Tether holds about 150,000 Bitcoin, Ardoino says—What do its reserves show?

During a Plan ₿ Forum presentation in Lugano, Tether CEO Paolo Ardoino indicated the company owns nearly 150,000 Bitcoin. That amount would be worth about $11.5 billion with the Bitcoin price reported on November 3.

This figure is higher than Tether’s most recent USDT reserve disclosure, as the number shows its broader Bitcoin exposure.

Ardoino puts a number on Tether’s Bitcoin holdings

“We have give or take 150,000 bitcoin ourselves,” Ardoino said, according to his disclosure during his speech at the Lugano event. He discussed the holdings while outlining Tether’s support for Bitcoin and its mining investments.

Ardoino did not give any acquisition schedule or breakdown identifying which Tether entities hold the coins. The timing and composition of the approximately 150,000 BTC position, therefore, remain unclear.

Tether has pursued Bitcoin purchases for several years. About three years ago, it announced its plans to start allocating, regularly, up to 15% of its net realized operating profits to Bitcoin.

What the September reserve report covers

Tether published its latest reserve report, providing a view of its USDT reserves. The company released the reserves of its latest report [for September 30] on October 30.

It lists around $8.37 billion in Bitcoin, and with today’s valuation per coin, the firm holds roughly 100,060 BTC.

Tether has long-term proprietary investments that are held separately from token reserves. Ardoino’s presentation has not made the connection between these investment returns and his Bitcoin estimate clear, yet.

There is roughly 50,000 BTC remaining unaccounted for between the CEO’s 200,000 to 220,000 BTC approximation vs the reserve report at face value.

Treasury holdings dominate USDT’s backing

Bitcoin holdings constitute part of Tether’s reserve portfolio. Its direct and indirect exposure to U.S. Treasury bills reached $132.4 billion at the end of September.

The total reserve assets was $191.45 billion, with liabilities amounting to $183.50 billion. The net surplus reached about $7.95 billion, a notable increase from $4.11 billion in June.

Final Summary

• Ardoino says Tether hold around 150,000 BTC but does not mention on what dates it was acquired or where it might be.
• The reserves report from Tether in September seemed to suggest about 100,060 BTC as a portion of the collateral supporting USDT