Tether CEO Paolo Ardoino said during a presentation at the Plan ₿ Forum in Lugano that the company owns nearly 150,000 Bitcoin. At the Bitcoin price reported on November 3, that amount would be worth about $11.5 billion.
The figure is higher than the Bitcoin holdings disclosed in Tether’s most recent USDT reserve report, indicating broader Bitcoin exposure beyond what is listed as token reserves.
Ardoino puts a number on Tether’s Bitcoin holdings
“We have give or take 150,000 bitcoin ourselves,” Ardoino said, according to his disclosure during his speech at the Lugano event. He discussed the holdings while outlining Tether’s support for Bitcoin and its mining investments.
Ardoino did not provide an acquisition schedule or a breakdown identifying which Tether entities hold the coins. The timing and composition of the approximately 150,000 BTC position therefore remain unclear.
Tether has pursued Bitcoin purchases for several years. About three years ago, it announced plans to regularly allocate up to 15% of its net realized operating profits to Bitcoin.
What the September reserve report covers
Tether published its latest reserve report, providing a view of its USDT reserves. The company released the reserves of its latest report for September 30 on October 30.
It lists around $8.37 billion in Bitcoin, which at the valuation per coin cited in the article corresponds to roughly 100,060 BTC.
Tether has long-term proprietary investments that are held separately from token reserves. Ardoino’s presentation has not made the connection between these investment returns and his Bitcoin estimate clear.
There is roughly 50,000 BTC remaining unaccounted for between the CEO’s 200,000 to 220,000 BTC approximation versus the reserve report at face value.
Treasury holdings dominate USDT’s backing
Bitcoin holdings constitute part of Tether’s reserve portfolio. Its direct and indirect exposure to U.S. Treasury bills reached $132.4 billion at the end of September.
Total reserve assets were $191.45 billion, with liabilities amounting to $183.50 billion. The net surplus reached about $7.95 billion, a notable increase from $4.11 billion in June.
Final Summary
Ardoino says Tether holds around 150,000 BTC but does not mention on what dates it was acquired or where it might be held.
The reserves report from Tether for September seemed to suggest about 100,060 BTC as a portion of the collateral supporting USDT.
