Two Prime
Two Prime is an SEC-registered investment adviser providing institutional Bitcoin financial services — bitcoin-backed lending, separately managed accounts, and derivatives advisory — to miners, hedge funds, and digital asset treasuries.
- Company typePrivate
- Founded2019
- HeadquartersAsheville, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Two Prime does
Two Prime is an SEC-registered institutional Bitcoin financial services firm headquartered in Asheville, North Carolina, that provides investment advisory, separately managed account (SMA), and bitcoin-backed lending services to institutional clients. Its product stack is anchored by Three core offerings: Two Prime Lending, a bitcoin-backed institutional loan platform that has originated over $2.55 billion in loans since March 2024; SMA frameworks for Bitcoin portfolio management, including a $250 million mandate from Digital Wealth Partners and a 2,000 BTC SMA for MARA Holdings; and a Bitcoin derivatives advisory service for institutions seeking professional risk management. The firm generates revenue primarily through recurring investment advisory/management fees on assets under management and through net interest spread on bitcoin-collateralized loans, supplemented by participation in institutional lending marketplaces.
Two Prime serves institutional counterparties including Bitcoin miners, hedge funds, and digital asset treasuries, addressing their need for non-dilutive BTC-backed financing and professionally managed Bitcoin exposure with traditional-finance-grade governance. The company has differentiated itself through regulatory and operational rigor, completing SOC 1 Type 2 and SOC 2 Type 2 audits with no exceptions noted and operating as an SEC-registered investment adviser. Its go-to-market is high-touch institutional field sales, with mandates structured through dedicated SMAs and distributed directly to enterprise buyers; in May 2026 the firm also joined GoQuant's GoCredit multi-lender borrow/lend marketplace as a launch partner, expanding its distribution beyond direct sales. A $20 million equity investment led by MARA Holdings with participation from Susquehanna Crypto in July 2025 is being used to expand operations and develop additional institutional Bitcoin yield products.
Two Prime firmographics
Firmographics- Name
- Two Prime
- Legal name
- Two Prime Inc.
- Website
- https://twoprime.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Two Prime is an SEC-registered investment adviser providing institutional Bitcoin financial services — bitcoin-backed lending, separately managed accounts, and derivatives advisory — to miners, hedge funds, and digital asset treasuries.
- Ownership category
- akta.pro rank
Two Prime industry classification
Industry- Product category
- Institutional Bitcoin Financial Services
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Prime Brokerage & Institutional Trading Services (FSAPADAF)
- akta.pro secondary industries
- Prime Financing & Credit Intermediation (Institutional) (FSADAJAH), Centralized Crypto Lending Platforms (CeFi) (FSADAFAA)
Keywords
Where Two Prime is headquartered
LocationHeadquarters
- HQ city
- Asheville
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Two Prime business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Others
Revenue model
- Investment Advisory Fees: SEC-registered investment advisory services to institutional Bitcoin investors, generating fees for managing Bitcoin portfolios and derivatives strategies. Revenues derived from management fees on assets under advisement.
- Bitcoin-Backed Institutional Lending: Issues bitcoin-backed loans to institutional clients including miners, hedge funds, and digital asset treasuries. Total lending volume reached $2.55 billion since March 2024, with $827 million issued in Q3 2025 alone. Revenue generated through interest on loans.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels2 records
Two Prime product offering
Product offeringCore offering
Two Prime is an SEC-registered crypto investment adviser that provides institutional Bitcoin financial services, including Bitcoin-backed lending (Two Prime Lending) and Separately Managed Account (SMA) frameworks for Bitcoin portfolio management. The firm also offers Bitcoin Derivatives Advisory and operates the Three Prime Crypto Exchange-Traded Fund/Mutual fund (CEFM) vehicle for institutional Bitcoin exposure.
Product overview
Two Prime is an SEC-registered crypto investment adviser providing institutional Bitcoin financial services. The company operates three core offerings: (1) Two Prime Lending - a Bitcoin-backed institutional lending platform that has issued over $2.55 billion in loans since March 2024 to miners, hedge funds, and digital asset treasuries; (2) Separately Managed Account (SMA) - a dedicated framework for managing Bitcoin portfolios for institutional clients, including a $250 million mandate from Digital Wealth Partners; and (3) Bitcoin Derivatives Advisory - specialized investment advisory services for institutional investors seeking risk management and trading strategies. These services work together to position Two Prime as a crypto prime broker equivalent to traditional financial firms.
Differentiator
Problem solved
Functional benefit
Products and services
- Two Prime Lending Institutional Bitcoin-backed lending facility that allows corporate and institutional clients to borrow against Bitcoin collateral without liquidating their holdings. Used by Bitcoin miners, digital asset treasuries, hedge funds, and registered investment advisers for non-dilutive financing, operational liquidity, and tax-efficient capital access.
- Two Prime SMA (Separately Managed Account) Customizable Separately Managed Account framework for institutional Bitcoin portfolio management. Designed for hedge funds, registered investment advisers, and institutional asset managers requiring SEC-regulated mandate structures with derivatives overlays and active management capability.
- Bitcoin Derivatives Advisory Advisory service supporting institutional clients with Bitcoin derivatives positioning, risk management, and overlay strategies. Targeted at sophisticated investors requiring structured derivatives exposure as part of their broader Bitcoin allocation strategy.
- Three Prime (CEFM) Three Prime is a Cayman-structured Crypto Exchange-Traded Fund/Mutual fund vehicle that forms one of Two Prime's three institutional Bitcoin exposure pillars alongside ETP and SMA. Designed to provide regulated fund-based Bitcoin exposure for institutional allocators.
Quantifiable outcome
- $2.55 billion in total bitcoin-backed loans issued since March 2024
- +3 more outcomes
Companies that use Two Prime
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles2 records
Two Prime technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Two Prime partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core and flagship.
- GoQuantcoreGoQuant launched GoCredit, a quote-based borrow/lend marketplace for digital assets, with Two Prime as a launch partner alongside Maple, Capital Union Bank, 1Konto, and Valos. Two Prime participates as a liquidity provider on the platform enabling institutional borrowers and lenders to submit configurable RFQs and manage positions through a single integrated platform.
- Digital Wealth PartnersflagshipDigital Wealth Partners (DWP), a cryptocurrency-focused SEC-registered investment advisor, partnered with Two Prime in January 2026 to manage a $250 million Bitcoin portfolio for DWP's clients. Assets are managed through a dedicated separately managed account framework designed to generate stable Bitcoin-denominated returns while minimizing volatility. The partnership followed months of due diligence on custody solutions, risk frameworks, and security protocols.
Scale indicators5 records
Recent moves6 records
Expansion highlights5 records
Two Prime competitors and assessment
Company assessmentDirect peers
- FalconX: FalconX provides institutional crypto prime brokerage, lending against digital-asset collateral, and trading services — closely mirroring Two Prime's institutional BTC-focused stack.
- Maple Finance: Maple Finance runs an institutional crypto credit marketplace and is also a GoCredit launch partner alongside Two Prime; both compete to serve institutional borrowers and lenders in BTC-collateralized lending.
- Anchorage Digital: Anchorage Digital offers institutional crypto custody and lending, including BTC-collateralized loans to institutional borrowers — overlapping Two Prime's core lending and institutional mandate business.
- Ledn: Ledn specializes in Bitcoin-backed lending and yield products for both retail and institutional clients, directly comparable to Two Prime Lending's BTC-collateralized loan offerings.
- Unchained Capital: Unchained Capital provides Bitcoin-backed lending and collaborative custody services for institutional and high-net-worth clients, directly comparable to Two Prime's BTC-collateralized lending and institutional service model.
- Galaxy Digital: Galaxy Digital operates institutional crypto prime brokerage, lending, and asset management — directly overlapping Two Prime's SMA, bitcoin-backed lending, and derivatives advisory offerings for institutional clients.
Broad incumbents
- Coinbase Prime: Coinbase Prime bundles custody, trading, and financing for institutional crypto clients as part of the broader Coinbase exchange franchise — competing across Two Prime's full product set but from a much larger incumbent position.
Emerging players
- Auros: Auros is an algorithmic crypto trading and market-making firm that has expanded into institutional digital-asset lending — a narrower overlap with Two Prime's lending book but operating in the same institutional BTC-collateralized credit market.
Regional players
- Sygnum Bank: Sygnum is a Switzerland-regulated digital asset bank offering institutional custody, lending, and trading — overlapping Two Prime's institutional BTC services but serving primarily European, not US, institutional clients.
Others
- Polychain Capital: Polychain Capital is a crypto-native investment firm managing external capital through fund vehicles — thematically comparable to Two Prime's SMA framework, though focused on venture-style digital asset investing rather than BTC-denominated yield strategies.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Two Prime social profiles
Digital presenceTwo Prime financial estimates
Financial estimateRevenue estimate
Valuation estimate
Two Prime leadership team
Management profileNumber of profiles
Profiles3 records
Two Prime subsidiaries and ownership
Company hierarchySubsidiaries1 record
Two Prime funding detail
Funding detailFunding overview
Funding rounds1 record
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Two Prime M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Two Prime
What does Two Prime do?
Two Prime is an SEC-registered crypto investment adviser that provides institutional Bitcoin financial services, including Bitcoin-backed lending (Two Prime Lending) and Separately Managed Account (SMA) frameworks for Bitcoin portfolio management. The firm also offers Bitcoin Derivatives Advisory and operates the Three Prime Crypto Exchange-Traded Fund/Mutual fund (CEFM) vehicle for institutional Bitcoin exposure.
Is Two Prime a public or private company?
Two Prime is a private company. It is classified as venture growth investor backed and is currently operating.
When was Two Prime founded?
Two Prime was founded in 2019. It employs 1 to 10 people.
Where is Two Prime based?
Two Prime is headquartered in Asheville, United States, in the North America region.
How does Two Prime make money?
Two revenue lines are on record. Investment Advisory Fees are the primary driver. The others are bitcoin-Backed Institutional Lending.
Who are Two Prime's main competitors?
Direct peers on record are FalconX, Maple Finance, Anchorage Digital, Ledn, Unchained Capital and Galaxy Digital. Coinbase Prime is listed as a broad incumbent. Auros is listed as an emerging player. Sygnum Bank is listed as a regional player. Polychain Capital is listed as an others.
Does Two Prime have an API?
No public API is recorded for Two Prime.
What industry is Two Prime in?
Two Prime's product category is Institutional Bitcoin Financial Services. Its primary akta.pro industry code is FSAPADAF, Prime Brokerage & Institutional Trading Services, with a secondary code of FSADAJAH, Prime Financing & Credit Intermediation (Institutional). Its NAICS code is 525 and its SIC code is 6200.