WBTC (Wrapped Bitcoin) is a token on Ethereum and several other blockchains that represents bitcoin one-for-one. Each WBTC is meant to be backed by one BTC held by a custodian, so bitcoin holders can use it in DeFi apps that can't touch native BTC 1. Only approved institutions called merchants can create or redeem WBTC directly; everyone else buys and sells it on exchanges 23. As of October 23, 2026, about 116,500 WBTC were in circulation against about 116,512 BTC in published reserve addresses 6. Because the BTC sits with a custodian, WBTC is a custodial product, not self-custodied bitcoin.
WBTC has three layers of participants 2:
The website's terms don't name the company that operates wbtc.network 13. On October 7, 2026, WBTC said it is exploring moving reserves to several institutional custodians. It said holders need to do nothing and minting and redemption are unchanged; the chosen custodians had not been announced as of October 23 12.
Minting 2:
Burning (redemption) 2:
This is what keeps supply tied to reserves. It also means direct redemption is open only to institutions, not individuals 23.
WBTC's transparency dashboard lists the custodian's bitcoin addresses, the WBTC supply on each native chain, and a log of every mint and burn — 1,358 entries as of October 23, 2026 6. Anyone can check those BTC addresses on a block explorer and compare them with token supply.
On October 23, 2026 at 14:49 the dashboard showed 116,511.99 BTC in reserve against 116,499.19 WBTC in circulation 6. That confirms the coins are in the listed addresses at that moment. It does not prove who controls the keys, how the custodians are governed, or what would happen in a custodian failure. Check the live page, not this snapshot.
| BTC | WBTC | |
|---|---|---|
| Network | Bitcoin | Ethereum and other smart-contract chains 6 |
| Custody | You can hold your own keys | Underlying BTC is held by a custodian 5 |
| DeFi use | Limited on Bitcoin itself | Lending, liquidity pools, collateral 10 |
| Redemption | Not applicable | Via merchants only (institutions) 2 |
| Main extra risks | — | Custodian, key-holder governance, smart contract, bridge (for bridged versions) |
The price usually tracks BTC closely because merchants can arbitrage between the two, but WBTC can trade at a small discount or premium when redemption access or market confidence changes. Holding WBTC in your own wallet gives you self-custody of the token, not of the bitcoin behind it.
WBTC lists seven "authorized" native chains: Ethereum, Solana, TRON, BNB Chain, Base, Kava and Osmosis, with almost all supply on Ethereum 67. The FAQ says WBTC is available on "25+" blockchains 10; the others carry versions moved through bridges such as LayerZero's OFT standard 1. A bridged token adds the bridge's own security assumptions. Always check the contract address against WBTC's official list before buying or depositing 7.
Getting WBTC. For individuals the practical route is an exchange. WBTC's site lists centralized venues such as Binance, Kraken, Bybit and Bitget, and DEXs such as Uniswap, Curve and PancakeSwap, each on particular networks 11. You can buy WBTC outright or swap BTC for it on a platform that supports both. Institutions can mint directly through a merchant 10. New to buying? See how to buy bitcoin.
Converting WBTC to BTC. WBTC's docs recommend retail users deposit WBTC to an exchange that supports it, trade or convert to BTC, and withdraw BTC to a Bitcoin address 9. Check that the exchange accepts WBTC on the network you're sending from. Coinbase no longer supports WBTC (see below) 1415.
Costs. WBTC does not publish a fee schedule for minting or burning. Merchants set their own charges 4. Exchange trading fees, spreads, Ethereum gas and Bitcoin network fees all apply depending on the route.
Hacks in DefiLlama’s public database are also scored as the security record on the Wrapped Bitcoin (WBTC) rating page.
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