Tether CEO Paolo Ardoino said Tether owns approximately 150,000 bitcoin, worth roughly $11.5 billion at current prices. Ardoino gave the figure during a keynote at the Plan B Forum in Lugano, Switzerland. The total is roughly 50,000 BTC above the holdings implied by Tether's latest report covering stablecoin reserves. Ardoino disclosed neither where the additional coins are held nor when Tether acquired the coins. The statement therefore does not establish that Tether recently purchased 50,000 BTC.
Tether International's third-quarter reserve report records bitcoin worth $8.37 billion at a valuation of $83,621.23 per coin. Accounting firm BDO provided an attestation for the report. The precise figures imply approximately 100,060 BTC in reserves, versus roughly 98,930 BTC at June's end. The implied third-quarter increase amounts to about 1,130 BTC. Higher prices explain most of the $2.57 billion increase in the reserve portfolio's bitcoin valuation. Applying September's valuation to the June holdings accounts for approximately $2.47 billion of that gain, based on calculations using both reports.
Tether has previously said excess capital and profits finance proprietary investments through Tether Investments. Tether has said those investments remain separate from the reserves supporting USDT, the company's dollar-pegged stablecoin. Such investments would not appear in the reserve report, but Ardoino did not say whether those holdings account for the difference.
Tether reported reserve assets of $191.45 billion and liabilities of $183.50 billion at September's end. Excess reserves, which measure assets above liabilities, increased from $4.11 billion in June to $7.95 billion. The financial cushion had declined by about half in June. Ardoino also said Tether has more than 730 million users worldwide. Ardoino reported growth of 30 million wallets per quarter.
Tether announced plans in May 2023 to direct up to 15% of net realized operating profits toward regular bitcoin purchases. Tether said the company would retain custody of the bitcoin rather than rely on outside custodians.
Tether CEO Reveals 150,000 Bitcoin Holdings Worth $11.5 Billion
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Summary
Bitcoin breaking news: Tether CEO Paolo Ardoino announced at the Plan B Forum in Switzerland that the company holds 150,000 Bitcoin, valued at $11.5 billion. This surpasses the 100,060 BTC listed in the latest reserve report by about 50,000 BTC. Tether's third-quarter report, audited by BDO, showed a $2.57 billion rise in Bitcoin valuation due to higher prices. The company reported $191.45 billion in reserves and $183.50 billion in liabilities as of September, with excess reserves at $7.95 billion.
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