Tether CEO Paolo Ardoino revealed that the company holds approximately 150,000 bitcoins, worth $11.5 billion at the cited price, while claiming more than 730 million users and 30 million new wallets per quarter. However, BDO’s attestation showed that bitcoin accounted for only $8.37 billion, or 4.4% of assets, and represented about 100,000 coins covered by USDT reserves as of September 30. Most of these reserves consisted of $122.84 billion in US Treasury bills, supplemented by $19.08 billion in gold, while the surplus amounted to $7.95 billion. Tether has allocated up to 15% of its realized net profit to bitcoin purchases since May 2023, although USDT’s supply has remained stagnant at around $184 billion. By comparison, Strategy held 849,327 bitcoins as of November 1, nearly six times Tether’s holdings.
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