Kraken Wrapped BTC
KBTCA wrapped token, backed 1 to 1 by Bitcoin.
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About Kraken Wrapped BTC
Analysis of 16 Feb 2026Kraken Wrapped Bitcoin (kBTC) is a fully-backed wrapped Bitcoin token issued by Kraken Financial, a Wyoming-chartered Special Purpose Depository Institution (SPDI), launched in October 2024 and designed for cross-network DeFi use on Ethereum, OP Mainnet, Ink, and Unichain. Each kBTC token is backed 1:1 by native Bitcoin held in segregated custody wallets at Kraken Financial, with reserves publicly verifiable onchain through dedicated SPDI custody wallet addresses.
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As of February 16, 2026, kBTC trades at $68,600, tracking Bitcoin's recovery from early February lows as market sentiment rebounds with declining bear pressure and orderly deleveraging despite a 50% correction from October 2025's $126,080 record high. The token leverages LayerZero's OFT (Omnichain Fungible Token) Standard integrated in December 2025, enabling movement across over 150 blockchains and positioning kBTC as truly omnichain Bitcoin. kBTC market cap has grown fivefold since early December 2025 to approximately $240 million today, demonstrating strong institutional demand for trusted, SPDI-backed wrapped Bitcoin.
DeFi integrations span Curve, Morpho, Velodrome, Yearn, ParaSwap, CowSwap, Beefy, deBridge, and Definitive. The ERC-20 smart contract underwent comprehensive security audit by Trail of Bits covering codebase and client architecture.
In the competitive wrapped Bitcoin market that reached a new all-time high of 300,000 BTC total supply, kBTC competes against WBTC (81% market share with 128,800 BTC supply) and cbBTC (19% share with 43,100 BTC across Ethereum, Base, and Solana), with WBTC dominance increasing as cbBTC captures market from traditional competitors.