Tether CEO Paolo Ardoino said at the Plan ₿ Forum in Lugano, Switzerland, that the stablecoin issuer controls approximately 150,000 BTC, valued at $11.5 billion based on an estimated market price of $77,000 per coin. The disclosure suggests a larger bitcoin treasury than previously documented in the company's financial statements.
Ardoino told attendees: “We have give or take 150,000 bitcoin ourselves. It’s not much, but it’s honest work.” If accurate, the figure would place Tether among the largest corporate holders of bitcoin, behind Strategy, which reported 849,327 BTC in a recent purchase announcement. According to rankings from BitcoinTreasuries.net, Tether would be the largest disclosed privately held corporate holder.
During the keynote, Ardoino also claimed that Tether serves more than 730 million users worldwide, with approximately 30 million additional wallets joining its ecosystem every quarter.
Reserve attestation shows a smaller figure
Tether International's third-quarter 2026 reserve attestation, prepared by accounting firm BDO, reported $8.367 billion in bitcoin holdings as of Sept. 30. Using the report's reference price, that amount translates to more than 100,000 BTC. The difference between the attested figure and Ardoino's estimate is roughly 50,000 BTC, worth around $3.87 billion based on recent BTC prices.
The discrepancy does not necessarily indicate missing assets or insufficient backing. The quarterly document specifically examines reserves supporting USDT, while proprietary investments maintained by affiliated businesses may fall outside its reporting scope.
Tether established a policy in May 2023 to devote up to 15% of its operating profits toward bitcoin purchases. That approach provides a potential explanation for how additional cryptocurrency exposure could accumulate beyond the assets designated to support its dollar-pegged token. However, the company has not supplied a consolidated breakdown identifying the acquisition dates, custodial arrangements, or corporate ownership of the additional coins described during the conference.
Publicly identified wallet holds nearly $7.5 billion
Onchain records provide another perspective. A bitcoin address publicly attributed to Tether, beginning with bc1qjasf9z3h7w3jspk, holds 96,932.40697348 BTC at press time. First active on Sept. 30, 2022, the wallet has received approximately 112,340.77 BTC across 212 incoming transactions and transferred 15,408.36 BTC through 204 outgoing transactions.
The wallet is the fifth-largest BTC wallet in terms of balance holdings. The address accounts for approximately 64.6% of the cryptocurrency fortune described by Ardoino, leaving an estimated 53,068 BTC elsewhere, assuming the reported total and the wallet attribution are accurate. Onchain data shows that the funds held by this wallet came directly from the centralized exchange Bitfinex, which is also owned by Tether's parent company.
Although the blockchain provides a permanent record of transactions, an address label alone cannot establish the complete extent of an organization's holdings. Determining control over other addresses requires corroborating evidence, such as signed messages, verified transfers, or company disclosures.
Gold and U.S. Treasuries anchor financial operations
Beyond cryptocurrency, Tether maintains substantial exposure to conventional financial instruments. Its September financial statement listed $191.45 billion in reserve assets against $183.50 billion in liabilities, producing approximately $7.95 billion in excess reserves. Direct and indirect U.S. Treasury bill exposure reached $132.4 billion, while precious metals accounted for $19.08 billion. The latter category included approximately 142.8 metric tons of physical gold.
Separately, Tether's gold-backed coin project, which uses the ticker XAUT, reportedly held another 25.7 metric tons, bringing the company's combined physical gold holdings to approximately 168.5 metric tons. By Nov. 3, approximately 179.12 billion USDT were circulating.
These figures highlight a broader financial consideration. A business with significant exposure to government securities, bullion, and digital assets must manage different liquidity conditions, valuation methods, and custody risks across its portfolio. Government debt instruments can generate predictable interest income, while physical commodities introduce storage and settlement considerations. Cryptocurrency investments, meanwhile, can experience substantial market-price fluctuations without corresponding changes in the number of assets owned.
For Tether, the challenge is not simply accumulating wealth across different markets, but maintaining appropriate financial controls as its operations expand. The effectiveness of those controls will depend on how the company manages counterparty exposure, asset segregation, and liquidity requirements as its business continues to grow.
