Bybit’s latest proof-of-reserves report shows user Bitcoin and Ether balances increasing while USDT holdings declined 11.46% from the previous snapshot. The exchange reported approximately $19.6 billion in mainstream assets, with reserve ratios above 100% for all 50 tokens covered in the disclosure. The figures are based on a snapshot taken at 03:00 UTC on September 23 and were independently reviewed by Hacken.
Bitcoin user balances rose 0.24% from the August 26 snapshot to 56,131 BTC. Bybit reported 58,721 BTC in its wallets, equivalent to a reserve ratio of 104%. The ratio indicates that the exchange’s reported Bitcoin holdings exceeded the corresponding customer balances included in the snapshot.
Ether recorded a larger increase. User holdings climbed 2.96% to 551,868 ETH, while wallet balances reached 570,018 ETH. This lifted Ethereum’s reserve ratio to 103%, up from 102% in the previous report. The increases show that more BTC and ETH were recorded in customer accounts at the time of the latest snapshot, although the data does not reveal whether the changes resulted from purchases, transfers onto the exchange or other account activity.
The longer-term comparison also shows a substantial increase in Bybit’s reported Bitcoin customer balances. In June, the exchange reported 49,309 BTC in user assets. By September 23, that figure had reached 56,131 BTC, an increase of more than 6,800 BTC. However, proof-of-reserves data captures balances at specific points in time and cannot establish the reasons behind the change or whether it reflects a broader shift in investor sentiment.
USDT moved in the opposite direction. Customer balances fell 11.46% to approximately 3.59 billion USDT, while Bybit reported around 3.96 billion USDT in wallet holdings. The resulting reserve ratio was 110%, compared with 105% in July. The report establishes that fewer USDT were recorded in customer balances, but it does not show whether users converted them into other assets, withdrew them to external wallets or moved funds elsewhere.
USDe balances followed a different trajectory, increasing 62.41% to approximately 516 million tokens. Bybit also reported a 223% reserve ratio for USDC, with around 334.8 million USDC in user assets against 748.3 million USDC in wallet holdings. These differing movements indicate that customer balances varied across stablecoins and other assets during the reporting period, but the snapshot alone cannot establish a direct rotation from USDT into USDe or other tokens.
Bybit’s September disclosure covers its 50 highest-AUM tokens. Ten assets—including SUI, PUMP, LIT, CAP, SPX, ZEREBRO, XPL, USDTB, PENGU and ZRO—entered the current disclosure set, with reported reserve ratios ranging from 101% to 125%. XPL recorded the highest ratio among those ten at 125%, followed by LIT at 121%.
The composition of the disclosed assets has changed over time. Bybit had already announced coverage of 50 tokens in its July report, so the latest release should not be interpreted as an expansion from 40 to 50 tokens during September. Similarly, the increase in reported mainstream assets from $18.1 billion in August to $19.6 billion should not automatically be attributed to a larger number of covered tokens.
The exchange allows customers to verify whether their balances were included in the reported liabilities through a Merkle-tree verification system. Users can access their Merkle path through their accounts or use Bybit’s open-source verification code. Bybit also publishes wallet addresses so users can inspect reported assets and check wallet ownership across supported blockchains.
Hacken’s independent review adds another verification layer, but proof of reserves has important limitations. A reserve ratio above 100% means the reported wallet assets exceed the corresponding customer liabilities covered by the snapshot; it does not represent a return owed to customers. Nor is a proof-of-reserves report equivalent to a full financial audit, because it does not necessarily account for all corporate liabilities, obligations or assets outside the disclosed scope.
The latest report also comes against the background of Bybit’s February 2025 security breach, during which approximately $1.46 billion in Ether-related assets were stolen. According to the supplied report, Hacken verified that Bybit had restored at least 1:1 backing across the assets covered by its February 2025 reserve report within 72 hours. More recently, the exchange secured U.S. court support for efforts to trace funds connected to the incident.
For users assessing exchange transparency, the latest figures provide a snapshot of reported customer liabilities and corresponding wallet assets. The main points to monitor in future disclosures are whether reserve ratios remain above 100%, how customer balances change across BTC, ETH and stablecoins, and whether independent verification continues to cover the assets and liabilities included in each report. Those indicators can inform an assessment of disclosed reserves, but they do not independently establish an exchange’s overall financial condition.
