Tether bitcoin holdings may total about 150,000 BTC, CEO Paolo Ardoino said at the Plan ₿ Forum in Lugano, according to reports published November 3. That is roughly 50,000 more than the amount implied by the stablecoin issuer’s latest reserve report. Tether has not explained which entities hold the additional coins or where they are kept.
The difference may reflect that the reserve report and Ardoino’s estimate cover different pools of assets. Tether has said investments made from profits are kept separate from USDT reserves. The remark is not evidence of a newly disclosed purchase.
- Ardoino said Tether owns “give or take 150,000 Bitcoin,” according to Decrypt and Bitcoin Magazine.
- Tether International’s Q3 reserve report implies about 100,060 BTC, based on $8.37 billion in Bitcoin valued at $83,621.23 per coin on September 30.
- Bitcoin Magazine reported that Ardoino’s estimate was worth about $11.5 billion when he made the comment.
- Published October 30 with an attestation from BDO, the Q3 report showed $191.45 billion in reserve assets against $183.50 billion in liabilities.
- Tether has not said whether the additional coins belong to Tether Investments, the stablecoin issuer, or another group entity.
Timeline of the Tether bitcoin holdings disclosure
- 2022: Tether’s Bitcoin and stablecoin adoption program in Lugano began, according to Bitcoin Magazine.
- End of June 2026: The reserve report’s comparison shows about 98,930 BTC at the end of Q2.
- October 30, 2026: Tether International published its Q3 reserve report, with a BDO attestation and a Bitcoin balance implying roughly 100,060 BTC.
- November 3, 2026: Decrypt and Bitcoin Magazine reported Ardoino’s approximate 150,000 BTC figure from his Plan ₿ Forum keynote in Lugano. Read the reports from Decrypt and Bitcoin Magazine.
What the Tether bitcoin holdings figure means
Bitcoin Magazine reported that Tether keeps investments made from profits separate from USDT reserves. If some of the coins in Ardoino’s estimate are held by Tether Investments, they would not appear in the reserve report. That is a possible explanation for part of the gap, not a confirmed account of where the coins are held.
The Q3 report listed a $7.95 billion excess of reserve assets over liabilities, up from $4.11 billion at the end of June. Treasury bills accounted for about $132.4 billion of reported reserves, Bitcoin for $8.37 billion, and gold for about $19.1 billion. The report said Bitcoin and gold together exceed the reserve cushion several times over, so a sharp drop in either asset could reduce it. The figures alone do not establish that USDT is under-backed.
The available reporting does not identify whether other Tether-affiliated holdings are included in Ardoino’s estimate. The figures therefore do not establish where the additional coins are held or how they are divided among entities.
Reactions and market context
Bitcoin Magazine said the reported total would place Tether among the largest corporate Bitcoin holders, behind Strategy’s 848,517 BTC as of Q3. Ardoino did not specify where the additional coins are held, when they were acquired, or whether they belong to the stablecoin issuer or Tether Investments. His comment gives an approximate total, not a breakdown of the holdings.
Bitcoin traded at $77,778 at 23:13 UTC on November 3, up 1.42% over 24 hours but down 3.74% over seven days, according to CoinGecko market data. The mixed movements cannot be attributed to Ardoino’s statement. Alternative.me’s Crypto Fear & Greed Index was 26, classified as Fear, on November 3.
| Market measure | Reading | As of |
|---|---|---|
| Bitcoin price | $77,778 | November 3, 2026, 23:13 UTC |
| Bitcoin change, 24 hours | +1.42% | November 3, 2026, 23:13 UTC |
| Bitcoin change, seven days | -3.74% | November 3, 2026, 23:13 UTC |
Bitcoin Magazine also reported that Tether took full control of Twenty One Capital in May after buying out SoftBank, backs Adecoagro’s Bitcoin mining in Brazil, and runs mining and energy ventures in Latin America. The report did not establish whether these interests are included in the 150,000 BTC estimate.
What to watch next
The key follow-up is whether Tether clarifies the scope of Ardoino’s estimate. A breakdown by legal entity, custody arrangement, and reporting purpose could help explain why the CEO’s figure differs from the USDT reserve report. Until then, the figures may describe different pools of assets rather than coins missing from the reserve report.
Future disclosures may show whether changes in the reported Bitcoin line reflect purchases, sales, or price movements. Bitcoin Magazine said most of the Q3 increase in reported Bitcoin value came from price, while the implied coin count rose by about 1,130 from Q2. Tether’s reported reserve buffer and the market value of its Bitcoin and gold holdings are relevant to monitor, particularly because a sharp fall in either asset could reduce the cushion.
Bitcoin’s market price can change the value of reported holdings. The reserve report provides an attested balance for its stated reporting scope, but it does not answer which affiliated entities may hold coins outside that scope.
FAQ
How many Bitcoin does Tether hold?
CEO Paolo Ardoino said Tether holds “give or take 150,000” BTC, in a remark reported on November 3, 2026. Its Q3 reserve report implies about 100,060 BTC in reported reserves, so the figures may cover different scopes.
Why do Tether bitcoin holdings differ from its reserve report?
Some Bitcoin may be held outside USDT reserves, such as in Tether Investments. Tether has said profit-funded investments are separate from reserves, but it has not confirmed where the additional coins in Ardoino’s estimate are held.
Did Tether announce a new Bitcoin purchase?
The reports do not describe a new 50,000 BTC purchase. Ardoino gave an approximate total without saying when the coins were bought or which Tether entity owns them.
Sources
- Tether Holds 150,000 Bitcoin, CEO Says, About 50,000 More Than Its Reserve Report Shows (Decrypt)
- Tether Holds 150,000 Bitcoin CEO Says, 50,000 More Than Its Reserve Report Shows (Bitcoin Magazine)
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrencies are highly volatile; always do your own research before investing.
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