Tether CEO Says Firm Holds About 150,000 BTC, Above Reserve Report
Tether CEO Paolo Ardoino said the firm holds about 150,000 BTC, roughly 50,000 more than its latest reserve attestation implies, per several outlets.
Tether CEO Paolo Ardoino said the company holds roughly 150,000 bitcoin. He made the remark during a keynote at the Plan ₿ Forum in Lugano, Switzerland, according to Wu Blockchain, The Cryptonomist, CoinDesk and Bitcoin Magazine. CoinDesk and Bitcoin Magazine put the value of that stack at about $11.5 billion at current prices.
Bitcoin Magazine quoted Ardoino as saying, "We have give or take 150,000 bitcoin ourselves. It's not much, but it's honest work." The outlet noted that Tether has run a bitcoin and stablecoin adoption program in Lugano since 2022.
What the reserve attestation shows
Tether's third-quarter attestation was published on October 30, 2026, and prepared by BDO, according to The Cryptonomist. It lists about $122.8 billion in directly held U.S. Treasury bills, or $132.4 billion including repurchase agreements. Total reserve assets were $191.45 billion against roughly $183.50 billion in liabilities.
Excess reserves reached $7.95 billion, up from $4.1 billion at the end of June. Net operating profit for the quarter was $1.5 billion, and $4.5 billion for the first nine months. The report valued bitcoin held in reserves at $8.37 billion as of September 30, up from about $5.8 billion at the end of June.
A gap between the two figures
Bitcoin Magazine said Ardoino's number is about 50,000 coins higher than what the attestation implies. It stressed that the comment does not point to a new 50,000 BTC purchase. Bitcoin.com News described the disclosure as a bitcoin treasury substantially larger than the company's financial statements previously documented. It said the remarks raise questions about Tether's investment activity and how much of its holdings are publicly reported.
The sources differ on what the 150,000 figure covers. The Cryptonomist said the estimate includes bitcoin on the corporate balance sheet, alongside investments in infrastructure and technology beyond stablecoin payments. Bitcoin Magazine said Ardoino did not say where the extra coins sit, when they were bought, or whether they belong to the stablecoin issuer or to Tether Investments, the arm that holds venture and equity positions. CoinDesk noted that holdings outside USDT reserves, such as Tether's investments, would not appear in the report.
Bitcoin Magazine said that at this size Tether would rank among the largest corporate bitcoin holders. It would sit behind Strategy's 848,517 BTC as of Q3 and ahead of most public miners and treasury companies.
Why it matters and what to watch
For traders, the main point is transparency. Tether issues USDT, and the split between reserve assets and other corporate holdings affects how the market reads its balance sheet and its bitcoin exposure. The 150,000 BTC figure is a verbal estimate. The attestation reports a smaller reserve-linked amount.
Ardoino also said Tether has more than 730 million users and adds about 30 million wallets each quarter. He described an Independence Stack initiative covering energy, bitcoin mining, peer-to-peer communications, self-custody wallets and on-device AI. Wu Blockchain and The Cryptonomist both reported these points.
Next, watch for any clarification from Tether on which entity holds the additional bitcoin and how it will be disclosed. Also watch whether future attestations or other filings address the gap. None of the sources say such a disclosure is planned.
Sources
- Tether CEO Says Company Owns Approximately 150,000 Bitcoin Wu Blockchain
- Tether’s Bitcoin holdings total about 150,000 BTC, CEO says The Cryptonomist
- Tether holds 150,000 bitcoin worth $11.5 billion, CEO Paolo Ardoino says CoinDesk
- Tether holds 150,000 Bitcoin worth $11.5 billion, CEO Paolo Ardoino says — link | AI comment unfolded
- Tether Holds 150,000 Bitcoin CEO Says, 50,000 More Than Its Reserve Report Shows Bitcoin Magazine
- Tether’s Bitcoin Fortune Extends Beyond Its Publicly Identified Wallet Bitcoin.com News
Written with AI assistance from the sources above and checked against them. Not investment advice.