Bitcoin-native finance platform Mezo has launched Mezo Prime, an institutional-grade product built with Anchorage Digital Bank, the first federally chartered digital asset bank in the U.S. The product targets corporate treasuries holding bitcoin, with publicly listed digital asset platform Bullish as the debut customer, deploying 250 BTC from its own treasury.
Over 1 Million BTC Sitting Idle
"More than a million bitcoin sits on corporate balance sheets today, and almost none of it is working," said Matt Luongo, Mezo co-founder and CEO of Thesis. "Mezo Prime changes that." At the core are Enclaves—segregated bitcoin vaults isolated per depositor, with custody by Anchorage Digital Bank. Assets can be locked as veBTC to earn protocol fees or used as collateral for borrowing MUSD, Mezo's bitcoin-backed stablecoin.
Segregated Custody, No Rehypothecation
"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." The product explicitly prohibits rehypothecation, with all yield derived from protocol activity.
Bullish First Mover
Tarun Kapoor, vice president at Bullish, stated: "Bullish was built on the belief that institutional standards and digital asset participation aren't in conflict. Their veBTC design is a great example—mitigating smart contract risk and keeping the underlying BTC secure." Bullish's 250 BTC deployment maintains custody and compliance through Anchorage Digital.
The launch comes as institutions seek to generate returns from dormant bitcoin holdings. Mezo estimates over 1 million BTC sit idle in custody, previously lacking a compliant yield avenue. Mezo Prime aims to bridge that gap through qualified custody and protocol-level yield.