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No whitepaper found

Wrapped Bitcoin

WBTC · WBTC DAO / BitGo

UtilityBitcoin made usable on Ethereum — a 1:1 claim on BTC held in custody.

What it is

Wrapped Bitcoin is an Ethereum token backed 1 to 1 by Bitcoin held in custody, created to let Bitcoin holders participate in DeFi applications. It launched in January 2019 as a joint effort by BitGo, Kyber Network and Ren.

Technology & consensus

WBTC is an ERC-20 token on Ethereum. New supply is created only when a KYC-checked merchant deposits BTC with the custodian, and tokens are destroyed by merchants on redemption while the custodian releases the matching BTC.

Token utility

Lets Bitcoin holders use Bitcoin value inside Ethereum and other supported networks, including in DeFi lending, borrowing, trading and liquidity provision.

Key risks & notes

Custody is centralized through a single joint venture between BitGo and BiT Global in which BitGo is a minority shareholder, and press reporting ties the venture to Justin Sun, which triggered collateral governance concerns in 2024. As with any wrapped asset, holders rely on the custodian and merchant layer rather than holding Bitcoin directly.

Primary source

No whitepaper found. The summary below is drawn from the project’s official documentation, site, or repository instead — the substitution is disclosed, not hidden.

Research status

Classification: No whitepaper found · Researched · Source material: official project documents only.

Machine-readable summary →

👁️ Evidence dossier

Verification classClass BFORA-01 scale — verification, not a quality ranking
Claim type · Wrapped token (BTC receipt)
What does the holder own?

Title, redemption claim, fractional ownership, reserve exposure — or just narrative.

Official WBTC site states every WBTC is backed 1 to 1 by Bitcoin held in secure custody, fully verifiable through the on-chain proof of reserves. WBTC is an ERC-20 token functioning as a claim on custodied BTC, originally launched by BitGo, Kyber Network and Ren.

high confidence

Evidence: [1] · [2] · [3]

Verified
Who holds the underlying?

Needs an identifiable custodian or entity — not a wallet address or a label.

Per BitGo's own August 2024 announcement, WBTC custody moved from BitGo alone to a joint venture between BitGo and Hong Kong-based BiT Global, with BitGo as a minority shareholder and operations diversified across the United States, Hong Kong and Singapore. Reporting confirms the transition completed, using a 2-of-3 multisignature structure. Press coverage notes controversy over Justin Sun's reported majority influence in the venture.

high confidence

Evidence: [1] · [2] · [3]

Verified
How are reserves checked?

Custodian records → inventory → third-party audit → supply reconciliation.

BitGo states it provides real-time proof of reserves via wbtc.network, a system it says has operated continuously since 2019, and the WBTC site confirms the backing is verifiable through on-chain proof of reserves. Reconciliation works by checking published custodian Bitcoin addresses in a block explorer against total WBTC supply on-chain. I confirmed the system's existence via these official sources but did not independently open the live dashboard page itself.

medium confidence

Evidence: [1] · [2] · [3]

Verified
How does redemption work?

Eligibility, minimums, fees, KYC, settlement — and what happens to the token.

Minting and burning can only be done by merchants: identity-verified institutions approved through WBTC DAO governance. Merchants perform KYC and AML checks on users. On redemption, the merchant burns the WBTC, removing it from circulation, and the custodian releases the equivalent BTC to the merchant, who reimburses the user.

high confidence

Evidence: [1] · [2] · [3]

Verified
Who is liable if redemption fails?

A legally accountable entity and jurisdiction — not a DAO label.

The custodial parties are documented: a BitGo plus BiT Global joint venture spanning the United States, Hong Kong and Singapore, with BiT Global registered in Hong Kong as a Trust and Company Service Provider. BitGo Trust Company, Inc. is documented as a South Dakota-chartered trust company. However, no primary source found states which specific legal entity is liable if redemption fails, so liability remains unconfirmed.

medium confidence

Evidence: [1] · [2] · [3]

Partially verified

❔ UNVERIFIED means not yet researched — not disproven. Rows marked “researched” were investigated and independent evidence was not found. Coverage expands as FORTUNA verifies. This dossier was researched 2026-09-15. Method: FORA-01 Asset Claim Verification Protocol.

❔ Frequently asked questions

What is Wrapped Bitcoin (WBTC)?

Wrapped Bitcoin is an Ethereum token backed 1 to 1 by Bitcoin held in custody, created to let Bitcoin holders participate in DeFi applications. It launched in January 2019 as a joint effort by BitGo, Kyber Network and Ren.

What does the holder own?

Official WBTC site states every WBTC is backed 1 to 1 by Bitcoin held in secure custody, fully verifiable through the on-chain proof of reserves. WBTC is an ERC-20 token functioning as a claim on custodied BTC, originally launched by BitGo, Kyber Network and Ren.

What is Wrapped Bitcoin's verification status?

Wrapped Bitcoin (WBTC) carries verification class B (Class B): a mix of VERIFIED and PARTIALLY VERIFIED with no UNVERIFIED and no CONTRADICTED findings. What would change it: Independent evidence closing the partially verified gaps would move it to Class A.

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