Tether CEO Says Firm Holds About 150,000 BTC, 50,000 Above Reserve Report
Tether CEO Paolo Ardoino said the company holds about 150,000 bitcoin worth $11.5 billion, roughly 50,000 coins more than its latest reserve attestation implies. The gap may reflect coins held by Tether Investments, which sits outside the USDT reserves, though the company has not confirmed this.
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The Claim and the Gap
Tether holds about 150,000 bitcoin, worth roughly $11.5 billion at current prices, Chief Executive Paolo Ardoino said during a keynote at the Plan B Forum in Lugano, Switzerland. CoinDesk and Bitcoin Magazine both reported the remark, and both note that the figure is about 50,000 coins above what Tether's latest reserve attestation implies.
The attestation, the third-quarter reserve report published October 30 with an attestation from BDO, lists $8.37 billion in bitcoin valued at $83,621.23 per coin as of September 30. That works out to about 100,060 BTC, up roughly 1,130 from about 98,930 at the end of June. Most of the quarter's $2.57 billion increase in the bitcoin line came from price rather than purchases.
Where the Coins May Sit
Neither source established where the additional coins are held. Ardoino did not say whether they belong to the stablecoin issuer or to Tether Investments, the arm that holds the group's venture and equity positions. Tether has said profits invested outside its reserves are kept separate from the assets backing USDT, which would place Tether Investments holdings outside the attestation. CoinDesk made the same point, noting that such holdings would not appear in the report. Bitcoin Magazine stressed that the remark does not indicate a fresh purchase of 50,000 BTC.
Tether's bitcoin exposure also extends beyond its own wallets. The company took full control of Twenty One Capital in May after buying out SoftBank, backs Adecoagro's mining operations in Brazil, and runs mining and energy ventures in Latin America. Whether any of these positions are counted in the 150,000 figure has not been disclosed.
Reserve Cushion and Market Sensitivity
The reserve report shows $191.45 billion in assets against $183.50 billion in liabilities, an excess of $7.95 billion, up from $4.11 billion in June. Treasury bills make up the bulk of reserves at about $132.4 billion. Bitcoin at $8.37 billion and gold at about $19.1 billion together exceed that cushion several times over, so a sharp decline in either would reduce it.
Bitcoin traded near $77,600 on Tuesday. At that price, Ardoino's stated holdings are worth about $11.6 billion and the attested amount about $7.8 billion, below the September 30 mark. Tether earned about $1.5 billion in the third quarter and $4.5 billion over the first nine months. In August it completed its first independent audit with KPMG, after relying on attestations alone. Ardoino also said USDT has more than 730 million users and adds about 30 million wallets a quarter.
Tether has not said whether it will publish a breakdown of coins held outside the reserve. Until it does, the discrepancy remains unexplained, and the reserve figures and the CEO's statement cannot be reconciled from public disclosures.
Why It Matters
For Traders
The reserve cushion is now thin relative to bitcoin and gold holdings, so price moves in those assets could matter for USDT backing perceptions over the coming days.
For Investors
If the extra 50,000 BTC sits in Tether Investments, it signals a larger bitcoin treasury exposure than the reserve report suggests, which matters for assessing the stablecoin issuer's risk profile.
For Builders
Building on USDT means relying on attestation-based disclosures that exclude affiliate holdings, so integrators should check what each report covers before assuming full backing.
This article is for information only and is not financial advice. Read the full disclaimer.
