Tether holds 150,000 Bitcoin worth $11.5 billion

Leading stablecoin issuer Tether now holds about 150,000 Bitcoin, worth some $11.5 billion at current prices, CEO Paolo Ardoino said, roughly 50,000 more than the holdings implied by the company’s latest report on the reserves backing its stablecoin.

“We have give or take 150,000 bitcoin ourselves. It’s not much, but it’s honest work,” Ardoino said during his Plan ₿ Forum keynote in Lugano, Switzerland.

Ardoino didn't say where the additional coins are held or when Tether acquired them, so the figure doesn't show a new 50,000 BTC purchase.

His words came has discussed how Tether supports the Bitcoin ecosystem and after he revealed Tether has over 730 million users throughout the world, and has seen growth of 30 million wallets per quarter.

Tether International’s third-quarter reserve 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 represents 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 from the two reports.

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, its dollar-pegged stablecoin. 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, the assets above its liabilities, rose to $7.95 billion from $4.11 billion in June, when its financial cushion had fallen by about half.

Tether announced in May 2023 that it would regularly allocate up to 15% of its net realized operating profits to bitcoin purchases. The company said it would hold the coins itself rather than use third-party custodians.