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Kraken Wrapped BTC(KBTC)

Token Price$61,147

24h Change-1.87%

All Time HighOct 6, 2025$126,108

All Time LowJun 5, 2026$59,145

Key Metrics

Market Cap$345.39m

Fully Diluted Valuation$345.39m

Circ. Supply5,648 KBTC

Volume 24h$1.98m

CEX Volume$0

DEX Volume$2.03m

Risks

How much debt can be issued against KBTC as collateral across lending protocols.

Maximum possible exposure to KBTC

$189.87m

$39.67m (max additional borrows against KBTC) + $150.21m (bad debt if KBTC was hacked now)

Tydro

$25.49m at-risk exposure = -- bad debt if hacked + $25.49m additional borrowable against KBTC

Morpho V1

$164.39m at-risk exposure = $150.21m bad debt if hacked + $14.18m additional borrowable against KBTC

Methodology and limitations

Showing collateral exposure for KBTC on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.

These metrics describe lending exposure only and are not a full protocol risk rating.
This view does not include multisigs, timelocks, audits, oracle incidents, listing discussions, curator reports, or protocol backstops.
Chain-specific drilldown is exact only when the token resolves to a concrete chain:address.
Bad debt at $0 is a lower bound when some contributing markets return null for zero-price bad debt; null rows are excluded instead of being treated as zero.

Show exposure details

Each row is one protocol-chain exposure for KBTC as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.

Protocol	Chain
Tydro	Ink	kBTC0x73e0c0d45e048d25fc26fa3159b0aa04bfa4db98	$25.49m	—
Morpho V1	Ethereum	kBTC0x73e0c0d45e048d25fc26fa3159b0aa04bfa4db98	$14.18m	$150.21m

Risk Timeline

Risk-management actions published about KBTC by tracked risk managers and governance contributors, newest first.

1 action

contributor@ACIgovernance.aave.com

5 months ago

↑Onboard kBTC to Aave V3 Core Instance

Kraken’s kBTC provides a regulated wrapped Bitcoin option from a trusted centralized exchange, diversifying BTC exposure on Aave and enabling users to leverage deep liquidity for DeFi participation. A large institution plans to borrow GHO and stablecoins against kBTC, driving protocol revenue and GHO minting.

Markets

Token Usage

An is required to view token usage.

Yields

Tracking 10 pools, average APY 9.98%

Pool	Project
open in new tab KBTC	Morpho Blue	$119.43m	0%			0%
open in new tab KBTC	Morpho Blue	$101.67m	0%			0%
open in new tab WBTC-KBTC0.01%	Uniswap V3	$15.16m	0.36%	0.36%		0.26%
open in new tab KBTC	🪂Tydro	$12.2m	0.09%	0.09%		0.03%
open in new tab KBTC-SOLVBTCCL100 - 0.05%	Velodrome V3	$3.84m	0%			0%
open in new tab USD₮0-KBTCCL100 - 0.2%	Velodrome V3	$1.6m	9.00%		9.00%	10.35%
open in new tab WETH-KBTCCL100 - 0.2%	Velodrome V3	$453,304	8.50%		8.50%	8.44%
open in new tab WBTC-KBTC	Uniswap V2	$83,537	0%	0%		0.22%
open in new tab KBTC-SOLVBTCCL1 - 0.02%	Velodrome V3	$47,622	8.62%		8.62%	6.18%
open in new tab KBTC-USDGCL100 - 0.18%	Velodrome V3	$29,386	33.33%		33.33%	64.30%

Borrow

Tracking 6 routes

Pool	Project
open in new tabKBTC ➞ USD₮0	🪂Tydro	$10.68m	-1.97%	0.09%	-2.86%	72%	$14.2m	$2m
open in new tabKBTC ➞ USDC	🪂Tydro	$7.9m	-1.74%	0.09%	-2.54%	72%	$14.2m	$2m
open in new tabKBTC ➞ WETH	🪂Tydro	$5.35m	-1.13%	0.09%	-1.69%	72%	$14.2m	$2m
open in new tabKBTC ➞ USDG	🪂Tydro	$1.23m	-2.54%	0.09%	-3.66%	72%	$14.2m	$2m
open in new tabKBTC ➞ GHO	🪂Tydro	$621,493	-3.25%	0.09%	-4.63%	72%	$14.2m	$2m
open in new tabKBTC ➞ USDE	🪂Tydro	$17,305	-1.29%	0.09%	-1.92%	72%	$14.2m	$2m

Overview