Anchorage Digital, Kamino, and Solana Company introduced a tripartite custody model that allows institutions to borrow against natively staked SOL while the tokens remain in regulated custody.
Under the new structure, Anchorage Digital acts as a qualified custodian and collateral manager, leveraging its Atlas system to oversee and enforce loan-to-value (LTV) limits, margin calls, and rules-based settlements. Kamino Finance connects to high-yield on-chain lending markets on Solana, enabling the recognition of the economic value of natively staked SOL held in custody by Anchorage and providing liquidity to borrowers without the tokens leaving the custodial environment.
The companies described the model as automated and continuous. Atlas monitors on-chain collateral movements in real time and executes risk controls while the staked SOL continues to generate native rewards. The announcement cited typical staking yields of around 7% APY, opening the door for institutions to capture staking income and simultaneously access borrowed capital against the same position.
Solana Company participated as an ecosystem partner, facilitating the interaction between custody accounting and on-chain credit exposure. The agreement is presented as a compliance-compliant alternative, preventing institutions from having to transfer assets to third-party smart contracts—an operational and regulatory friction that has historically limited institutional participation in DeFi.
What is each company’s role?
From a structural perspective, the scheme defines clear roles: Anchorage Digital as custodian and collateral manager; Kamino as lending infrastructure; and Solana Company as ecosystem facilitator. The core proposition is to enable borrowing against natively staked SOL without transferring custody, with Atlas automating LTV, margin, and settlement flows.
In terms of capital efficiency, the appeal is clear. Institutions can monetize staking positions and, at the same time, obtain on-chain liquidity. This double layer of potential yield improves balance sheet utilization and expands the collateral available for trading desks and hedging.
Cosmo Jiang, general partner at Pantera Capital and a member of Solana Company’s board, stated that the structure demonstrates how institutional-grade infrastructure can unlock deeper participation in Solana. His comment positions the model as a potential benchmark for other treasury managers considering integrating staking and borrowing into a single architecture.
However, easier access to leverage also increases traditional risks. Borrowed funds amplify both gains and losses, and automated liquidations remain a tail risk in extreme volatility scenarios, even though Atlas is designed to mitigate margin mismatches.
