Tether Holds 150,000 Bitcoin Worth $11.5 Billion, Ranking Behind Strategy

Tether’s Bitcoin reserves have grown to approximately 150,000 BTC, placing the company behind the USDT stablecoin among the world’s largest corporate Bitcoin holders.

CEO Paolo Ardoino disclosed the holdings during his keynote presentation at the Plan ₿ Forum in Lugano, Switzerland, on November 3. At current market valuations, the company’s BTC portfolio is worth approximately $11.5 billion.

The announcement confirms Tether’s position as the second-largest corporate Bitcoin treasury holder, trailing only Strategy. Its growing reserve also reflects how the stablecoin issuer is channeling earnings from its core business into long-term cryptocurrency investments.

Tether established this purchasing strategy in May 2023, when it announced plans to dedicate up to 15% of its net realized operating profits to Bitcoin acquisitions.

Tether’s Bitcoin Reserve Puts It Ahead of Most Corporate Investors

Tether’s reported 150,000 BTC holdings place it among a small group of companies with substantial exposure to Bitcoin.

Strategy continues to lead the corporate treasury rankings with 849,327 BTC. Tether’s position is equivalent to roughly 18% of Strategy’s holdings, highlighting the scale of its accumulation efforts.

The stablecoin issuer has also moved ahead of other corporate Bitcoin buyers, including Metaplanet and Strive, whose respective holdings remain below 50,000 BTC.

Speaking at the event, Ardoino also highlighted the reach of Tether’s stablecoin business. According to the CEO, USDT serves more than 730 million users globally, while the company adds approximately 30 million wallets every quarter.

Tether’s Bitcoin strategy allows it to convert a portion of its business profits into BTC rather than depending exclusively on external fundraising. Since announcing the policy in 2023, the company has used its operating earnings as a source of funding for treasury expansion.

Its investment activities extend beyond Bitcoin. Tether has also allocated capital to gold, energy, mining infrastructure and technology projects, although BTC remains a significant part of its investment strategy.

Tether Uses USDT Business Earnings to Expand BTC Holdings

The company’s growing Bitcoin position is supported by the profitability of its stablecoin operations.

Tether generated approximately $4.5 billion in net operating profit during the first nine months of 2026, with $1.5 billion recorded in the third quarter.

USDT circulation remained around $184 billion during the reporting period. The company continued to earn most of its revenue from US Treasury bills and reverse repurchase agreements.

Its third-quarter attestation showed reserve assets of $191.45 billion, compared with total liabilities of $183.50 billion. This resulted in excess reserves of $7.95 billion, up significantly from $4.1 billion at the end of June.

Tether also reported $132.4 billion in direct and indirect exposure to US Treasury bills, reinforcing the importance of its fixed-income investments to the company’s earnings.

This structure gives Tether a different advantage from businesses that raise money specifically to acquire Bitcoin. Strategy has relied on debt financing and share offerings to expand its holdings, whereas Tether can direct a portion of its existing operating profits toward BTC purchases.

Latest Disclosure Shows Growth Beyond September Bitcoin Reserves

Tether’s latest 150,000 BTC announcement also exceeds the Bitcoin reserve valuation included in its previous quarterly attestation.

The September 30 report valued the company’s Bitcoin reserves at approximately $8.37 billion. Ardoino’s November 3 disclosure puts the total position at around $11.5 billion.

The difference highlights the scale of Tether’s reported holdings and its expanding role in the corporate Bitcoin market.

Tether’s accumulation strategy demonstrates how a profitable stablecoin business can provide a recurring funding source for large-scale Bitcoin investments. With USDT maintaining a substantial global presence, the company has an established revenue base that can support its long-term BTC strategy.

Strategy remains considerably ahead in terms of total Bitcoin ownership. However, Tether has established itself as another major corporate holder, using profits from its stablecoin operations rather than relying primarily on capital-market financing.