Stacks Bond 3 Fully Subscribed; Bullish and 21shares Stake BTC

Stacks Bond 3 for Bitcoin staking sold out on Nov. 5, 2026, with institutional participants including 21shares and Bullish (NYSE: BLSH) staking BTC on the Bitcoin L1 to earn BTC.

21shares, a top issuer of crypto ETPs with more than $6.5 billion in assets under management across over 60 products worldwide, has returned to Bitcoin staking after participating in the Genesis Bond in September and Bond 2 in October. Bullish contributed Bitcoin from its corporate treasury. According to CoinMarketCap, Bullish holds 22,000 BTC and is among the ten largest publicly traded Bitcoin holders, making it the first within that group to earn BTC via Stacks. Bullish runs the sole NYSE-listed crypto exchange.

“We’re interested in how institutional custody infrastructure can unlock new opportunities for Bitcoin holders,” said a BTH spokesperson. “Our participation in Stacks lets us explore BTC-denominated rewards while keeping our established custody arrangements in place.”

“Institutional investors increasingly want their Bitcoin to be a productive asset, not just a holding,” said Alistair Byas-Perry, Head of Capital Markets & Trading, 21shares. “Returning for Bond 3 reflects our confidence in Bitcoin staking with Stacks as a way to earn BTC on BTC, and seeing more institutions join each bond confirms that demand is real.”

Bullish's stake came from BitGo qualified custody, which BitGo made available for Bitcoin staking on Nov. 3. As a result, the Bitcoin remains on layer one within the same custody framework institutions already employ. Based on CoinMarketCap data, publicly traded companies collectively hold over 1.3 million BTC, representing more than 6% of the total supply, and the vast majority of that earns no yield on balance sheets.

“Bitcoin is the world’s leading digital asset, yet most of it sits idle because it lacks native capital markets,” said Muneeb Ali, CEO, Stacks Labs, and founder of Stacks. “When an ETP issuer like 21shares and one of the largest public holders of Bitcoin stake in the same bond, Bitcoin capital markets are taking shape. Bond 3 selling out shows that institutional demand to earn BTC is already here.”

For each bond, participants lock Bitcoin on the L1 for a six-month period and couple it with STX, Stacks' native token, locked on Stacks at a current ratio of 5% of the BTC value. Bond 3 offers a target annual yield of 3%, established before the bond launched and fixed for its duration. Participants receive BTC rewards from Stacks miners, distributed weekly onchain. No slashing occurs, and the staked BTC is returned in full at term end or upon early exit.

Bond 4 is scheduled to open on Dec. 3.

About 21shares

21shares is a leading global issuer of crypto exchange-traded products, giving investors efficient and straightforward access to digital assets via conventional financial markets.

About Bullish

Bullish works with innovative teams to support efforts linking traditional finance with digital economy opportunities.

About Stacks

Stacks is a Bitcoin layer that allows BTC holders to earn additional Bitcoin. Through Bitcoin staking, participants commit BTC with STX, while their Bitcoin remains on the L1 in self-custody. Since 2021, Stacks has paid out more than 4,200 BTC in rewards to participants.