Tether CEO Paolo Ardoino said the stablecoin issuer holds approximately 150,000 bitcoin worth $11.5 billion, a figure that exceeds the company's latest reserve report by roughly 50,000 coins. Ardoino made the statement during a keynote at the Plan ₿ Forum in Lugano, Switzerland on November 3.
Tether International's third-quarter reserve report, published October 30 with attestation from BDO, lists only about 100,060 BTC valued at $8.37 billion as of September 30. The gap between Ardoino's figure and the attested holdings likely reflects bitcoin held by Tether Investments, the arm that manages the group's venture and equity positions. These investments are kept separate from the reserves backing USDT and would not appear in the attestation.
Ardoino did not specify where the additional 50,000 coins are held, when they were acquired, or whether the remark indicates a new purchase. At 150,000 BTC, Tether would rank among the largest corporate bitcoin holders, behind MicroStrategy's 848,517 BTC as of Q3.
Tether's bitcoin exposure extends beyond its own wallets. The company took full control of Twenty One Capital in May after buying out SoftBank, backs mining operations in Brazil through Adecoagro, and runs mining and energy ventures in Latin America. It remains unclear whether any of those positions are included in the 150,000 figure.
Tether's Q3 report shows $191.45 billion in reserve assets against $183.50 billion in liabilities, an excess of $7.95 billion. Bitcoin and gold combined exceed that buffer several times over. Treasury bills remain the bulk of reserves at $132.4 billion. The company earned $1.5 billion in Q3 and $4.5 billion in the first nine months of 2026. Tether completed its first independent audit with KPMG in August, ending years of reliance on attestations alone.