Tether's $11.5 Billion Bitcoin Stash Revealed — But Where Are the Coins?

Tether CEO Paolo Ardoino said the stablecoin issuer holds 150,000 bitcoin worth approximately $11.5 billion, a disclosure that puts a fresh spotlight on the company's cryptocurrency holdings. The figure was reported by CoinDesk, which noted that Ardoino did not say where the additional coins are held.

The disclosure matters because Tether's quarterly attestation reports cover the reserves backing its USDT stablecoin, not the company's broader investments. Holdings outside those reserves, such as Tether's investments, would not appear in the report, leaving open questions about how the bitcoin is accounted for and where it sits. Tether has previously disclosed bitcoin purchases as part of its reserve strategy, and the company has expanded into investments in areas including energy, mining, and technology.

The comments are likely to renew scrutiny from critics who have long questioned Tether's transparency, even as the company points to regular attestations and its role as a major holder of U.S. Treasuries. Journalists should seek clarification from Tether on the custody and accounting treatment of the 150,000 bitcoin, and track whether the holdings are reflected in future attestations or separate disclosures.