Tether Says it Holds 150,000 BTC, 50,000 More Than Official Reports

Tether holds around 150,000 bitcoin (BTC), worth approximately $11.5 billion, CEO Paolo Ardoino said at the Plan ₿ Forum in Lugano, Switzerland. However, the company's latest reserve report shows only about 100,060 BTC, leaving a difference of roughly 50,000 coins.

The disclosure has raised questions about where Tether keeps the additional bitcoin and which part of its business owns it. During his keynote speech, Ardoino discussed Tether's support for Bitcoin and its mining activities.

He told the audience, "We have give or take 150,000 bitcoin ourselves. It's not much, but it's honest work."

If the figure is accurate, Tether has become the world's largest private corporate bitcoin holder, according to data from BitcoinTreauries. However, Ardoino did not explain where all the coins are stored, when they were purchased, or which Tether entities own them.

Tether's latest third-quarter reserve report, prepared by accounting firm BDO and published on October 30, lists $8.37 billion in bitcoin as of September 30. Using the report's bitcoin price of $83,621.23, this amount equals approximately 100,060 BTC.

That is about 1,130 BTC more than the roughly 98,930 BTC reported at the end of June.

The difference between the reserve report and Ardoino's statement is approximately 50,000 BTC, worth around $3.9 billion at the prices cited in the reports.

However, this does not necessarily mean that bitcoin is missing from Tether's accounts. The reserve report covers assets backing USDT, Tether's dollar-pegged stablecoin. It does not include every investment owned by the wider company.

One possible explanation for the difference is Tether Investments, the company's investment arm. Tether has previously said that its proprietary investments are funded through profits and excess capital. These investments are kept separate from the reserves backing USDT.

“The Company’s proprietary investments, held through Tether Investments, are not included in the reserves backing the issued token. These investments are funded from the Company’s excess capital and profits and are fully segregated from USD₮ reserves,” Tether said in its Q1 2026 report.

In May 2023, Tether announced that it would regularly use up to 15% of its net realized operating profits to buy bitcoin. The company also said it would hold the coins itself instead of using third-party custodians.

This investment policy could explain how Tether accumulated bitcoin outside its USDT reserves.

However, Ardoino did not confirm whether the additional 50,000 BTC belongs to Tether Investments. He also did not provide information about the purchase dates, storage locations, or ownership structure of these coins. As a result, the exact source of the difference remains unclear.

Blockchain data offers another way to examine Tether's bitcoin holdings. One Bitcoin address publicly linked to Tether holds approximately 96,932 BTC. Records show that the wallet has received more than 112,000 BTC and sent out around 15,400 BTC.

If this wallet attribution is correct, it accounts for about 64.6% of the 150,000 BTC mentioned by Ardoino. This suggests that the remaining coins may be held in other wallets.

However, identifying a Bitcoin address does not automatically prove who owns or controls it. Blockchain transactions are public, but confirming that an address belongs to a particular company requires reliable evidence.

Bitcoin is only one part of Tether's financial holdings.

Its September 30 reserve report showed $191.45 billion in total assets against $183.50 billion in liabilities. This left the company with approximately $7.95 billion in excess reserves, up from $4.11 billion at the end of June.

US Treasury bills remain the largest part of its reserves, with direct and indirect exposure reaching approximately $132.4 billion. Tether also reported around $19.1 billion in precious metals, mainly gold.