Tether Holds 150,000 Bitcoin, Exceeding Reserve Report by 50K

According to CEO Paolo Ardoino, Tether maintains a supply of roughly 150,000 bitcoin, valued at approximately $11.5 billion under current market rates. This total surpasses the amount indicated in the firm’s most recent reserve attestation by about 50,000 coins.

“We have give or take 150,000 bitcoin ourselves. It’s not much, but it’s honest work,” Ardoino remarked during his keynote speech at the Plan ₿ Forum in Lugano, Switzerland—the host city for Tether’s local bitcoin and stablecoin adoption initiative launched in 2022.

With holdings of this scale, Tether places among the leading corporate owners of bitcoin, trailing Strategy’s 848,517 BTC (recorded as of Q3) while exceeding the reserves held by most treasury companies and public miners.

Ardoino omitted details regarding the storage location of the extra coins, the timing of their acquisition, or whether they are owned directly by the stablecoin issuer or by Tether Investments—the division responsible for the group’s equity and venture positions. This statement does not point to a fresh 50,000 BTC acquisition.

Published on Oct. 30 with a BDO attestation, Tether International’s third-quarter reserve report lists $8.37 billion in bitcoin, calculated at $83,621.23 per coin as of Sept. 30. That valuation points to roughly 100,060 BTC, reflecting an increase of about 1,130 coins compared to the approximately 98,930 held at the close of June. The majority of the quarter’s $2.57 billion expansion in the bitcoin category stemmed from valuation growth rather than new purchases.

A logical explanation accounts for the variance between the official filing and Ardoino’s figure. Tether has previously noted that investments funded by profits remain separate from the reserves backing USDT, meaning coins secured by Tether Investments would be omitted from the attestation.

Tether’s involvement with bitcoin reaches beyond its proprietary wallets. The enterprise assumed full ownership of Twenty One Capital in May following a buyout of SoftBank, supports Adecoagro’s mining operations in Brazil, and manages energy and mining ventures across Latin America. It remains unconfirmed whether any of these holdings are factored into the 150,000 figure.

Tether’s buffer built on bitcoin and gold

This disclosure emerges as Tether’s balance sheet places heavier reliance on these dual assets. The Q3 report documents $191.45 billion in reserve assets against liabilities totaling $183.50 billion, creating a surplus of $7.95 billion—an increase from the $4.11 billion cushion recorded in June when the surplus had shrunk by half.

Combined, bitcoin valued at $8.37 billion and gold valued at roughly $19.1 billion exceed this safety buffer by a multiple of several times, meaning any sharp valuation drop in either asset would diminish the surplus. Treasury bills continue to comprise the largest share of reserves at approximately $132.4 billion.

During the quarter, Tether generated approximately $1.5 billion in earnings, bringing its nine-month total to $4.5 billion. August marked the completion of its inaugural independent audit with KPMG, concluding a period where the firm relied strictly on attestations. At the conference, Ardoino reported that USDT serves a user base exceeding 730 million, expanding by roughly 30 million wallets each quarter.

With bitcoin trading near $77,600 on Tuesday, Tether’s stated holdings evaluate to $11.6 billion, while its attested reserves stand at approximately $7.8 billion—falling below the Sept. 30 benchmark. The company has not clarified whether it intends to release a detailed breakdown of the coins kept outside of its primary reserves.

Frequently Asked Questions

How much Bitcoin does Tether own according to its CEO?

CEO Paolo Ardoino stated that Tether holds about 150,000 bitcoin, which is roughly 50,000 more coins than what is implied by the company’s latest reserve report.

Why is there a difference between Tether’s reported Bitcoin and its reserve attestation?

Tether separates investments made from profits—such as those managed by Tether Investments—from the reserves that specifically back USDT, meaning those extra holdings do not show up in the standard attestation report.

What are the main assets backing Tether’s reserves?

Treasury bills make up the vast majority of Tether’s reserves at about $132.4 billion, alongside notable holdings in gold (around $19.1 billion) and bitcoin (valued at $8.37 billion in the Q3 report).

How much profit did Tether make recently?

Tether earned about $1.5 billion during the third quarter, bringing its total earnings to $4.5 billion for the first nine months of the period.