LBTC: Yield-
Bearing Bitcoin
for DeFi.
LBTC is a yield-bearing Bitcoin asset, combining an institutional off-chain yield strategy with yield denominated in Bitcoin and full composability across DeFi.
Hold. Borrow. Earn.
Hold LBTC
Get LBTC from native BTC and hold it. Your position accrues Bitcoin-denominated yield automatically, no action required.
Borrow against LBTC
Use LBTC as collateral on leading DeFi protocols like Aave, Morpho and Spark. Reduce your effective borrow rate, while accessing liquidity without selling your Bitcoin.
Earn yield in BTC
Put LBTC to work in yield strategies on your chosen chains and protocols. Allocate to automated yield products, provide DEX liquidity and more.
Every major chain.
Every DeFi opportunity.
Use Bitcoin with every onchain opportunity: yield generation, trading, borrowing, and liquidity provisioning.
Explore the ecosystem
Bitcoin that earns while you use it in DeFi.
Targets 2.5% net APY. Paid in BTC.
LBTC accrues yield automatically. Bitwise generates covered-call premium on your Bitcoin and it compounds directly into your LBTC balance.
50+ DeFi integrations.
LBTC is accepted as collateral on Aave, Morpho, Spark, and 50+ other protocols on 10+ chains. Borrow against it, earn amplified yield, or deploy into any strategy.
Issued by Lombard. Managed by Bitwise.
With over $3 billion in Bitcoin assets onboarded and 22 months of operational history, Lombard's LBTC is an established asset with yield managed by Bitwise Investment Manager.
Deposit BTC. Earn BTC.
Deposit BTC
Deposit BTC. Receive LBTC, a fully-backed asset representing your Bitcoin position.
Earn BTC
Bitwise Investment Manager executes a covered-call options strategy on your BTC backing. Premiums return to LBTC holders as BTC-denominated yield, automatically, no action required.
Redeem anytime
Redeem LBTC for native Bitcoin at any time within the standard 10-day window.
The yield that grows your Bitcoin stack.
Every financial product that generates real income from Bitcoin, every covered-call ETF, every lending desk, every BTC savings account, pays that income in US dollars.
LBTC is different. When Bitwise sells call options on the Bitcoin backing LBTC and collects premiums, those premiums accrue as additional Bitcoin to LBTC holders. Your stack grows. Not your cash balance.
LBTC’s 2.5% net APY target is Bitcoin-denominated. As option premiums compound into the backing, LBTC appreciates in BTC terms, whether it’s sitting in your wallet or deployed across DeFi.
Everything you need.
Transparency Page
Live deployment data, yield metrics, and attestations updated in real time.
View dashboard →Documentation
Technical guides, contracts, and specs for holders, builders and institutions.
Read the docs →Audits
10+ independent security audits from Cantina, Halborn, OpenZeppelin, Spearbit, and others.
View audits →Chainlink PoR
Real-time onchain verification that every LBTC is backed by Bitcoin.
View attestation →Questions, answered.
Everything you need to know about LBTC: how it works, how it’s backed, what changed, and how to put it to work.
LBTC is a digital asset. The yield generated through the covered-call strategy managed by Bitwise is variable and is not guaranteed. Option premiums — the source of yield — will fluctuate based on Bitcoin market conditions and implied volatility. Past indicative yield figures are not a reliable indicator of future returns. The value of LBTC may fall as well as rise. You may receive back less than you invest. This material does not constitute financial advice, an offer to sell, or a solicitation of an offer to buy any product. This product is not available to residents of the United States, the United Kingdom, or other restricted jurisdictions. Please consult a qualified financial adviser before making any investment decision.
PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
Your Bitcoin. Working.
Get LBTC today to start earning Bitcoin-on-Bitcoin returns.