Merlin's Seal BTC is a claim on another asset, not an asset of its own. Its value is the thing held against it, which is already counted in the ranking — so it is listed here and left out of the total.
| Type | Wrapped asset |
|---|---|
| Class | Crypto-pegged |
| Backing | IOU |
| Custody | Custodial — an issuer holds the backing |
| Market capitalisation | $734M |
| Price | $75,851 |
| Circulating supply | 9,684 M-BTC |
| Issued on | 13 chains |
Figures as of 25 September 2026, from the six-hourly snapshot.
It is issued on 13 chains, which means 13 separate issuances of the same claim. Linked names are chains that are themselves cryptocurrencies with a page here.
CoinSpectrum counts an asset once. Its value is another asset, and that asset is already in the ranking. Counting both counts the same thing twice, which is how other rankings arrive at totals in the thousands. The methodology states the rule, and the argument for it is set out in full.
Listed, not hidden. The point is that it is measured as what it is.