January 2026 marks the first joint transparency publication between Bybit and mETH Protocol, providing a baseline view of aggregated mETH holdings associated with Bybit.
As ETH continues to evolve from a yield-bearing asset into an actively managed treasury position, the maturation of institutional strategies has accelerated demand for a combination of yield generation, liquidity, and balance-sheet efficiency.
Built at the intersection of the Mantle and Bybit ecosystems, mETH provides an onchain ETH position that accrues yield while remaining highly liquid and composable across custody, collateral, and DeFi contexts. The support of Bybit reflects a deliberate pairing, with its scale and market depth providing the infrastructure for mETH to function as a core ETH treasury asset.
This inaugural report establishes a foundation for ongoing transparency as both parties continue to support institutional-grade ETH infrastructure.
Holdings Snapshot: January 2026
User-associated balances are presented for transparency and do not imply deployment strategy, product usage, or behavioural intent.
Bybit Users
- mETH held on user-associated wallets, as of Jan. 31: 146,659 mETH
- Month-over-month change (31 Dec → 31 Jan): +68,210 mETH (+86.95% MoM)
- Peak user-associated balance during January: 146,659 mETH
- Gross inflows (total) during January: 69,680 mETH
- Gross outflows (total) during January: 4,228 mETH
- Net flow during January: 65,451 mETH
This publication presents an initial snapshot of mETH holdings associated with Bybit. Subsequent editions will maintain the same reporting framework to support consistency over time.
About mETH Protocol
mETH Protocol is a vertically integrated liquid staking and restaking protocol incubated by Mantle, operating at the intersection of DeFi composability and institutional-grade ETH yield access. With a peak total value locked (TVL) of $2.19 billion achieved within its first year, mETH Protocol is supported by leading validator and custody partners, including Kraken Staked, P2P, OSL, and Copper. The protocol is embedded across over 40+ leading DeFi and exchange platforms such as Bybit, Ethena, and more, whilst incorporated in treasury frameworks for DAOs and corporates as a core liquidity and yield layer.