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Kraken Wrapped BTC(KBTC)

Token Price$66,469

24h Change-5.98%

All Time HighOct 6, 2025$126,108

All Time LowFeb 6, 2026$60,132

Key Metrics

Market Cap$338.56m

Fully Diluted Valuation$338.56m

Circ. Supply5,093 KBTC

Volume 24h$4.08m

CEX Volume$0

DEX Volume$3.94m

Risks

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

Maximum possible exposure to KBTC

$112.05m

$43.28m (max additional borrows against KBTC) + $68.77m (bad debt if KBTC was hacked now)

Tydro

$32.95m at-risk exposure = -- bad debt if hacked + $32.95m additional borrowable against KBTC

Morpho V1

$79.1m at-risk exposure = $68.77m bad debt if hacked + $10.33m 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	$32.95m	—
Morpho V1	Ethereum	kBTC0x73e0c0d45e048d25fc26fa3159b0aa04bfa4db98	$10.33m	$68.77m

Risk Timeline

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

1 action

contributor@ACIgovernance.aave.com

4 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

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Yields

Tracking 10 pools, average APY 91.51%

Pool	Project
open in new tab KBTC	🪂Tydro	$110.78m	0%	0%		0.03%
open in new tab KBTC	Morpho Blue	$57.64m	0%			0%
open in new tab KBTC	Morpho Blue	$33.27m	0%			0%
open in new tab WBTC-KBTC0.01%	Uniswap V3	$16.67m	0.73%	0.73%		0.20%
open in new tab KBTC-SOLVBTCCL100 - 0.05%	Velodrome V3	$4.23m	0%			0%
open in new tab USD₮0-KBTCCL100 - 0.2%	Velodrome V3	$1.44m	49.27%		49.27%	10.32%
open in new tab WETH-KBTCCL100 - 0.2%	Velodrome V3	$253,231	49.82%		49.82%	8.67%
open in new tab WBTC-KBTC	Uniswap V2	$91,298	0%	0%		0%
open in new tab KBTC-SOLVBTCCL1 - 0.02%	Velodrome V3	$52,530	5.80%		5.80%	5.58%
open in new tab KBTC-USDGCL100 - 0.18%	Velodrome V3	$39,524	443%		443%	25.29%

Borrow

Tracking 6 routes

Pool	Project
open in new tabKBTC ➞ WETH	🪂Tydro	$24.14m	-0.75%	0%	-1.05%	72%	$113.33m	$2.55m
open in new tabKBTC ➞ USD₮0	🪂Tydro	$5.22m	-4.72%	0%	-6.55%	72%	$113.33m	$2.55m
open in new tabKBTC ➞ USDC	🪂Tydro	$2.43m	-2.83%	0%	-3.94%	72%	$113.33m	$2.55m
open in new tabKBTC ➞ USDG	🪂Tydro	$1.05m	-6.22%	0%	-8.64%	72%	$113.33m	$2.55m
open in new tabKBTC ➞ GHO	🪂Tydro	$725,585	-3.73%	0%	-5.18%	72%	$113.33m	$2.55m
open in new tabKBTC ➞ USDE	🪂Tydro	$5,365	-5.03%	0%	-6.99%	72%	$113.33m	$2.55m

Overview