Tether's CEO says it holds 150,000 bitcoin
Paolo Ardoino told a Lugano forum Tether holds about 150,000 bitcoin, roughly 50,000 more than its latest reserve report implies, according to Bitcoin Magazine.
The facts
- According to Bitcoin Magazine, CEO Paolo Ardoino said at the Plan ₿ Forum in Lugano that Tether holds give or take 150,000 bitcoin, worth about $11.5 billion.
- Tether's Q3 reserve report, published Oct. 30 with a BDO attestation, lists $8.37 billion in bitcoin at $83,621.23 per coin, which implies about 100,060 BTC.
- Ardoino did not say where the extra coins sit or when they were bought. Bitcoin Magazine notes the remark does not point to a new 50,000 BTC purchase.
- The Q3 report shows $191.45 billion in reserve assets against $183.50 billion in liabilities, an excess of $7.95 billion, up from $4.11 billion in June.
Case notes · Danny's take
Why it matters
Two numbers now describe the same company. One is in an attested report. The other came from a keynote. The likely explanation is that coins bought with profits sit outside the USDT reserves, but that is the source's reading, not a confirmed answer. For anyone holding USDT, the real question is the buffer. Bitcoin and gold together are several times bigger than the $7.95 billion cushion, so a sharp fall in either would eat into it. A stablecoin is only as solid as what sits behind it. Not the claim. The attestation.
For traders
Don't trade the keynote line. Watch whether Tether publishes a breakdown of the coins held outside the reserve, and whether any on-chain wallets are tied to them. Also watch the next attestation to see how the bitcoin and gold lines move against the buffer.
For builders
If your product settles in USDT, read the reserve report, not the headline. Track the excess-over-liabilities figure each quarter and know how exposed you are to one issuer.
Not financial advice. Do your own investigation.
This story was summarised with AI from Bitcoin Magazine's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.