For the first time in history, the infrastructure of a live onchain asset has been acquired. Lombard has acquired BTC.b, the leading Bitcoin asset on Avalanche with approximately $550M in circulation, along with its infrastructure, to bring a new BTC asset to market.  This historic deal transforms BTC.b from a single-chain asset into a multi-chain standard for permissionless Bitcoin, fully integrated and operating exclusively on Lombard's protocol infrastructure as we accelerate Bitcoin Capital Markets onchain.

"Bitcoin is the world's largest crypto asset by market cap, yet most of it sits idle. Acquiring BTC.b infrastructure is a natural extension of Lombard's mission to make Bitcoin more usable and accessible onchain. With BTC.b, we are expanding our product suite with a permissionless, non-custodial, and institutionally supported asset that complements LBTC and offers onchain users an alternative to centralized wrapped BTC assets. The deal brings together Avalanche's liquidity foundation and Lombard's distribution capabilities to set a new standard for Bitcoin." Jacob Phillips, Co-Founder of Lombard.

Expanding our Product Suite with BTC.b

Bitcoin represents over $1.3 trillion in market capitalization, yet the vast majority remains idle. At Lombard, we believe Bitcoin should be the foundation of decentralized capital markets—not just a store of value, but an active participant in the onchain economy.

BTC.b presented a unique opportunity: a proven Bitcoin asset with real adoption, deep liquidity, and a strong community. Since its launch in 2022, BTC.b has become a cornerstone of Avalanche DeFi with approximately $538M in circulation and top-tier integrations like Aave and GMX.

By acquiring BTC.b, we:

• Meet user and builder demand for a permissionless, decentralized and accessible Bitcoin asset onchain
• Expand our product suite: Offer a complementary asset to LBTC, and provides users with both yield-bearing and non-yield bearing Bitcoin asset options
• Build upon an established foundation of user trust, real liquidity, and integrations built over years
• Accelerate onchain Bitcoin liquidity through scaling a proven asset that already has users and integrations

This acquisition allows us to build a comprehensive Bitcoin product suite faster and more effectively than starting from scratch, while preserving the trust and integrations BTC.b has already established, and accelerate Bitcoin adoption across multiple chains and protocols.

BTC.b with Lombard’s infrastructure will be the ideal Bitcoin primitive for developers and users in DeFi. BTC.b is permissionless, has minimal mint and redeem fees, and can be natively integrated into DeFi applications using the Lombard SDK, enabling for the first-time — a UX for onchain Bitcoin that is on par with BTC on centralized applications.

Earlier this year, Lombard shared its roadmap and vision for Bitcoin Capital Markets onchain, visit our blog to read more.

Two Complementary Bitcoin Assets

The acquisition of BTC.b allows Lombard to offer users the full spectrum of Bitcoin utility:

• BTC.b - A permissionless, non-custodial Bitcoin asset for those seeking pure Bitcoin exposure and maximum composability across chains
• LBTC - A yield-bearing Bitcoin asset for those looking to generate returns while maintaining Bitcoin exposure

Together, these assets provide flexible options for institutions and individuals looking to put their Bitcoin to work in DeFi.

What This Means for BTC.b

BTC.b will transition to the same best-in-class security architecture as LBTC, operating fully on Lombard's permissionless protocol architecture going forward. All future development, distribution, and growth will be managed by the Lombard Protocol as a neutral public good accessible to all participants.

This represents a significant infrastructure upgrade for BTC.b:

• Enhanced security through Lombard's decentralized consortium of 15 leading independent digital asset institutions
• Improved cross-chain bridging capabilities in partnership with Chainlink CCIP
• Transparent, verifiable reserves through Chainlink Proof of Reserve
• 1:1 backing by native Bitcoin with onchain verification

Importantly, the asset's contract, name, and existing integrations will remain unchanged. Existing holders and protocols will experience seamless continuity with no disruption to BTC.b operations.

For information on the technical transition of BTC.b to Lombard’s architecture, visit our blog.

Expanding BTC.b Beyond Avalanche

BTC.b in its next phase will become a cross-chain, ecosystem-neutral primitive. While Avalanche will remain a major liquidity hub for BTC.b, Lombard will expand the asset's reach across the blockchain ecosystem, starting with Ethereum Mainnet, Solana, and MegaEth.

The asset will also be incorporated into Lombard's vault product suite and SDK, already adopted by leading players such as Binance and Bybit.

The transition to Lombard's architecture is expected to be completed in Q4 2025.

What Our Partners Are Saying

John Nahas, Chief Business Officer at Ava Labs: "BTC.b has been the leading Bitcoin asset on Avalanche since its launch, and this transition aims to secure its long-term future while unlocking new growth opportunities. Avalanche remains a major liquidity hub for BTC.b, while Lombard expands the infrastructure, cross-chain reach, and institutional relationships needed to scale Bitcoin’s role in DeFi.”

Stani Kulechov, Founder and CEO at Aave: "BTC.b is a widely used asset on Avalanche and an important part of Aave markets, Lombard’s infrastructure and distribution capabilities can help expand BTC.b’s utility across more ecosystems, while preserving the seamless experience our community expects."

Building the Future of Bitcoin Finance

This first-of-its-kind asset acquisition in crypto advances Lombard's vision of building Bitcoin Capital Markets onchain—making Bitcoin more productive with secure and transparent architecture, and permissionless, non-custodial, Bitcoin assets.

Learn more:

• Visit Lombard Finance
• Technical Blog