Bybit's 40th proof-of-reserves puts covered assets at $19.6B, USDT user holdings down 11.46%
Bybit's 40th proof-of-reserves report shows $19.6B of covered assets, up from $18.1B, with Bitcoin reserve coverage at 104% and USDT user balances down 11.46% to $3.59B.
Why it matters
Reserve ratios of 104% on Bitcoin, 103% on Ether and 110% on USDT leave Bybit holding more assets than customer balances in all three, so the 11.46% drop in USDT user holdings reflects a change in what users keep on the exchange rather than a coverage shortfall. The report is a routine monthly disclosure, and Bybit issued 40 of them consecutively, so its significance for USDT supply on centralized venues is limited.
Key facts
Bybit's 40th proof-of-reserves report put covered mainstream assets at $19.6 billion.
19,600,000,000 USDReported by Crypto.News
Covered assets rose from $18.1 billion in the previous report.
18,100,000,000 USDReported by Crypto.News
Bybit listed 56,131 BTC in user assets against 58,721 BTC held in wallets, giving Bitcoin a 104% reserve ratio.
104 %Reported by Crypto.News
Bitcoin balances held for users rose 0.24% from the Aug. 26 snapshot to roughly 56,100 BTC.
0.24 %Reported by Crypto.News
Ethereum user holdings of 551,868 ETH against 570,018 ETH in wallets produced a 103% reserve ratio, up from 102% in an earlier report.
103 %Disputed figureReported by Crypto.News
USDT user assets fell 11.46% to $3.59 billion while Bybit maintained 110% reserve coverage overall.
11.46 %Reported by Crypto.News
Bybit expanded reserve reporting to 50 tokens, adding ten assets including PUMP, SUI and XPL.
50Reported by Crypto.News
The figures came from a 03:00 UTC snapshot on Sept. 23 and the report was independently reviewed by Hacken.
Reported by Crypto.News
What happened
Bybit's 40th proof-of-reserves report, drawn from a 03:00 UTC snapshot on Sept. 23 and independently reviewed by Hacken, puts covered mainstream assets at $19.6 billion, up from $18.1 billion in the previous report. Users held 56,131 BTC against 58,721 BTC in wallets, a 104% reserve ratio, and Bitcoin balances rose 0.24% from the Aug. 26 snapshot to roughly 56,100 BTC. Ethereum user holdings reached 551,868 ETH against 570,018 ETH in wallets, lifting the reserve ratio to 103% from 102%. USDT user assets fell 11.46% to $3.59 billion even as Bybit reported 110% coverage, and the disclosure was widened to 50 tokens with ten additions including PUMP, SUI and XPL. Bitcoin Insider, which carried the same figures, noted the report does not state why USDT balances fell and listed movement into other assets, withdrawals to self-custody and reallocation into Bitcoin and Ether spot as possibilities. Bybit said every one of the 50 covered tokens had reserves equal to or above user balances.
How the story developed
- First report
First report by Crypto.News
Bybit users hold more Bitcoin and Ethereum as USDT drops 11%
- Update
Bybit publishes its 40th proof-of-reserves report
Covered assets of $19.6 billion, Bitcoin coverage at 104%, Ether at 103% and USDT user balances down 11.46%, based on a Sept. 23 snapshot reviewed by Hacken.
- Independent corroboration
Independently corroborated by Cointelegraph
Crypto’s billions are back, but the premiums aren’t
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 1 Oct 2026, 05:53 UTC: Crypto.News — 1 independent source, 1 reports
- 1 Oct 2026, 05:55 UTC: Bitcoin Insider — 2 independent sources, 2 reports
- 2 Oct 2026, 15:32 UTC: Cointelegraph — 3 independent sources, 4 reports
Affected entities
Also mentioned: Sui, Hyperliquid, U.S. Securities and Exchange Commission, Circle, Michael Saylor, Arbitrum, OKX
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Crypto.News Crypto media | Bybit users hold more Bitcoin and Ethereum as USDT drops 11% | Original | |
| Cointelegraph Crypto media | Crypto’s billions are back, but the premiums aren’t | Independent | |
| Crypto.News Crypto media | Bybit eyes payments, stocks and crypto in Türkiye | Independent | |
| Bitcoin Insider Aggregator | Covered Assets Reach $19.6 Billion in Bybit’s Latest Proof-of-Reserves Report | Syndicated |
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