Tether CEO Paolo Ardoino said the company holds about 150,000 BTC, roughly 50,000 more than its latest reserve report implies. He did not say where the extra coins sit or when Tether acquired them.
Tether now holds about 150,000 bitcoin, worth some $11.5 billion at current prices, CEO Paolo Ardoino said. The figure is roughly 50,000 more than the holdings implied by the latest report on the reserves backing the issuer's stablecoin.
Ardoino made the remark during his Plan ₿ Forum keynote in Lugano, Switzerland. According to CoinDesk's account of the keynote, he said: "We have give or take 150,000 bitcoin ourselves."
The reserve report shows a smaller figure
However, Tether International's third-quarter report, which carries an attestation from accounting firm BDO, lists $8.37 billion in bitcoin valued at $83,621.23 per coin. The report's exact figures imply holdings of about 100,060 BTC, compared with roughly 98,930 at the end of June.
That is an increase of about 1,130 BTC during the third quarter. Most of the $2.57 billion rise in the reserve portfolio's bitcoin value came from higher prices, as applying September's valuation to June's holdings accounts for about $2.47 billion of the gain, according to CoinDesk calculations.
Where the extra coins could sit
Ardoino did not say where the additional coins are held or when Tether acquired them, so the figure does not show a new 50,000 BTC purchase. Tether has previously said its proprietary investments, held through Tether Investments, are funded from excess capital and profits and kept separate from the reserves backing USDT. Those holdings would fall outside the reserve report, although Ardoino did not specify whether they explain the difference.
The company reported $191.45 billion in reserve assets against $183.50 billion in liabilities at September's end. Its excess reserves rose to $7.95 billion from $4.11 billion in June.
Tether announced in May 2023 that it would regularly allocate up to 15% of its net realized operating profits to bitcoin purchases, and hold the coins itself rather than use third-party custodians.
Source: CoinDesk
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