USDC

Ethereum

Bitcoin

<p>Bybit has reported $19.6 billion in mainstream assets in its 40th proof-of-reserves report, with user Bitcoin and Ether balances rising while USDT holdings fell sharply from the previous snapshot.</p>
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   <li>Bybit reports 56,131 BTC in user assets, with reserves covering 104% of customer holdings overall.</li>
   <li>Ethereum user balances rose 2.96% to 551,869 ETH while the reserve ratio reached 103% overall.</li>
   <li>USDT user assets fell 11.46% to $3.59 billion, while Bybit maintained 110% reserve coverage overall.</li>
   <li>Bybit expanded reserve reporting to 50 tokens, adding ten assets including PUMP, SUI and XPL.</li>
   <li>Covered mainstream assets reached $19.6 billion, rising from $18.1 billion in the previous report overall.</li>
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<p>Bybit <a href="https://www.bybit.com/en/app/user/proof-of-reserve" rel="noopener noreferrer nofollow">reported</a> the figures using a snapshot taken at 03:00 UTC on Sept. 23. The exchange listed 56,131 BTC in user assets against 58,721 BTC held in wallets, giving Bitcoin a reserve ratio of 104%. The report was independently reviewed by Hacken.</p>
<p>Ethereum user holdings reached 551,868 ETH, while wallet assets stood at 570,018 ETH. The resulting reserve ratio increased to 103% from 102% in an earlier report. Bybit said every one of the 50 tokens covered by its current disclosure had reserves equal to or above user balances.</p>
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<h2 class="wp-block-heading" id="strong-bybit-bitcoin-and-ethereum-user-holdings-increased-strong"><strong>Bybit Bitcoin and Ethereum user holdings increased</strong></h2>
<p>Bitcoin balances held for users rose 0.24% from the Aug. 26 snapshot to roughly 56,100 BTC. Despite the increase in customer holdings, Bybit’s Bitcoin reserve ratio remained at 104%.</p>
<p>Ether recorded a larger change, with user holdings rising 2.96% to nearly 551,900 ETH. Bybit reported 570,018 ETH in wallets against those customer balances, lifting the reserve ratio by one percentage point to 103%.</p>
<p>The latest figures follow earlier changes in exchange balances during 2026. In June, <a href="https://crypto.news/bybit-and-okx-users-raise-btc-holdings-as-usdt-balances-fall/" rel="noopener noreferrer nofollow">Bybit and OKX users increased their Bitcoin holdings while USDT balances declined</a>, with Bybit’s BTC user assets reaching 49,309 BTC at the time.</p>
<p>Comparing that June figure with the Sept. 23 snapshot shows Bybit now reporting more than 6,800 additional BTC in user assets. Proof-of-reserves data cannot determine whether individual users bought Bitcoin, transferred it onto the exchange or changed their holdings for another reason.</p>
<h2 class="wp-block-heading" id="strong-why-did-usdt-holdings-fall-in-bybit-s-reserve-report-strong"><strong>Why did USDT holdings fall in Bybit’s reserve report?</strong></h2>
<p>USDT moved in the opposite direction. User holdings declined 11.46% from the previous report to roughly 3.59 billion USDT, making it the clearest decrease among the major assets in the latest snapshot.</p>
<p>Bybit still reported around 3.96 billion USDT in wallet holdings. The amount was approximately 364 million tokens above reported user balances, producing a reserve ratio of 110%, up from the 105% ratio reported in July.</p>
<p>The decline in user USDT balances does not show where the tokens went or whether customers moved money into Bitcoin, Ether or other assets. A proof-of-reserves report records balances at one point in time and does not track the reason behind individual customer transactions.</p>
<p>USDe showed a very different pattern in the month-to-month data. User balances increased 62.41% to roughly 516 million tokens in the latest snapshot, while USDT holdings fell by double digits.</p>
<p>Bybit’s USDC reserve ratio was even higher. The report showed approximately 334.8 million USDC in user assets against $748.3 million in wallet holdings, giving the stablecoin a 223% reserve ratio.</p>
<p>A reserve ratio above 100% means the reported assets held in Bybit-controlled wallets exceeded the corresponding customer liabilities included in that snapshot. It does not mean customers earn the percentage difference.</p>
<h2 class="wp-block-heading" id="strong-bybit-s-proof-of-reserves-now-tracks-50-tokens-strong"><strong>Bybit’s proof of reserves now tracks 50 tokens</strong></h2>
<p>The September report covers Bybit’s 50 highest-AUM tokens. SUI, PUMP, LIT, CAP, SPX, ZEREBRO, XPL, USDTB, PENGU and ZRO joined the current disclosure set, with reserve ratios for the ten assets ranging from 101% to 125%.</p>
<p>XPL had the highest reserve ratio among that group at 125%, followed by LIT at 121%. Bybit said it selects assets for the report based on the amount held by users on its platform.</p>
<p>The change should not be described as Bybit simply increasing its coverage from 40 to 50 tokens in September. Bybit had already <a href="https://www.bybit.com/en/press/post/bybit-adds-10-tokens-to-proof-of-reserves-reporting-bb226aa40679d84afbb" rel="noopener noreferrer nofollow">announced</a> 50-token coverage in its July report after adding GRAM, XAUT, HYPE, STABLE, ENA, ARB, ASTER, ONDO, AAVE and USD1.</p>
<p>The September release instead lists a different group of ten assets entering the current 50-token set. For that reason, the rise in reported mainstream assets from $18.1 billion in August to $19.6 billion should not automatically be attributed to an expansion from 40 to 50 covered tokens.</p>
<h2 class="wp-block-heading" id="strong-users-can-check-whether-their-balances-were-included-strong"><strong>Users can check whether their balances were included</strong></h2>
<p>Bybit uses a Merkle-tree system to let customers verify whether their own balances formed part of the liabilities used in a proof-of-reserves snapshot.</p>
<p>The exchange <a href="https://www.bybit.com/en/help-center/article/How-to-Verify-the-Assets-in-Your-Account" rel="noopener noreferrer nofollow">explains</a> that users can view their Merkle path through their account or use its open-source verification code. Each customer balance is represented within the Merkle structure without publishing other customers’ individual account data.</p>
<p>Bybit separately publishes wallet addresses so users can examine the assets held against reported liabilities. The exchange <a href="https://www.bybit.com/en/help-center/article/How-to-Verify-Bybit-Ownership-of-Wallet-Addresses-and-Their-Balances" rel="noopener noreferrer nofollow">provides</a> tools for checking wallet ownership and balances across supported blockchains.</p>
<p>Hacken provides an independent review of Bybit’s recurring reports. As <a href="https://crypto.news/how-often-do-major-exchanges-actually-publish-proof-of-reserves/" rel="noopener noreferrer nofollow">crypto.news previously examined in its comparison of exchange proof-of-reserves practices</a>, Bybit combines recurring reserve disclosures, proof of liabilities, wallet-ownership checks and third-party verification.</p>
<p>Proof of reserves remains a point-in-time test and is not the same as a full financial audit of an exchange. The report verifies covered customer liabilities against specified reserve assets but does not provide a complete assessment of every corporate liability, obligation or asset outside the disclosed scope.</p>
<p>Bybit began publishing proof-of-reserves reports in December 2022. Its latest snapshot comes more than a year after the February 2025 security breach, when roughly $1.46 billion in Ether-related assets were stolen from the exchange.</p>
<p>Following that attack, Hacken <a href="https://www.bybit.com/en/press/post/fully-backed-within-72-hours-bybit-maintains-1-1-customer-assets-ratio-in-latest-proof-of-reserves-audited-report-by-hacken-bltb767a9461133831f" rel="noopener noreferrer nofollow">verified</a> that Bybit had restored at least 1:1 backing across the assets covered by its February 2025 reserve report within 72 hours.</p>
<p>More recently, <a href="https://crypto.news/bybit-wins-u-s-court-support-to-trace-1-5b-hack-funds/" rel="noopener noreferrer nofollow">Bybit secured U.S. court support for efforts to trace funds from the 2025 hack</a>, with court orders allowing the exchange to seek information from U.S.-linked platforms as part of its recovery effort.</p>
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Bybit users hold more Bitcoin and Ethereum as USDT drops 11%

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