Ardoino Says Tether Holds About 150,000 Bitcoin
Key Facts
Tether CEO Paolo Ardoino said the company holds "about 150,000 bitcoin, give or take" in his keynote at the Plan ₿ Forum in Lugano on November 3, 2026. The statement puts the company’s holdings, by his estimate, above the amount of bitcoin CoinDesk infers from the third-quarter reserve report. That implied amount is about 100,060 bitcoin as of September 30, compared with about 98,930 at the end of June. But Ardoino did not specify where the additional coins are held or when they were acquired. CoinDesk said the statement does not clarify whether the gap is tied to broader investments or other components; it therefore does not by itself establish that the coins sit outside the reported reserves.
The report lists the value of bitcoin in USD₮ reserves at $8.37 billion, calculated using a price of $83,621.23 per coin on September 30. BDO prepared the assurance opinion containing the reserve-component figures, according to the report published for the third quarter. The estimated amount of about 100,060 bitcoin is derived by dividing the reported value by the valuation price in the report. The implied amount at the end of June was about 98,930 bitcoin, indicating an increase of about 1,130 bitcoin during the third quarter. CoinDesk notes that the value of the bitcoin portfolio in reserves rose by $2.57 billion during the quarter, but most of the increase was linked to the price rise. Applying September’s valuation to the June holdings accounts for about $2.47 billion of the increase, according to its calculation.
The distinction between the two figures puts Ardoino’s estimate of total holdings alongside what the stablecoin’s reserve-component report shows on a specific date. Tether previously said that investments owned through Tether Investments are funded by excess capital and profits, and are separate from USD₮ reserves. But Ardoino did not link his statement to those investments or specify whether they explain the difference between the two figures. He also did not say when the company acquired the bitcoin he referred to or where it holds it. The figure announced at the forum therefore remains an estimate of the holdings the CEO attributed to the company, while the report’s figure concerns USD₮ reserve components as of September 30.
The statement follows Tether’s announcement that excess reserves rose to $7.95 billion at the end of the third quarter, from $4.1 billion at the end of the second quarter, an increase of $3.8 billion. The company said it recorded net operating profit of $1.5 billion during the quarter, with U.S. Treasury bills and reverse repurchase agreements providing most of the income. Its direct and indirect holdings of U.S. Treasury bills totaled $132.4 billion at quarter-end. In its statement, the company said total assets were $191,451,091,374, against liabilities of $183,496,460,904. It added that assets exceeded liabilities by $7,954,630,470 on September 30.
A policy Tether announced on May 17, 2023, says it will regularly allocate up to 15% of its realized net operating profits to bitcoin purchases. The company presented the policy as a way to increase its bitcoin reserves, but available sources do not directly link it to when the coins Ardoino referred to in Lugano were acquired. It also announced that USD₮ issuance remained broadly stable at $184 billion during the first nine months of 2026, despite market volatility. Ardoino said the company’s responsibility is to ensure USD₮ remains reliable when users need it, and that it is building liquidity to meet redemptions. The Plan ₿ Forum in Lugano, according to its organizer, is held to discuss bitcoin adoption, the economy and financial freedom, with leaders, technologists and entrepreneurs taking part.