Wrapped Bitcoin

WBTC

Wrapped Token, derivative weights

A wrapped token, backed 1 to 1 by Bitcoin.

STRICT score withheld.Score opens with Pro

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Weights are public.

The full report. Score, pillars, arithmetic, risk, scenario, signal and notes.

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About Wrapped Bitcoin

Analysis of 26 Jan 2026

Wrapped Bitcoin (WBTC) is an ERC-20 token backed 1:1 by Bitcoin, enabling BTC holders to access Ethereum DeFi. Launched in 2019 by Kyber, Ren, and BitGo, WBTC has a market cap of $11.05 billion with 125,331 WBTC in circulation as of January 26, 2026, priced at $88,438 per token.

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WBTC holds approximately $14 billion in total value locked across DeFi protocols including Aave, Compound, Uniswap, SushiSwap, and Curve. Custody uses a 2-of-3 multisignature model managed by BitGo Inc., BiT Global, and BitGo Singapore with master keys located in the US, Hong Kong, and Singapore.

WBTC's market share remains around 43% of the wrapped Bitcoin market as competition from Coinbase's cbBTC (25% share) and Binance BTC (22% share) continues. The total wrapped Bitcoin market has grown to approximately 300,000 BTC.

Multi-chain expansion includes deployments across Ethereum, Arbitrum, Polygon, Solana, Base, Hedera, Aptos, TRON, and more. Recent integrations include Hedera attracting $113.5 million in TVL and Aptos deployment enabling access to Move-based DeFi protocols.

WBTC maintains zero security incidents in seven years of operation with real-time proof of reserves via Chainlink oracles verifying custody every 10 minutes.

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