Tether Says It Holds 150,000 BTC, 50,000 More Than Its Q3 Report

Tether holds "give or take 150,000" bitcoin, CEO Paolo Ardoino said during his keynote at the Plan B Forum in Lugano, Switzerland. That is about 50,000 BTC more than the roughly 100,060 BTC implied by Tether's own reserve report for the quarter ending 30 September 2026.

Ardoino did not say where the additional coins are held or when they were bought. He also gave no wallet breakdown or acquisition schedule during the presentation.

Q3 Report Puts Tether's Bitcoin at About 100,060 BTC

The Q3 financial figures and reserves report lists Bitcoin at $8,367,170,264. It values each coin at $83,621.23, the Bloomberg close on 30 September. Dividing one figure by the other gives roughly 100,060 BTC.

The report describes those coins as held on-chain in wallets controlled by the company. The Bitcoin line stood at about $5.8 billion at the end of June. The dollar change alone does not separate new purchases from the move in the Bitcoin price over the quarter.

The rest of the balance sheet, as of 30 September:

• Total assets: $191.45 billion
• Total liabilities: $183.50 billion
• Excess assets: $7.95 billion ($7,954,630,470), nearly double the $4.11 billion reported in June
• US Treasury bills: about $132.4 billion

BDO Advisory Services in Milan signed a reasonable assurance opinion on the report, dated 30 October 2026. It found the figures fairly presented in all material respects. The opinion covers a single point in time, 30 September, not the period before or after.

Where the Extra 50,000 BTC Would Sit Is Unclear

The report states that its reserves include all assets owned by the company, Tether International, including assets held above what regulation requires. If another 50,000 BTC had sat on that company's books on 30 September, the report would be expected to show them.

The report would not capture coins bought after the 30 September snapshot, or coins held by a group entity other than Tether International. Ardoino did not say which, if either, applies. "Give or take" is also loose wording for a balance-sheet figure, so the size of the gap itself is approximate.

No source in front of us confirms where the additional bitcoin is held.

Bitcoin Buying Policy Dates to May 2023

Tether said in May 2023 that it would put up to 15% of its net realized operating profits into Bitcoin. A larger corporate stack would fit that policy, but the policy does not explain the timing or location of the coins Ardoino described.

Ardoino also said Tether serves more than 730 million users and adds roughly 30 million wallets a quarter.

The next reserve report will show whether the Bitcoin line moves toward 150,000 BTC. If it stays near 100,000 while Ardoino's figure stands, the difference will need an explanation that Tether has not yet given in its own filings.