Tether CEO Says Firm Holds About 150,000 Bitcoin, Worth $11.5B
Tether CEO Paolo Ardoino says the issuer holds about 150,000 BTC, worth roughly $11.5B. Its BDO-prepared Q3 attestation implies about 100,060 BTC, and Ardoino gave no wallet breakdown or purchase schedule for the gap.
150,000 BTC. That is the stack Tether CEO Paolo Ardoino says the stablecoin issuer holds, roughly $11.5 billion with Bitcoin near $77,143. It is about 50,000 BTC more than Tether's own attested reserve report implies.
Ardoino made the remark in a keynote at the Plan ₿ Forum in Lugano, Switzerland. He shared the talk on X on October 27, 2026, under the title "Tether: a psychohistory interpretation."
"We have give or take 150,000 bitcoin ourselves. It's not much, but it's honest work."
Paolo Ardoino, CEO of Tether
The gap with the attestation
Tether's Q3 attestation, prepared by BDO and published October 30, lists $8.37 billion of bitcoin as of September 30. At $83,621.23 per coin, that implies about 100,060 BTC, up roughly 1,130 BTC from about 98,930 at end of June.
BTC now trades about 7.7% below that September mark. At $77,143, 150,000 BTC comes to just under $11.6 billion, in line with the $11.5 billion figure.
The gap does not prove a fresh 50,000 BTC purchase. Ardoino gave no wallet breakdown or purchase schedule, and did not say where the extra coins sit. The reserve report values assets on the reporting date and covers USDT reserves. Holdings elsewhere, such as Tether's investments, would not appear in it.
What the Q3 report shows
Price did most of the work. Bitcoin reserves were valued at about $5.8 billion at end of June. Of the $2.57 billion rise since, about $2.47 billion came from higher prices, not new buying.
Tether has bought Bitcoin since May 2023, when it began putting part of its profits into it. Its announcement of Q3 results put net operating profit at $1.5 billion, with nine-month profit at $4.5 billion. Other report figures:
- Total reserve assets: $191.45 billion against liabilities of about $183.50 billion
- Excess reserves: $7.95 billion, up from $4.1 billion at end of June
- T-bill exposure: nearly $132.4 billion, including about $122.84 billion in direct bills and $9.52 billion in overnight reverse repos
- Gold: $19.08 billion
- Secured loans: $14.18 billion
Beyond the balance sheet
Ardoino said Tether has more than 730 million users and adds about 30 million wallets per quarter. He also presented an "Independence Stack" spanning energy, Bitcoin mining, communications, self-custody wallets and AI. That includes about 5,000 solar battery kiosks in Africa serving two million users, a plan for 100,000 kiosks over five years, and backing from 15 mining firms for Tether's Mining Development Kit.
Context
Tether's grip on USDT showed on October 29, when it froze more than 1.567 billion USDT during the suspected Binance hot wallet hack. Bitcoin offers no such freeze. Until Tether documents where the additional coins sit, 150,000 is a CEO estimate. The attested number is about 100,060 BTC.
