Why did Spark shelve its consumer app?

Spark shelved its consumer app because Phoenix Labs CEO Sam MacPherson said consumer applications were extremely difficult to compete in.

What are Spark's Bitcoin (CRYPTO:BTC) lending figures?

Spark has about $260 million in Bitcoin (CRYPTO:BTC)-backed OTC loans outstanding after originating roughly $400 million through Anchorage.

Spark moved about $150 million into Uniswap v4 pools pairing USDS (CRYPTO) with Tether (CRYPTO:USTD) and PayPal USD.

Spark aims to increase outstanding Bitcoin (CRYPTO:BTC)-backed OTC loans from about $260 million to $1 billion by year-end, MacPherson said.

Spark's pools routed roughly $1.5 billion in 30 days and represented about 30% of Uniswap's stablecoin-to-stablecoin swap volume, MacPherson said.

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Written by Jon CuthbertPublished Aug 3, 2026, 6:48 AM

Spark shelved its consumer app and shifted towards providing crypto infrastructure to other financial platforms.
Annual revenue fell from about $80 million to roughly $20 million, according to Phoenix Labs CEO Sam MacPherson.
Spark has $260 million in Bitcoin-backed OTC loans and is targeting $1 billion by year-end.

Spark shelved its consumer app indefinitely and now supplies crypto infrastructure to platforms including Robinhood.

Spark’s annual revenue fell 75% from about $80 million during the bull market to roughly $20 million today.

“Consumer apps are extremely hard to compete in,” said Phoenix Labs CEO Sam MacPherson.

Spark moved about $150 million into Uniswap (CRYPTO:UNI) pools, which routed roughly $1.5 billion within 30 days.

MacPherson said Spark has $260 million in Bitcoin (CRYPTO:BTC)-backed OTC loans and is targeting $1 billion by year-end.

Robinhood Earn uses a Morpho vault holding more than $200 million, with Spark supplying one source of funds.

Spark is also seeking credit ratings from S&P and Moody’s as it expands its services for institutional clients.

At the time of reporting, Uniswap price was $4.14.