CoinDesk
Tether CEO Paolo Ardoino said the company holds about 150,000 BTC, valued at roughly $11.5 billion. That is around 50,000 BTC more than the approximately 100,060 BTC implied by Tether International's third-quarter reserve report, which lists $8.37 billion in Bitcoin.
Why it matters
The difference does not establish that Tether recently bought 50,000 BTC. Ardoino did not specify where the additional holdings sit or when they were acquired. Tether has said its proprietary investments are funded with excess capital and profits, separately from the reserves backing USDT, so those assets would not appear in the reserve report. Ardoino did not confirm whether that explains the gap.
Tether's reserve report, attested by BDO, shows Bitcoin holdings rose by about 1,130 BTC from June to September. Most of the $2.57 billion increase in their reported value came from higher prices: applying September's valuation to June's holdings accounts for about $2.47 billion of the gain.
Market impact
Tether reported $191.45 billion in reserve assets against $183.50 billion in liabilities at September's end, leaving $7.95 billion in excess reserves, up from $4.11 billion in June. The figures give investors two distinct signals: the reserve report documents a modest quarterly increase in BTC, while Ardoino's larger total points to Bitcoin held elsewhere in the company's structure.
Tether said in 2023 it would allocate up to 15% of net realized operating profits to Bitcoin purchases and hold the coins itself. The location and timing of the additional holdings remain unspecified.
Frequently asked questions
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How does Ardoino's 150,000 BTC figure compare with Tether's reserve report?
Ardoino said Tether holds about 150,000 BTC. Its Q3 reserve report lists $8.37 billion in Bitcoin, implying approximately 100,060 BTC.
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Does the difference confirm that Tether bought 50,000 BTC?
No. Ardoino did not say when the additional coins were acquired, and the difference does not establish a new 50,000 BTC purchase.
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Why might some Tether Bitcoin holdings not appear in the reserve report?
Tether has said its proprietary investments are funded with excess capital and profits and kept separate from the reserves backing USDT. Such investments would not appear in the reserve report.
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How much did Tether's reported Bitcoin holdings increase in Q3?
The report implies holdings rose by about 1,130 BTC from June to September. Most of the increase in reported value came from higher Bitcoin prices.
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What did Tether report about its reserves and liabilities at September's end?
Tether reported $191.45 billion in reserve assets and $183.50 billion in liabilities, leaving $7.95 billion in excess reserves, up from $4.11 billion in June.
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