Cryptocurrencies

Wrapped Bitcoin Sees Record $57.1M in Tokens Minted by CoinList for Customers

Top 10 days of largest individual merchant mining activity

Token investment platform CoinList minted a total of $57.1 million worth of wrapped bitcoin (4,997 WBTC) in back-to-back mints for its customers Wednesday, setting an all-time record for the most bitcoins wrapped by one merchant in a single day.

  • The previous daily record was set on Sept. 18 when Alameda Research minted $44.7 million (4,093 WBTC) in three separate mints, according to transaction data analyzed by CoinDesk.
  • Matthieu Jobbé-Duval, head of financial products at CoinList, told CoinDesk the firm is seeing a strong but “more balanced flow” in demand for WBTC after “a steady increase” in customer demand throughout the summer during the heights of the recent decentralized finance (DeFi) craze.
  • On Wednesday, CoinList also set a new record for the largest single mint of 3,697 WBTC.
  • Notably, CoinList mints WBTC only as a service for its customers, unlike other wrapped bitcoin merchants including Alameda Research, Three Arrows Capital and Grapefruit Trading that primarily deploy the tokenized capital themselves.
  • Wednesday’s eye-popping daily minting activity is sort of business as usual for the San Francisco-based company. Responsible for over 30% of all WBTC ever minted, CoinList continues to be one of the largest gateways to using bitcoin on Ethereum.
  • Approximately 105,132 WBTC are in circulation, according to the project’s website, representing more than 17,000% growth year to date.

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