Tether holds a much larger reserve of bitcoins than presented in its latest financial reports. Its CEO, Paolo Ardoino, says the company controls around 150,000 BTC, with an estimated value of $11.5 billion. This declaration, made at the Plan ₿ Forum in Switzerland, notably gives a new precise measure of the stablecoin giant’s investments. It also raises questions about the distribution of its assets and their presentation in official accounts.
In brief
- Tether claims to hold around 150,000 BTC, valued at nearly $11.5 billion.
- Paolo Ardoino places the company among the largest institutional holders of bitcoin.
- The September 2026 attestation reveals only $8.367 billion worth of bitcoins in official reserves.
- A blockchain address assigned to Tether holds 96,932 BTC, or 64.6% of the announced total.
- US Treasuries and gold remain the main pillars of the group’s financial reserves.
Tether claims 150,000 bitcoins and joins large institutional holders
During the Plan ₿ Forum, organized in Lugano, Paolo Ardoino clarified the extent of his company’s assets. Tether reportedly holds around 150,000 units of bitcoin. With a reference price of $77,000 per unit, this reserve represents nearly $11.5 billion. This estimate attracts market attention.
Ardoino said Tether directly owns these assets and presented this accumulation as the fruit of the company’s work. If this figure is confirmed, the group would be one of the largest institutional holders of bitcoin. Strategy maintains a superior position, with 849,327 units of bitcoin announced in its last purchase communication. BitcoinTreasuries.net ranking also features Tether as the first declared private holder.
The CEO also talked about the size of the Tether ecosystem. According to him, the company has more than 730 million users worldwide. Around 30 million new wallets join its network every quarter. This data illustrates the scale of its activities, beyond stablecoins.
The official certificate shows a discrepancy of 50,000 bitcoins
Ardoino’s statement contrasts with the figures in the latest available financial document. Tether International’s reserves statement for the third quarter of 2026, prepared by BDO, shows $8.367 billion in bitcoin as of September 30. According to the reference price of reportthis amount corresponds to a little more than 100,000 bitcoins. This amount remains lower than the 150,000 units announced.
The difference reaches around 50,000 units of bitcoin, or almost $3.87 billion according to the estimates provided. However, this gap does not automatically mean that assets are missing from reserves. The attestation examines the assets that support USDT, and not necessarily all investments held by the group or its affiliates. The two figures therefore cover different perimeters.
In May 2023, Tether announced a policy aiming to dedicate up to 15% of its operating profits to purchasing bitcoin. This rule can explain the accumulation outside of stablecoin reserves. However, the company has not published a consolidated breakdown of the additional units mentioned in Switzerland. The dates of acquisition, the terms of conservation and the exact ownership of these funds remain to be specified.
A public address allows tracking nearly 96,932 BTC
Blockchain data provides another point of comparison. An address publicly attributed to Tether held 96,932.40697348 units of bitcoin at the time of writing. This address, which begins with bc1qjasf9z3h7w3jspkrecorded its first activity on September 30, 2022. Its history traces the movements of funds.
The wallet received approximately 112,340.77 units of bitcoin through 212 incoming transactions. He transferred nearly 15,408.36 units of bitcoin in 204 outgoing transactions. Its balance represents approximately 64.6% of the 150,000 units announced by Ardoino. If the numbers are correct, 53,068 BTC would be held elsewhere.
This address is the fifth largest wallet by balance. The data indicates that the funds received came directly from Bitfinex, a platform that is owned by the same parent company as Tether. However, an address is not enough to establish all of the assets controlled by an organization. Additional evidence, such as signed messages, verified transfers or official information, would help confirm links to other wallets.
Treasuries and Gold Remain Core to Tether’s Reserves
Digital assets represent only part of Tether’s financial assets. Its September 2026 results had $191.45 billion in reserve assets, compared to $183.50 billion in liabilities. The difference constituted a reserve surplus of approximately $7.95 billion. These figures show its exposure to traditional markets.
Direct and indirect exposure to US Treasuries reached $132.4 billion. Precious metals accounted for $19.08 billion, including approximately 142.8 tons of physical gold. The gold-backed token XAUT reportedly held an additional 25.7 tonnes. Tether’s combined physical holdings would thus reach nearly 168.5 tonnes of gold.
As of November 3, approximately 179.12 billion USDT was in circulation. This volume highlights Tether’s place in the dollar digital asset market. This diversity implies different constraints. Government securities can generate interest income, while gold requires storage capacity and settlement procedures. Digital assets are subject to variations in market prices, even when the quantities held remain stable.
Financial transparency becomes a central issue for Tether
The gap between the CEO’s declarations and the quarterly certificate firstly raises a question of scope. The reserves that support USDT do not necessarily cover the company’s own investments. A consolidated presentation would distinguish the stablecoin reserves from the investments of the group entities. It would also provide a better understanding of the overall composition of the portfolio.
Another important point is the preservation of funds. Blockchain makes transactions visible, but it does not automatically reveal who controls each address. The identification of a portfolio therefore does not, in itself, prove ownership of all funds allocated to a company. Verifiable elements remain necessary to establish these links precisely.
As its business grows, Tether must manage risks related to counterparties, asset segregation, and liquidity needs. These issues concern government securities, gold and bitcoin investments. The next step will depend in particular on the company’s ability to explain the distribution of its assets and the differences between its public statements and its financial documents.
The 150,000 BTC announced by Paolo Ardoino places Tether among the main private bitcoin holders. However, the discrepancy with the officially presented reservations remains to be explained. The publication of these details in its accounts would help to compare the different accounting perimeters. A detailed presentation would make it possible to measure the extent of its investments and the control exercised over the assets concerned.
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