Wrapped Bitcoin
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Wrapped Bitcoin in numbers
Wrapped Bitcoin (WBTC) ranks #7830 by market capitalization, at $9.61B. It belongs to the DeFi sector (Synthetic Assets). It has traded since Mar 19, 2019, across 865 markets on 80 exchanges, with $274.11M of volume in the last 24 hours. Its all-time high of $126,119.77 was reached on Oct 6, 2025; the current price is 40.0% below that peak. Its cycle low of $58,137.14 came on Jun 25, 2026.
116,132 WBTC are in circulation. On Ethereum, 198,191 addresses hold WBTC. It is available on 32 networks.
About Wrapped Bitcoin
The wbtc.network was initially created to provide a 1:1 backed BTC token usable on decentralized finance (DeFi) applications on Ethereum. As of Jan. 31, 2024, the protocol enables users to mint and redeem ERC-20 WBTC on Ethereum and TRC-20 WBTC on TRON at a 1:1 ratio for BTC. Furthermore, users can mint and redeem TRC-20 WETH on TRON at a 1:1 ratio using ERC-20 WETH on Ethereum.
Background
The wbtc.network was introduced on Oct. 26, 2018, as a joint initiative by BitGo, Kyber Network, and Ren (formerly Republic Protocol). BitGo’s introductory blog post can be read here, Kyber Network’s here, and Ren’s here. The protocol was created to provide a 1:1 backed BTC token usable on DeFi applications.
ERC-20 WBTC was deployed on Ethereum on Nov. 24, 2018, with full mint and burn functionality for users and merchants becoming available on Jan. 31, 2019. ERC-20 WBTC issuance at launch was initially facilitated by eight merchants: AirSwap, Dharma, ETHfinex, GOPAX, Kyber Network, Prycto, Ren, and Set Protocol.
The TRC-20 WBTC and TRC-20 WETH contracts were deployed on Dec. 17, 2020.
On Dec. 13, 2022, the project team announced it had received the 11 required signatures from previous WBTC DAO members to transition to a new WBTC DAO. The previous DAO multi-sig contract required 11 of 18 signers to process a transaction, while the new DAO multi-sig requires 8 of 13 signers.
On April 14, 2023, the project team announced it had initiated the recovery of 14 WBTC accidentally sent to the WBTC token contract. A review of the GitHub dedicated to the recovery found the WBTC had been recovered and is held by the WBTC DAO, although it has yet to be airdropped to affected users.
As of Jan. 31, 2024:
Of note, the project’s whitepaper (pgs. 9 to 10) discusses plans to launch an Ethereum sidechain for WBTC. However, as of Jan. 31, 2024, the sidechain has not been launched, and a commercially reasonable search found no disclosures from the project team as to whether they still intend to launch it.