According to CoinGecko data, STX was trading around $0.38 on October 6 after gaining roughly 18% over the previous week. The token had already climbed 108% in the 90 days through September 27, representing a remarkable over 100% gain during this period. The rally coincided with several Stacks-specific developments, including Muneeb Ali returning to Stacks Labs as CEO on September 30 and the launch of the network's first institutional Bitcoin Staking bond, which introduced a new use for STX as part of the staking process. STX surged 6.5% to $0.3999 on the latest trading day, leading gainers despite a broader cryptocurrency market decline of 4.1% that reduced total market capitalization to $2.85 trillion.
Under the current Bitcoin Staking model, participants commit STX worth roughly 5% of their BTC position. A participant bonding $1 million worth of BTC would therefore need approximately $50,000 worth of STX under the current model. The Genesis Bond attracted 230 BTC alongside 3.57 million STX from a group that included 21Shares, HashKey Cloud, UTXO Management and Sypher Capital. The 3.57 million STX represents tokens committed to support the staking positions, with participants receiving 0.28 BTC in rewards during the first two weeks of the bond period. This institutional participation demonstrates growing confidence in the Bitcoin Staking model and its ability to create sustained demand for STX tokens.
According to Stacks' roadmap, Bond 2 will be the first period in which most capacity runs through liquid staking, with StackingDAO having the majority allocation while Xverse and 21Shares are participating. The cutoff for deploying BTC is Bitcoin block 970,450, with the bond expected to begin around October 10. The move toward liquid staking is intended to make Bitcoin capital more productive by allowing BTC committed to the program to remain usable across other applications. Future bonding periods, beginning with Bond 3, are expected to open Bitcoin Staking to larger BTC allocations, providing clearer evidence of whether demand can continue beyond the initial Genesis group.
The Bitcoin Staking model outlined in the Stacks roadmap extends beyond earning rewards from locked Bitcoin positions. Between 2027 and 2032, the model would start with Bitcoin Staking anchoring capital before infrastructure improvements prepare the network for lending, trading and other financial activity. Liquid staking allows participants to receive stBTC representing an underlying yield-producing position while Bitcoin Staking continues underneath, allowing the same Bitcoin capital to move into other financial applications while continuing to earn staking rewards. This progression represents three stages: Bitcoin Staking first anchors BTC capital, network upgrades prepare infrastructure for heavier activity, and Bitcoin native finance builds lending, trading, programmable capital and other applications.
