Stacks Bond 3 Sells Out With Bullish and 21shares Among Participants

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

21shares, one of the world’s leading issuers of crypto exchange-traded products with over $6.5 billion in assets under management across more than 60 ETPs globally, returns to Bitcoin staking after taking part in the Genesis Bond in September and Bond 2 in October.

Bullish staked BTC from Bullish’s corporate treasury. Bullish holds 22,000 BTC and ranks among the ten largest publicly traded holders of Bitcoin, according to CoinMarketCap, making it the first company in that group to earn BTC with Stacks. Bullish operates the only 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 staked from BitGo qualified custody, which BitGo opened to Bitcoin staking on Nov. 3, so the BTC stays on the Bitcoin L1 within the custody arrangements institutions already use. Public companies hold more than 1.3 million BTC, over 6% of total supply, according to CoinMarketCap, and most of it earns nothing on the balance sheet.

“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.”

In each bond, participants timelock BTC on the Bitcoin L1 and pair it with STX, the native asset of Stacks, locked on Stacks for a six-month term at a current parameter of 5% of the BTC value. Bond 3 carries a 3% target annual yield, set before the bond opened and fixed for its term, and participants earn BTC, paid by Stacks miners and distributed weekly onchain. There is no slashing; staked BTC is returned in full at the end of the term or on early exit.

Bond 4 opens Dec. 3, and institutions can register at stacks.co/institutional-bitcoin-staking. Individual holders can join through pooled Bitcoin staking at stacks.co/bitcoin-staking.

For more information, review the Stacks blog post.

About 21shares

21shares is one of the world’s leading issuers of cryptocurrency exchange-traded products, providing investors with innovative, simple and cost-efficient access to digital assets through traditional financial markets. Learn more here.

About Bullish 

Bullish collaborates with visionary teams to support initiatives that connect conventional finance with the possibilities of the digital economy. Learn more here.

About Stacks

Stacks is a Bitcoin layer where BTC holders earn BTC. With Bitcoin staking, holders stake BTC with STX, and their BTC stays on the Bitcoin L1 under their own custody. Stacks has distributed over 4,200 BTC in rewards to participants since 2021. Learn more here.

Media contact: Shannon Voight, PR & Events, Stacks Labs, [email protected]

Institutional onboarding details are available on the Stacks institutional Bitcoin staking page.