Bybit has published its 40th proof-of-reserves report, showing covered mainstream assets totaling $19.6 billion, up from $18.1 billion in the previous report from late August.
The September snapshot was taken at 03:00 UTC on September 23, 2026, and released around September 30, 2026. Third-party auditor Hacken verified the figures.
Expanded token coverage drives growth
The increase in total value comes largely from expanded coverage. Bybit added 10 new tokens to the report, bringing the in-scope list to 50. The 10 newly added tokens arrived with reserve ratios ranging from 101% to 125%.
Every one of the 50 tokens holds a reserve ratio at or above 100%, according to the report.
Key asset holdings
Bitcoin: User assets stood at approximately 56,131 BTC, backed by reserves of 58,722 BTC, for a reserve ratio of 104%.
Ethereum: Users held 551,869 ETH on the platform, with reserves of 570,018 ETH. The ETH reserve ratio edged up to 103% from 102%.
Tether: USDT liabilities totaled approximately $3.59 billion, backed by roughly $3.96 billion in reserves, for a 110% reserve ratio.
How the verification works
Bybit launched its proof-of-reserves program in December 2022 and has published reports monthly since then. The verification relies on Merkle trees, where each user's balance sits at the bottom as a leaf. Those leaves get hashed together, layer by layer, until they collapse into a single fingerprint at the top. Change one balance anywhere, and the top fingerprint changes too, allowing individual users to confirm their own balance was counted without the exchange exposing anyone else's account details.
The exchange serves over 80 million users.
Context and limitations
The expanded token list gives users of newly added assets the same verification tools previously limited to a narrower set. The $19.6 billion figure should be read with context: much of the increase from $18.1 billion reflects the 10 added tokens rather than pure deposit growth. Bitcoin and Ethereum holdings rose slightly, while USDT liabilities slipped. The report reflects balances at one moment for the 50 tokens in scope, with assets outside that list sitting outside this particular verification.
