Tether CEO Says the Company Holds About 150,000 Bitcoin, Far More Than Its Reserve Report Shows

Speaking at the Plan ₿ Forum in Lugano, Switzerland, Tether CEO Paolo Ardoino said the stablecoin issuer owns roughly 150,000 bitcoin, worth about $11.5 billion at current prices. He described it as not much but honest work. That figure sits about 50,000 coins above what the company’s latest reserve report implies. Ardoino did not say where the extra coins are kept or when they were bought, so the number does not point to a fresh purchase of 50,000 BTC.

What the Third Quarter Reserve Report Shows

The report, attested by accounting firm BDO, lists $8.37 billion in bitcoin at $83,621.23 per coin, which works out to around 100,060 BTC compared with about 98,930 at the end of June. That is a gain of roughly 1,130 BTC in the quarter. Most of the $2.57 billion jump in the portfolio’s bitcoin value came from price moves, with about $2.47 billion explained by higher valuations alone.

Why the Extra Bitcoin May Not Appear in Reserves

Tether has said its proprietary investments, run through Tether Investments, are paid for with excess capital and profits and are kept apart from the assets backing USDT. Those holdings would not show up in the reserve report, though Ardoino did not confirm whether they explain the gap.

Reserve Buffer and Bitcoin Buying Policy

At the end of September, Tether reported $191.45 billion in reserve assets against $183.50 billion in liabilities. Excess reserves climbed to $7.95 billion from $4.11 billion in June. Since May 2023, the company has said it would put up to 15% of net realized operating profits into bitcoin and hold the coins itself instead of using third-party custodians. Ardoino also said Tether has over 730 million users worldwide, adding about 30 million wallets each quarter.