Tether Reveals a 150,000 BTC Stash, 50,000 Coins More Than Its Books Suggested

Tether has been sitting on far more bitcoin than its paperwork let on. CEO Paolo Ardoino revealed the company holds 150,000 BTC, a stack worth about $11.5B at current prices, according to CoinDesk.

The headline number isn't the shock — the gap is. That total is roughly 50,000 coins higher than what Tether's latest reserve report implied, meaning a chunk of bitcoin was never listed among the assets backing USDT.

Where do those coins live? Ardoino says they're held outside the stablecoin's reserves, booked as proprietary investments rather than customer backing. Same company, different pocket.

The distinction matters. Tether's reserve disclosures are the document traders, exchanges and regulators lean on to judge whether every USDT in circulation is covered. Anything held beyond that is the company's own money at risk — and its own money to gain.

At 150,000 BTC, Tether's stash rivals some of the largest corporate bitcoin treasuries, putting the stablecoin issuer on a short list usually occupied by public companies. Ardoino didn't say when the additional coins were acquired.

Tether has not signaled plans to sell the bitcoin or fold it into reserves. For now, the disclosure just makes one thing clear: the company's balance sheet is bigger — and stranger — than the reports showed.