Tether CEO puts its bitcoin holdings at 150,000

Tether CEO Paolo Ardoino said on Nov. 3 that the company holds about 150,000 bitcoin, worth roughly $11.5 billion at current prices. That figure is about 50,000 coins above the amount implied by Tether’s latest reserve report. CoinDesk’s report on Ardoino’s remarks says he made them during a keynote at the Plan ₿ Forum in Lugano, Switzerland.

How many bitcoin does Tether’s reserve report list?

Tether’s report for the quarter ended Sept. 30 lists $8.37 billion in bitcoin, valued at $83,621.23 per coin. That works out to about 100,060 BTC, according to CoinDesk’s calculation. The BDO-attested reserve report records the value at the end of September; it does not confirm Ardoino’s later estimate of Tether’s total bitcoin holdings.

The reserve report’s bitcoin figure rose from about 98,930 coins at the end of June, an increase of roughly 1,130 BTC. CoinDesk calculated that most of the increase in dollar value came from bitcoin’s higher price over the quarter, rather than new purchases.

Does the report account for Ardoino’s full estimate?

No breakdown in Ardoino’s remarks explains the difference. He did not say where the additional coins are held or when they were acquired. His comment, as reported by CoinDesk, does not establish that Tether recently bought 50,000 bitcoin.

Tether has said its proprietary investments are funded from excess capital and profits and kept separate from the reserves backing USDT, its dollar-pegged stablecoin. CoinDesk reports that such investments would not appear in the reserve report. But Ardoino did not say whether they account for the gap.

Tether said in 2023 that it planned to allocate up to 15% of its net realized operating profits to bitcoin purchases and hold the coins itself. That policy gives context for the company’s bitcoin exposure, but it does not verify the 150,000 figure. The latest reserve report and Ardoino’s public estimate describe different figures, and the company has not provided a reconciliation in the sources reviewed.

Sources and documents

• CoinDesk’s report on Ardoino’s remarks — coindesk.com
• BDO-attested reserve report — assets.ctfassets.net