Coinbase’s cbBTC Supply Soars, Impacts Wrapped Bitcoin Ecosystem

Coinbase’s wrapped Bitcoin token, cbBTC, has experienced significant growth, achieving a circulating supply of 33,038 tokens on April 20, 2025. This surge marks a notable shift in market share within the wrapped Bitcoin ecosystem, with cbBTC now holding a market share of nearly 20%. 33,038 is a significant jump from previous levels and signals a substantial increase in trust for Coinbase’s offerings.