period; tax tools and combination trackers can help.

(As of October 11, 2026. This article does not constitute investment advice. Price and fee structures are subject to change; please check terms with your provider before purchasing.)