Tether CEO Paolo Ardoino said the company holds roughly 150,000 Bitcoin, worth about $11.6 billion, during a keynote at the Plan ₿ Forum in Lugano that he posted on X on October 27. The estimate is about 50,000 BTC above the 100,060 BTC implied by Tether’s latest BDO attestation, which valued Bitcoin in its USDT reserves at $8.37 billion as of September 30 using a price of $83,621.23. Tether has not disclosed where the additional coins are held, when they were acquired or which entity owns them. The gap could reflect proprietary investments held through Tether Investments, mining-related assets or other holdings outside USDT reserves, but the company has not confirmed the explanation. Tether began allocating up to 15% of net realized operating profits to Bitcoin in May 2023 and reported about $1.5 billion in third-quarter net operating profit and nearly $8 billion in excess reserves.