LBTC/USD price feed

For most of its history, bitcoin held in wrappers has done exactly nothing: it sat, fully backed plus fully idle. LBTC is the newer idea. Lombard puts the deposited bitcoin to work and passes what it earns to holders through a rising exchange rate rather than through extra tokens.

The work itself has changed once already. Until 13 August 2026 the bitcoin behind LBTC was staked to Babylon; from 17 August 2026 Lombard switched the yield source to a covered-call options strategy on bitcoin. The exchange rate carried through the switch unchanged, so holders kept the same token while the job behind it changed.

The token is bitcoin plus an assignment, which changes who holds it. LBTC sits in yield strategies, vault products plus collateral positions built by holders who wanted their bitcoin productive without selling it. A dollar mark for those books has to come from LBTC's own markets, because that is where the assignment gets priced.

This page is that mark: a computed rate from the pools that actually hold LBTC's liquidity, refreshed continuously.

The composition has read like a bitcoin page until it does not. The book grew up inside the wrapper complex, quoted in tokens like WBTC plus cbBTC, with outside quotes appearing only later. Then the location column surprises: LBTC's market has not stayed on the chain that minted it, having traded on Solana plus Katana within months of existing.

An Ethereum-born yield-bearing bitcoin whose market crosses ecosystems is a new shape in this catalog. It says something about where bitcoin DeFi is being built: liquidity follows the users experimenting with productive bitcoin, not the chain the token started on.

The book has carried a lean to it: a young market still finding its resting shape, with depth spread unevenly around the mid rather than settled into the symmetric walls the older wrappers show. The feed reports the book as it stands; the shape itself is information.

LBTC is unusual in having two kinds of reference number in circulation. One is fundamental: a ratio computed from what the protocol's books say each token is backed by. The other is a market rate: what pools will pay for LBTC, in size, right now. They answer different questions. Neither is meant to sit at one bitcoin: the fundamental ratio climbs as yield accrues, so a reading above one BTC is the design rather than a premium.

The fundamental number cannot see a rush for the exit, a liquidity crunch on one venue or a discount opening because sellers outnumber buyers for an afternoon. The market rate is built from exactly those things. Books that carry LBTC as collateral get liquidated at market prices, which makes the market number the operative one.

This page is the market side, computed from public pools with the composition open for inspection, so the two can be compared whenever the question matters.