Tether Chief Executive Officer Paolo Ardoino stated that the stablecoin issuer holds approximately 150,000 Bitcoin, currently valued at around $11.5 billion. The announcement came during a keynote address at the Plan ₿ Forum in Lugano, Switzerland, where the company has operated a Bitcoin and stablecoin adoption initiative since 2022.

Ardoino described the position with the remark that the firm holds "give or take 150,000 bitcoin ourselves. It’s not much, but it’s honest work." At that scale, Tether ranks among the largest corporate Bitcoin holders, trailing only Strategy’s reported 848,517 BTC as of the third quarter.

Gap Between Stated Holdings and Reserve Report

The figure stands about 50,000 Bitcoin higher than the amount implied by Tether’s third-quarter reserve attestation. That report, certified by BDO and covering assets backing the USDT stablecoin as of September 30, lists $8.37 billion in Bitcoin valued at $83,621 per coin. The calculation yields roughly 100,060 BTC.

The difference amounts to nearly $3.8 billion at the prices referenced at the time of the announcement. Ardoino provided no details on the location of the additional coins or the timing of their acquisition. The statement does not indicate a single large recent purchase of 50,000 Bitcoin.

Tether has long maintained that Bitcoin acquired with excess capital and profits is held separately from the reserves that support USDT. These positions fall under Tether Investments. The Q3 attestation covers only assets designated to back the stablecoin and therefore excludes any corporate holdings outside that category.

Bitcoin Accumulation Strategy and Profit Funding

In May 2023, Tether announced it would direct up to 15 percent of its net realized operating profits toward regular Bitcoin purchases. The company also committed to holding the coins under its own control rather than through third-party custodians.

The strategy has been supported by strong quarterly results. Tether reported $1.5 billion in net operating profit for the third quarter alone and approximately $4.5 billion for the first nine months of the year. The USDT circulating supply has continued to expand during the same period.

Within the reserve portfolio itself, Bitcoin holdings rose by about 1,130 coins between the end of June and the end of September. Most of the $2.57 billion increase in the reported Bitcoin value during the quarter resulted from price appreciation rather than new purchases. At the end of June the reserve figure stood near 98,930 BTC.

Reserve Composition and Overall Balance Sheet

The third-quarter attestation shows total reserve assets of $191.45 billion against liabilities of $183.50 billion. This produces an excess cushion of $7.95 billion, nearly double the $4.11 billion buffer reported at the end of June. United States Treasury bills form the largest component of the reserves, totaling about $132.4 billion.

Bitcoin and gold together represent a meaningful share of the non-cash assets. Gold holdings stand near $19.1 billion. The company has faced prolonged questions about the completeness of USDT backing and has historically relied on quarterly attestations. This year Tether began its first full financial audit with KPMG.

Ardoino also noted that Tether now serves more than 730 million users worldwide and is adding roughly 30 million wallets each quarter. He outlined ongoing development of open-source technologies financed by the firm’s profits.

Bitcoin prices at the time of the various reports ranged near $77,600 to $80,000, which would place the value of the attested reserve holdings somewhat below the September 30 figure of $8.37 billion. Tether has not indicated whether it plans to publish a detailed breakdown of Bitcoin held outside the USDT reserve portfolio.