Wrapped Bitcoin
WBTC has had its share of criticism, particularly after BitGo started working with Justin Sun-linked BiT Global in 2024 as part of a multi-jurisdictional custody setup. Under that arrangement, BiT Global received two of the three keys in the multisig controlling the Bitcoin reserves.
Perhaps most notably, Coinbase soon after delisted WBTC, citing listing standards, and launched cbBTC. BiT Global later sued Coinbase for alleged anticompetitive practices, but ultimately dropped its case after a federal judge ruled that Coinbase had the right to delist the token.
Notably, BitGo still retains full ownership and control of the token contracts.
Launched in 2019, WBTC at one point accounted for the entire wrapped bitcoin market, with over $15 billion in circulation. The token has seen its value drop significantly since September 2025, alongside the drop in bitcoin’s price, though its total supply has kept relatively constant, according to The Block’s data.
$BTC
#BTC
WBTC has had its share of criticism, particularly after BitGo started working with Justin Sun-linked BiT Global in 2024 as part of a multi-jurisdictional custody setup. Under that arrangement, BiT Global received two of the three keys in the multisig controlling the Bitcoin reserves.
Perhaps most notably, Coinbase soon after delisted WBTC, citing listing standards, and launched cbBTC. BiT Global later sued Coinbase for alleged anticompetitive practices, but ultimately dropped its case after a federal judge ruled that Coinbase had the right to delist the token.
Notably, BitGo still retains full ownership and control of the token contracts.
Launched in 2019, WBTC at one point accounted for the entire wrapped bitcoin market, with over $15 billion in circulation. The token has seen its value drop significantly since September 2025, alongside the drop in bitcoin’s price, though its total supply has kept relatively constant, according to The Block’s data.
$BTC
#BTC