Wrapped BTC (Ethereum)


WBTC is a DeFi-compatible version of BTC backed by BTC reserves held by a licensed custodian (BitGo).

Risk Rating
What we like
Enables users to earn yield on their idle BTC holdings across various DeFi apps. Provides access to BTC’s deep liquidity and large volume.
What we like less
Greater centralization as BitGo custodies the deposited BTC and controls the minting and redemption of WBTC. Open to manipulation as wrapping BTC cannot be automated via a smart contract.
What it means for you
WBTC is a highly liquid instrument to gain exposure to BTC directly from other chains and also an easy way to put your BTC to work for you in DeFi.
  • Ethereum
Key Metrics
  • Market Cap: $4.4B
  • Fully Diluted Valluation: $4.4B
  • FDV / MC: 1
  • Ranking inside Exponential (excluding stables): #7
  • Circulating Supply: 156,349
  • Total Supply: 156,349
  • Total Supply: 156,349
  • Volume (24H): $156M
  • ATH: $70,643.00 (11/10/2021)
  • ATL: $3,139.17 (04/02/2019)
Risk Assessment
Asset Strength

WBTC is a mid-cap, fully collateralized asset. This asset depends on a centralized entity for custody services. WBTC is a DeFi-compatible version of Bitcoin. It is backed 1:1 by BTC held with a licensed custodian (BitGo). The asset has a fixed supply.

Asset Volatility

WBTC is highly correlated to the overall market.


Wrapped BTC (Ethereum) has no dependencies.

Things to know about WBTC

Who invented WBTC?

WBTC launched on the Ethereum mainnet in January 2019 as a collaboration between major DeFi players, such as BitGo, Ren,and Kyber. The project is now controlled by a decentralized autonomous organization (DAO) called the WBTC DAO.

How does WBTC work?

WBTC is maintained by a decentralized autonomous organization (DAO) that consists of 16 stakeholders within DeFi. The token is minted by a centralized custodian, BitGo. This process is initiated by merchants who send the user’s BTC to BitGo in return for WBTC tokens. Customers are required to undergo KYC checks to verify their identity before wrapping their BTC. Unwrapping the WBTC back to BTC involves the same process with the merchant requesting to burn WBTC and BitGo returning the equivalent amount of BTC. The amount to be redeemed is deducted from the merchant’s WBTC balance (on-chain), thus reducing the circulating supply.

How secure is WBTC?

WBTC will never have the same level of decentralization or security as BTC since it relies on trusting people and organizations to manage the system instead of automated smart contracts. Nonetheless, WBTC regularly undergoes audits and publishes all on-chain transactions and verifications for the Bitcoin and Ethereum networks. Users can always independently verify if the amount of BTC sent to the WBTC address on the Bitcoin blockchain matches the creation of WBTC tokens on the Ethereum blockchain, and vice versa.

WBTC Pools