By Tether CEO Paolo Ardoino has revealed that the company holds approximately 150,000 Bitcoin, valued at around $11.5 billion at early November prices, while its mining operations developed with partners have surpassed 50 exahashes per second (EH/s).
Speaking at the Plan ₿ Forum in Lugano, Switzerland, on October 23–24, 2026, Ardoino outlined Tether’s expanding investments in Bitcoin, mining infrastructure and decentralized technologies.
The disclosure places Tether among the world’s largest corporate Bitcoin holders, although the reported total has not been independently reconciled with its published reserve statements. Ardoino also described the company’s mining expansion as part of a broader effort to strengthen Bitcoin’s network security and develop infrastructure that operates independently of centralized technology providers.
The announcement follows several years of investments in cryptocurrency mining, energy production and financial technology.
Bitcoin Holdings Exceed Figures in Tether’s Reserve Report
Ardoino’s estimate of 150,000 BTC exceeds the holdings implied by Tether’s latest quarterly reserve attestation by approximately 50,000 coins. The company’s third-quarter report, published in October and attested by accounting firm BDO, listed $8.37 billion in Bitcoin assets as of September 30.
Using the report’s valuation of $83,621.23 per Bitcoin, that represents approximately 100,060 BTC. The difference amounts to roughly 50,000 BTC, worth approximately $3.8 billion at early November market prices. Ardoino did not specify where the additional Bitcoin is held or when it was acquired.
Tether has previously explained that its proprietary investments, funded through profits and excess capital, are maintained separately from assets backing its USDT stablecoin. Consequently, Bitcoin held through its investment operations may not appear in the USDT reserve attestation.
However, the company has not published a detailed reconciliation confirming that explanation for the entire difference. Tether introduced a policy in May 2023 to allocate up to 15% of its realized operating profits toward regular Bitcoin purchases.
Its September financial disclosure reported $191.45 billion in reserve assets against $183.50 billion in liabilities, leaving approximately $7.95 billion in excess reserves.
The company also reported $1.5 billion in third-quarter net operating profit.
Mining Expansion Strengthens Tether’s Bitcoin Infrastructure Strategy
Beyond its Bitcoin holdings, Ardoino said Tether and its partners have developed mining infrastructure exceeding 50 EH/s. One exahash represents one quintillion hashing calculations per second, making the reported capacity significant within the global Bitcoin mining industry.
Tether-backed mining operator Elektron previously disclosed that it managed approximately 50 EH/s across its platform, representing roughly 5% of Bitcoin’s network computing power at the time. The company operates mining infrastructure across multiple locations and has expanded through investments in energy and equipment.
However, the reported capacity includes partner-managed operations and should not be interpreted as entirely owned or independently operated by Tether. Ardoino also highlighted Tether’s open-source mining framework, designed to help operators manage mining equipment and associated energy infrastructure.
The initiative forms part of Tether’s broader Independence Stack, encompassing Bitcoin mining, peer-to-peer communications, self-custody wallets and artificial intelligence technologies. According to Ardoino, the company serves more than 730 million users globally, with approximately 30 million additional wallets created each quarter.
Those figures are company-reported estimates rather than independently verified counts of unique individuals. Tether’s growing Bitcoin exposure and mining investments demonstrate its expansion beyond stablecoin issuance into digital asset infrastructure.
Nevertheless, questions remain regarding the precise composition of its Bitcoin holdings, the ownership structure of mining assets and the profitability of its operations. Further disclosures would provide greater clarity on the company’s consolidated Bitcoin exposure and mining performance.