Tether’s Bitcoin Treasury Climbs to 150,000 BTC, Challenging Major Corporate Holders

Tether has disclosed that its Bitcoin reserves have reached approximately 150,000 BTC, placing the USDT issuer among the largest companies holding Bitcoin as a treasury asset.

CEO Paolo Ardoino shared the latest figure during his keynote speech at the Plan ₿ Forum in Lugano, Switzerland, on November 3. At prevailing market prices, the company’s Bitcoin portfolio is worth around $11.5 billion.

The disclosure makes Tether the second-largest corporate Bitcoin holder after Strategy. It also highlights the company’s strategy of using profits from its stablecoin operations to build a substantial cryptocurrency reserve.

Tether introduced this investment approach in May 2023, announcing that it could allocate up to 15% of its net realized operating profits to Bitcoin purchases.

Tether’s Bitcoin Position Outpaces Most Corporate Treasuries

With approximately 150,000 BTC, Tether has established a substantial lead over most companies that have adopted Bitcoin as a treasury asset.

Strategy remains far ahead of other corporate holders, with 849,327 BTC. Tether’s reported reserve represents approximately 18% of Strategy’s holdings, putting the stablecoin company among the most influential corporate Bitcoin buyers.

Its position also exceeds the reported Bitcoin treasuries of companies such as Metaplanet and Strive, which each hold fewer than 50,000 BTC.

Ardoino highlighted Tether’s broader expansion during the event, noting that its USDT stablecoin serves more than 730 million people worldwide. The company is also adding approximately 30 million wallets every quarter.

The firm’s Bitcoin accumulation strategy began in 2023, when it committed to directing a portion of its operating earnings toward BTC. This allows Tether to increase its holdings using revenue generated by its core business rather than depending entirely on borrowing or new share issuance.

Tether has also diversified its investments across gold, energy, Bitcoin mining infrastructure and technology ventures. Bitcoin, however, remains a major component of its long-term investment portfolio.

Stablecoin Revenue Gives Tether a Different Path to Bitcoin Accumulation

Tether’s expanding BTC treasury is supported by the earnings generated through its USDT business.

The company reported approximately $4.5 billion in net operating profit for the first nine months of 2026. Third-quarter profit accounted for $1.5 billion of that total.

USDT issuance remained close to $184 billion during the period. Tether continued to earn most of its revenue from investments in US Treasury bills and reverse repurchase agreements.

According to its third-quarter attestation, Tether held $191.45 billion in reserve assets against $183.50 billion in liabilities. Its excess reserves increased to $7.95 billion, compared with $4.1 billion at the end of June.

The company also reported $132.4 billion in direct and indirect US Treasury bill exposure, providing a substantial foundation for its recurring income.

This financial model sets Tether apart from corporate Bitcoin buyers that rely on external financing. Strategy has frequently expanded its BTC reserves through equity offerings and debt issuance, while Tether can use a portion of its operating profits to fund additional purchases.

Tether’s Latest BTC Disclosure Exceeds Its Previous Reserve Figure

The 150,000 BTC figure announced by Ardoino is higher than the Bitcoin reserve value recorded in Tether’s third-quarter USDT attestation.

The September 30 report listed Bitcoin reserves worth approximately $8.37 billion. The latest disclosure places the company’s holdings at an estimated $11.5 billion.

This difference highlights the scale of Tether’s reported Bitcoin position and its growing role in the corporate treasury market.

The company’s strategy demonstrates how a profitable stablecoin business can generate the capital needed to build a significant Bitcoin reserve. As USDT continues to serve a large global user base, Tether has an established source of operating income that can support further BTC investments.

Strategy remains the dominant corporate Bitcoin holder, but Tether is increasingly becoming a major competitor among institutional treasury buyers. Unlike firms that depend heavily on capital raises, its accumulation model is backed by profits from an established stablecoin business.