Coinbase Wrapped BTC (CBBTC) is a custodial tokenized representation of Bitcoin, not an independent productive asset or protocol. Each CBBTC token is intended to be backed 1:1 by BTC held in custody by Coinbase, enabling Bitcoin to be used across supported smart-contract ecosystems including Ethereum, Base, Solana, Arbitrum, and Monad. The investment case is fundamentally a Bitcoin exposure and infrastructure-adoption thesis, not a yield or cash-flow thesis. CBBTC's value proposition depends on custody credibility, redemption mechanics, smart-contract security, liquidity depth, and DeFi adoption rather than on independent token economics.