According to CEO Paolo Ardoino, Tether possesses approximately 150,000 bitcoins, equating to around $11.5 billion at current prices. This figure notably surpasses the company’s latest reserve attestation by an estimated 50,000 bitcoins.

In his keynote address at the Plan ₿ Forum in Lugano, Switzerland, Ardoino stated, “We have give or take 150,000 bitcoin ourselves. It’s not much, but it’s honest work.” He highlighted that Tether has actively promoted bitcoin and stablecoin adoption in the city since 2022.

If this valuation holds, Tether would rank among the largest corporate holders of bitcoin, standing behind Strategy’s reported 848,517 BTC as of Q3, while surpassing most public mining operations and treasury companies.

Ardoino did not clarify the location of the additional bitcoins, the timeline of their acquisition, or whether they are attributed to Tether or its investment arm, Tether Investments, which oversees venture and equity positions. His comments do not suggest any recent purchase of an additional 50,000 BTC.

Tether International’s third-quarter reserve report, released on October 30 with an attestation by BDO, reported $8.37 billion in bitcoin valued at $83,621.23 per coin as of September 30. This indicates approximately 100,060 BTC, which shows an increase of about 1,130 BTC from around 98,930 at the close of June. Most of the increase in the bitcoin line, amounting to $2.57 billion, stemmed from price fluctuations rather than purchases.

The discrepancy between the reserve report and Ardoino’s assertion has a conceivable explanation. Tether has previously indicated that investments made from profits are maintained separately from the reserves backing USDT, which means bitcoins held by Tether Investments would not be reflected in the attestation.

Moreover, Tether’s exposure to bitcoin extends beyond its own holdings. The company took full control of Twenty One Capital in May following a buyout of SoftBank, supports Adecoagro’s mining operations in Brazil, and engages in various mining and energy ventures throughout Latin America. It remains unclear whether any of these positions contribute to the stated figure of 150,000 bitcoins.

Tether’s Buffer Enhanced by Bitcoin and Gold

This disclosure arrives as Tether’s balance sheet increasingly relies on its bitcoin and gold holdings. The Q3 report indicates total reserve assets of $191.45 billion against liabilities of $183.50 billion, yielding a cushion of $7.95 billion, an increase from $4.11 billion in June when the buffer had been significantly reduced.

Bitcoin, valued at $8.37 billion, and gold, approximately $19.1 billion, together greatly exceed that buffer, meaning a significant decline in either could adversely affect it. Treasury bills constitute the majority of reserves, totaling around $132.4 billion.

Tether reported earnings of about $1.5 billion for the quarter and $4.5 billion for the first nine months of the year. In August, the company completed its inaugural independent audit with KPMG, concluding years of reliance on attestations alone. During the forum, Ardoino stated that USDT has over 730 million users, with about 30 million new wallets being added each quarter.

As Bitcoin traded near $77,600 on Tuesday, Tether’s reported holdings reflect approximately $11.6 billion, while attested holdings are about $7.8 billion, falling short of the September 30 figure. Tether has yet to announce whether it will provide a breakdown of the bitcoins held outside of the reserve.

Source link

Bits n Coins

Thank you for visiting our site. You can get the latest Information and Editorials on our site regarding bitcoins.