Stacks, a flagship Bitcoin L2 pushing the barriers of Bitcoin DeFi, today announced a series of major institutions adopting sBTC for their Bitcoin strategy. Top-tier asset managers, VCs and market makers are joining the emerging ecosystem in early Q1, 2025.
UTXO, SNZ, Jump Crypto become sBTC depositors in February
According to the official statement by Stacks' team, its novel product sBTC is aggressively expanding its ecosystem of partners and depositors. Among others, this trend is supported by UTXO, SNZ, Jump Crypto, three influential Web3 market participants.
UTXO Management is a major player in the Bitcoin ecosystem and has invested in many of the top Bitcoin companies through their venture arm. 210k Capital, their liquid fund, deploys capital across Bitcoin-related investment opportunities in public and private markets.
Jump Crypto is part of Jump Trading Group, a research-driven quantitative trading firm and one of the largest traders, by volume, across asset classes. Jump Crypto is also a key infrastructure builder and R&D contributor to the crypto ecosystem and is excited about the prospects of Web3 and blockchain technology to revolutionize open, community-driven networks.
Saurabh Sharma of Jump Trading stresses that growing sBTC adoption is of paramount importance for the global cryptocurrency ecosystem:
We look for technologies that unlock latent capital and expand potential use cases for Bitcoin. sBTC fosters a more dynamic and interconnected financial landscape, and we are pleased to participate in the ecosystem
SNZ is a crypto-native, research-driven investment firm with a presence in Hong Kong, Singapore and the U.S., backing 200+ portfolios. Active since 2014, SNZ goes beyond investment by fostering community growth and incubation. As one of the earliest backers of Stacks and other public blockchains in Asia, SNZ has played a pivotal role in bridging Western blockchain projects with Asian markets. SNZ is committed to supporting innovation within the Bitcoin ecosystem, including Stacks, to unlock new possibilities for BTCFi.
sBTC adoption gains traction in DeFi
Demand for early sBTC adoption has signaled Stacks to the community as the premiere Layer 2 for Bitcoin DeFi. One rapidly-growing use case, Zest, has already amassed nearly 40% of all sBTC in the protocol, demonstrating usability and productivity for Bitcoin.
With growing support from depositors and builders and continued technical progress, sBTC’s next milestone will be its withdrawal functionality, which is expected to arrive in March 2025.
As of February 2025, the demand for tokenized Bitcoin assets has been steadily growing. This demand is driven by Bitcoin holders who are beginning to recognize Bitcoin layers like Stacks and others can offer solutions aligned with the promise of Bitcoin security.
Vladislav SopovAccording to BBA data, tokenized BTC supply has reached 1.67% of BTC's circulating supply, a level not seen since October 2022.
Dan Burgin
Vladislav Sopov