USD
Tether CEO Says Company Holds 150,000 Bitcoin, Above USDT Reserve Figure
Public wallet records and financial disclosures show different portions of the stablecoin issuer's holdings
TL;DR
- Tether CEO Paolo Ardoino said the company holds approximately 150,000 BTC worth $11.5 billion, about 50,000 coins above its reported USDT reserve holdings.
- Tether's third-quarter reserve attestation implies approximately 100,060 BTC, while a publicly attributed wallet holds 96,932 BTC.
- Tether maintains that its corporate Bitcoin investments are separate from USDT reserves, although the additional holdings have not been fully detailed.
Trade smarter on Jupiter, Solana’s leading DEX built for fast execution and deep liquidity.
Swap tokens at competitive rates, route across multiple liquidity sources automatically, and access perpetuals, DCA, and advanced trading tools — all in one place!
Tether CEO Paolo Ardoino said the stablecoin issuer holds approximately 150,000 Bitcoin worth $11.5 billion, exceeding the amount implied by its latest USDT reserve attestation by roughly 50,000 BTC. The disclosure, made during the Plan B Forum in Lugano, Switzerland, highlights a difference between Tether's company-wide Bitcoin holdings and the assets listed in its financial disclosures covering USDT reserves.
“We have give or take 150,000 bitcoin ourselves. It’s not much, but it’s honest work,” Ardoino told attendees during his keynote. Tether has operated a Bitcoin and stablecoin adoption program in Lugano since 2022.
Ardoino's estimate would rank Tether among the largest corporate Bitcoin holders globally. Strategy reported holding 849,327 BTC in its Nov. 2 purchase announcement, while BitcoinTreasuries.net rankings would place Tether as the largest disclosed privately held corporate Bitcoin holder if the chief executive's estimate is accurate.
Tether's Bitcoin Holdings Exceed Its Reported USDT Reserves
Tether International's third-quarter 2026 reserve attestation, prepared by accounting firm BDO, recorded approximately $8.367 billion in Bitcoin holdings as of Sept. 30. Using the document's reference valuation of $83,621 per coin, the figure translates to approximately 100,060 BTC.
That leaves a difference valued at approximately $3.87 billion using market prices cited on Nov. 3. The gap, however, does not necessarily indicate missing assets or insufficient backing, because the attestation covers reserves supporting USDT rather than every investment held across Tether's businesses.
Ardoino did not identify where the additional coins were held or when they were acquired. His statement therefore does not establish that Tether recently purchased the entire difference.
Tether has maintained that its proprietary Bitcoin investments are separate from the reserves backing its dollar-pegged stablecoin. The company announced a policy in May 2023 to allocate up to 15% of its net realized operating profits toward Bitcoin purchases, with the assets held under its own custody rather than through third-party custodians.
The company reported $1.5 billion in net operating profit during the latest quarter, continuing a series of billion-dollar quarterly profits throughout the year. Tether also began its first full financial audit with KPMG in 2026, following years of scrutiny over the backing of USDT.
Publicly Identified Bitcoin Wallet Holds Nearly $7.5 Billion
On-chain records provide a separate view of Tether's Bitcoin holdings. A publicly attributed address beginning with bc1qjasf9z3h7w3jspk held the following balances and transaction history as of Nov. 3:
The address first became active on Sept. 30, 2022, and ranked as the fifth-largest Bitcoin wallet by balance at the time of the review.
The wallet's incoming funds originated directly from Bitfinex, a centralized cryptocurrency exchange owned by the same parent company as Tether.
The on-chain figures nevertheless represent a publicly attributed address rather than a complete, independently verified inventory of Tether's Bitcoin holdings. Establishing control of other wallets would require additional evidence, including company disclosures, verified transfers or cryptographic signatures.
Tether had not provided a consolidated breakdown of the acquisition dates, custody arrangements or corporate ownership of the additional Bitcoin discussed by Ardoino.
Tether's Financial Disclosures Show Large Treasury and Gold Holdings
Tether's September financial statements also detailed substantial assets outside Bitcoin, including U.S. government securities and precious metals.
Its reserve assets exceeded reported liabilities, while its holdings of U.S. Treasury bills and physical gold accounted for significant portions of its financial portfolio.
The additional gold holdings were attributed to Tether's gold-backed token project, XAUT, and were reported separately from the physical gold listed in its USDT reserves.
Ardoino also used the Lugano conference to discuss the company's global reach. He said Tether serves more than 730 million users worldwide and is adding approximately 30 million wallets each quarter.
The chief executive highlighted a range of open-source technologies funded by Tether's profits as the privately held company continues operating across stablecoins, digital assets and traditional financial markets.
This article has been refined and enhanced by ChatGPT.
