
Tether's Ardoino claims more bitcoin than filings show
The move
Tether CEO Paolo Ardoino said in a keynote at the Plan ₿ Forum in Lugano on Nov. 3 that the company holds about 150,000 bitcoin, worth roughly $11.5 billion. Tether's own third-quarter reserve attestation lists $8.37 billion of bitcoin at $83,621 a coin, implying about 100,060 coins, a gap of roughly 50,000 bitcoin worth close to $3.8 billion. Ardoino did not say where the extra coins are held or when they were bought; Tether says its corporate bitcoin holdings are kept separate from the reserves that back its USDT stablecoin.
Why it matters
Tether underpins much of crypto trading liquidity, and a gap this size between a CEO's public claim and the company's own audited reserve snapshot feeds long-running questions about how fully its disclosures capture what it actually holds.
The bear case
Tether offered the same separate-corporate-holdings explanation for a similar gap in 2024, and no independent audit has reconciled either gap, so the extra bitcoin remains unverified.
What to watch
Whether Tether's next quarterly attestation accounts for the gap Ardoino described.
