Mezo Prime launches segregated BTC vaults; Bullish backs 250 BTC

Mezo launched Mezo Prime, a product built with Anchorage Digital Bank that creates segregated institutional bitcoin vaults. The system lets corporate treasuries earn protocol fees by locking bitcoin as veBTC or borrow against locked bitcoin using MUSD, Mezo’s bitcoin-backed stablecoin. Bullish deployed 250 BTC from its corporate treasury into Mezo Prime while retaining custody and regulatory controls through Anchorage.

The vaults, called Enclaves, are isolated per depositor and held in qualified custody at Anchorage, the first federally chartered digital asset bank in the U.S. Enclaves are designed to prevent commingling and to keep each depositor’s bitcoin separate.

Mezo enforces a no-rehypothecation policy: bitcoin placed in Enclaves cannot be reused or pledged by the custodian for other purposes. The design preserves custody records, provides auditability and supports compliance requirements for treasury teams.

Matt Luongo, Mezo co-founder and CEO of Thesis, noted that more than one million bitcoin currently sit on corporate balance sheets and most of those holdings are not earning yield. He described Mezo Prime as a way for treasuries that already hold bitcoin to put assets to work while maintaining control.

Nathan McCauley, Anchorage co-founder and CEO, described the product as delivering “secure, segregated custody and direct access to onchain yield in one platform.”

Tarun Kapoor, vice president at Bullish, stated the veBTC structure reduces smart contract risk and helps keep the underlying bitcoin secure. Bullish’s 250 BTC deployment is the first corporate treasury use of Mezo Prime and serves as an example of combining custody with access to protocol yield and lending.

Mezo and Anchorage said the platform is available to institutions that require segregated custody, compliance controls and the ability to participate directly in on-chain economic activity.