Tether Holds 150,000 Bitcoin, CEO Says—About 50,000 More Than Its Reserve Report Shows

The disclosure came during a keynote at the Plan ₿ Forum in Lugano, Switzerland, where Tether has operated a Bitcoin and stablecoin adoption program since 2022. Ardoino stated, "We have give or take 150,000 bitcoin ourselves. It's not much, but it's honest work."

Reserve Discrepancy

The figure significantly diverges from Tether's Q3 reserve attestation, which lists $8.37 billion in Bitcoin holdings at $83,621 per coin, implying approximately 100,060 BTC. This leaves about 50,000 coins, worth nearly $3.8 billion, unaccounted for in public filings.

Ardoino did not specify the location or acquisition timing of the additional Bitcoin, emphasizing that Tether's corporate Bitcoin investments are kept separate from the reserves backing its USDT stablecoin.

Profit Strategy

Tether has been systematically accumulating Bitcoin since May 2023, committing up to 15% of its net realized operating profits to the cryptocurrency while self-custodying the assets. The strategy has been fueled by substantial profits, including $1.5 billion in Q3 alone.

The company's broader Q3 reserve report shows $191.45 billion in assets against $183.50 billion in liabilities, creating an excess cushion of $7.95 billion—nearly double the $4.11 billion buffer reported in June. U.S. Treasury bills constitute the majority of reserves at approximately $132.4 billion.

Transparency Efforts

The transparency gap remains a sensitive subject for Tether, which has faced persistent scrutiny over USDT backing. The company initiated its first full financial audit with KPMG this year, addressing long-standing doubts about its reserve practices.

Ardoino also highlighted Tether's growth during the Lugano event, noting the company now serves over 730 million users worldwide and adds approximately 30 million wallets quarterly while promoting open-source technologies funded by its profits.