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Mezo has launched Mezo Prime, a Bitcoin-native finance protocol, with Anchorage Digital Bank N.A. and Bullish (NYSE: BLSH) as its first institutional customers. The launch also coincides with a 250 BTC investment into Mezo from the exchange operator. Mezo Prime is designed to put to work a growing pool of corporate and institutional Bitcoin that has largely remained idle, according to the company.
“Publicly traded companies alone now hold more than 1 million BTC on their balance sheets,” Matt Luongo, co-founder of Mezo and CEO of Thesis, said in prepared remarks. “Over a million Bitcoin sits on corporate balance sheets today, and almost none of it is working. Mezo Prime changes that.”
At the core of Mezo Prime are Enclaves, segregated Bitcoin vaults offered through Anchorage Digital Bank and exposed directly through the bank’s platform to its existing institutional client base. Each Enclave is isolated per depositor, with no asset commingling and no rehypothecation, and is intended to meet higher standards for control, reporting and risk management than typical pooled yield products.
Bitcoin held in an Enclave can be locked as veBTC to earn protocol fees from Mezo’s Bitcoin-native activity. Alternatively, institutions can use the BTC as collateral to borrow MUSD, Mezo’s 100% Bitcoin-backed stablecoin.
“Institutions want to do more with their Bitcoin, but not at the expense of security and control,” said Nathan McCauley, co-founder and CEO of Anchorage Digital. “Mezo Prime delivers both secure, segregated custody and direct access to onchain yield in one platform, as the bank moves to expand its range of yield-generating options for clients.”
The product is available immediately to Anchorage Digital Bank clients through the bank’s existing interface. Bullish will be the first institution to participate in the Mezo Prime Bitcoin yield product through its corporate treasury.
According to the announcement, a portion of Bullish’s BTC holdings will be deployed into Enclaves on Mezo while remaining inside Anchorage Digital’s custody and compliance stack. The launch is accompanied by a 250 BTC investment into Mezo.
Bullish’s parent company of CoinDesk said it was built on the view that institutional standards and digital asset participation are compatible. “We’re delighted to work with Mezo as a launch customer,” Bullish said, adding that the veBTC design is intended to mitigate smart contract risk while keeping underlying BTC secure.
Mezo Prime is presented as part of Mezo’s broader effort to build a Bitcoin-native DeFi stack. The company cited fixed-rate BTC-backed loans, the MUSD stablecoin, and BTC-denominated protocol fees. It also referenced earlier integrations including support via Anchorage’s self-custody wallet Porto and multichain connectivity through Wormhole.
The company said corporate treasuries continuing to accumulate Bitcoin as a reserve asset are driving demand for yield-bearing, on-chain strategies that align with institutional constraints rather than requiring institutions to adapt to DeFi structures.
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