The Supplementary Leverage Ratio and its Impact on Bitcoin

In this note, we aim to answer what exactly might an SLR revision mean for Bitcoin?

Understanding the SLR 

On June 25, 2025, the Federal Reserve and the Office of the Comptroller of the Currency (OCC) unveiled a plan to change a key banking capital rule known as the enhanced supplementary leverage ratio, or eSLR on G-SIB banks and their subsidiaries.  

The supplementary leverage ratio (SLR) was initially implemented following the 2008 financial crisis. The ratio determines how much capital a bank must hold in relation to its total leverage exposure, which includes exposure to US treasuries. It is calculated by dividing a bank’s tier-1 capital (numerator) by its total assets, or total leverage exposure (denominator).