Bitcoin liquidity on Solana has grown from a niche experiment into a multi-billion-dollar market within two years. Against this backdrop, Function has made $FBTC available on Solana, expanding the set of Bitcoin-backed assets available to users and adding a new institutional-grade option to the network’s decentralized finance ecosystem. $FBTC allows Bitcoin holders to trade, borrow, and earn yield across Solana while maintaining direct exposure to $BTC.
Function, a Bitcoin infrastructure firm, designed $FBTC as a 1:1 Bitcoin-backed asset with public reserve addresses that allow continuous verification. Function operates the leading institutionally focused Bitcoin tokenization protocol, with approximately $1.5 billion in total value locked, nearly 198,000 holders, and more than 30 integrations across the crypto ecosystem. Several major firms already rely on Function as a tokenization partner, including Bybit, Mantle, and Galaxy.
$FBTC Overview
$FBTC going live on Solana reflects Function’s broader goal of making Bitcoin composable across blockchains without compromising its backing. Each $FBTC token remains fully backed by $BTC at all times, and users can independently verify reserves through public addresses.
$FBTC arrives on Solana with several integrations that cover core DeFi use cases. Orca supports $FBTC trading with low slippage and deep liquidity, enabling efficient swaps for users entering or exiting positions. Kamino integrates $FBTC into its lending and borrowing markets, giving holders access to roughly $500 million in stablecoin liquidity from day one.
$FBTC also relies on LayerZero’s OFT standard for crosschain functionality. Through Stargate Finance, users can bridge $FBTC onto Solana at a guaranteed 1:1 rate, in any size. This approach aims to reduce slippage and fragmentation and to simplify capital movement for Bitcoin holders.
“FBTC gives Bitcoin holders access to yield across Solana’s vibrant ecosystem. This integration marks another step towards making Bitcoin more composable and functional across DeFi.” - Leo Zhang, Contributor, Function.
The Broader Growth of Bitcoin on Solana
$FBTC enters a Solana ecosystem that has already seen rapid growth in Bitcoin liquidity. SolanaFloor Data Analytics show that in 2023 and early 2024, $WBTC dominated the network, accounting for nearly the entire Bitcoin supply on Solana. While $WBTC continued to grow in absolute terms, reaching roughly 4,000 $BTC by 2026, its share of total supply declined as new assets emerged.
A major shift began in the fourth quarter of 2024 with the arrival of $cbBTC. The asset quickly captured significant market share and, by late 2025, rivaled $WBTC in monthly supply. Coinbase’s direct integration likely contributed to its rapid adoption among retail and institutional users.
Throughout 2025, additional Bitcoin-backed assets appeared on Solana. In June, OKX launched $xBTC, bringing custodial Bitcoin liquidity to Solana DeFi. In August, Lombard Finance introduced $LBTC, a yield-bearing SPL token backed by Bitcoin. By November, Solv Protocol launched $BTC+, expanding the range of Bitcoin yield strategies available on the network.
This diversification reflects a maturing DeFi environment. Users now choose between centralized and decentralized bridges and custody models based on risk preferences, yield opportunities, and liquidity needs.
A Maturing Bitcoin Economy on Solana
By September 2025, the total Bitcoin supply on Solana had surpassed 10,000 $BTC, marking a new all-time high with a market cap of approximately $1.14 billion. This milestone marked a clear transition from experimentation to sustained adoption.
The total bitcoin supply on Solana currently stands at 9,114 $BTC with a market cap of over $812 million.
As Solana continues to attract liquidity and developers, the expansion of Bitcoin-backed assets like $FBTC suggests that Bitcoin DeFi has entered a more competitive and mature phase. Bitcoin holders now have a wider set of tools to deploy capital, manage risk, and earn yield without abandoning the asset’s underlying security.
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