Tether holds about 150,000 Bitcoin, Ardoino says—What do its reserves show?

Tether CEO Paolo Ardoino said the stablecoin issuer holds 150,000 bitcoin worth $11.5 billion, implying an average cost basis near $76,700 per coin. Ardoino did not disclose where the additional coins are held, and holdings outside USDT reserves—such as Tether's investment portfolio—would not appear in the company's attestation reports, meaning the figure could exceed what is publicly reported. The disclosure underscores Tether's growing role as a corporate bitcoin holder and adds a potential source of unrealized gains to its balance sheet beyond the reserves backing USDT. Market participants will watch whether future attestations capture these holdings and whether Tether provides further detail on custody arrangements.