Tether holds “give or take” 150,000 bitcoin, worth about $11.5 billion, chief executive Paolo Ardoino told the Plan ₿ Forum in Lugano, CoinDesk reports. He also cited more than 730 million users, a figure that rests on his say-so.
Tether’s own third-quarter reserve report shows less. It lists $8.37 billion of bitcoin at $83,621 a coin, which implies about 100,060 bitcoin, up roughly 1,130 from the end of June.
That leaves about 50,000 bitcoin unexplained. Ardoino did not say where they sit or when they were bought. CoinDesk notes Tether has said its proprietary investments sit outside the USDT reserves and do not appear in the report. CoinDesk’s reading is that the gap does not show a fresh purchase of 50,000 bitcoin.
The report carries an attestation from BDO, which is not a full audit. It shows reserve assets of $191.45 billion against $183.50 billion of liabilities, so excess reserves are $7.95 billion, up from $4.11 billion in June. The $11.5 billion value depends on the bitcoin price on the day.
Of the $2.57 billion rise in the value of its bitcoin, about $2.47 billion came from price, by CoinDesk’s calculation, rather than from buying.
Tether’s 2023 policy committed up to 15 percent of net realised operating profits to bitcoin held by the company itself. Whether that policy accounts for the larger number is not stated.
Until Tether says where the coins are held, 150,000 is a claim and 100,000 is a report, and only one of them was attested.
