Tether CEO Paolo Ardoino says the stablecoin company owns approximately 150,000 Bitcoin, a position valued around $11.5 billion at prices cited on November 3, 2026. The estimate, delivered during the October 23–24 Plan ₿ Forum in Lugano, Switzerland, exceeds the Bitcoin shown in Tether International’s latest USDT reserve report by about 49,940 BTC. The difference raises disclosure questions but does not establish that Tether purchased 50,000 Bitcoin recently.

Paolo Ardoino’s October 27 keynote video, shared by the Tether CEO on X. His remarks are a corporate estimate, not an independent asset verification.

Ardoino described the holdings as “give or take 150,000 bitcoin” during his keynote, which he shared publicly on October 27. He did not identify custody wallets, acquisition dates or the corporate entities owning the complete position. CoinDesk reported his remarks November 3. The company-wide total remains an executive estimate rather than a figure independently reconciled across Tether’s businesses.

September reserves and November holdings measure different things

The BDO assurance report, issued October 30 for Tether International, S.A. de C.V., values Bitcoin held in company-controlled on-chain wallets at $8,367,170,264 on September 30. Dividing that amount by the report’s $83,621.23 Bitcoin valuation gives approximately 100,060 BTC. The calculation does not reproduce a newly reported balance on November 3; it converts a dated reserve valuation into units of Bitcoin.

The accompanying chart places the two figures side by side, not on a timeline. September’s approximately 100,060 BTC measures Bitcoin included among assets backing fiat-denominated Tether tokens. Ardoino’s approximate 150,000 BTC statement appears to encompass a wider group of corporate holdings. Subtracting the figures gives roughly 49,940 BTC, but neither the timing nor ownership of the difference has been established.

Paolo Ardoino discusses Tether’s Bitcoin and open-source infrastructure strategy at Bitcoin 2026, April 28. The archival keynote predates the October Plan ₿ Forum disclosure. Video: Bitcoin Magazine.

Separate investments could explain the gap

Tether has said proprietary investments made through Tether Investments are financed from excess capital and profits and segregated from USDT reserves. Such assets could help explain the gap, although Ardoino did not provide an allocation. The company’s ventures already span mining equipment and software, including collaboration with 15 Bitcoin mining businesses. Earlier exposure to electricity costs also appeared in its Uruguay mining operation.

The September report recorded $191.45 billion in reserve assets, $183.50 billion in liabilities and $7.95 billion of assets above liabilities. Treasury bills and short-term repurchase agreements made up much of the portfolio. The reserve surplus can help absorb market volatility; Bitcoin holdings nevertheless introduce price exposure, while secured loans and less liquid investments create different redemption considerations. BDO’s assurance covers the specified reporting entity and date, not Ardoino’s entire November company-wide Bitcoin claim.

What Bitcoin investors and USDT holders can verify

Tether’s expanding involvement in Bitcoin extends to payment technology. BitcoinVersus.Tech previously examined its USDT-on-Bitcoin RGB initiative alongside infrastructure activity. However, a private corporate treasury estimate cannot automatically be ranked alongside audited public-company positions, as shown by our public Bitcoin treasury comparison. Corporate ownership, token reserves and customer assets are separate measures.

The strongest next disclosure would identify the reporting entities, Bitcoin amounts held by each, the reporting dates and any independent assurance covering the broader estimate. Until then, Tether’s stated Bitcoin exposure is significant, and the $7.95 billion reserve buffer is documented, but the additional approximately 50,000 BTC cannot be independently classified or dated from the available evidence.

BitcoinVersus.Tech Editor’s Note

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