Bitget reports 122% reserve ratio in latest proof-of-reserves update

Latest reserve snapshot

According to the report, Bitget recorded user holdings of 26,856 BTC, 112,242 ETH, 1,678,163,870 USDT and 113,827,508 USDC. The exchange said its average reserve ratio across those four assets stood at 122%, meaning the reported reserves remained above the industry standard of full 1:1 backing.

The figures offer a monthly view of balances held on the platform and are presented as part of Bitget’s ongoing proof-of-reserves disclosures. The company described the report as an updated snapshot of platform balances as users continue adjusting portfolios amid changing market conditions.

Month-on-month changes

Bitget said customer holdings changed noticeably from June. Bitcoin holdings rose 15% over the month, while ether holdings were up 50%. For stablecoins, the exchange reported a 13% change in USDT holdings and a 28% change in USDC holdings.

The report linked those moves to continued shifts in how users are allocating capital across markets. It did not provide further detail on the reasons behind the changes in each asset.

Verification and disclosures

Alongside the reserve figures, Bitget said it has published reserve balances, wallet addresses and cryptographic attestations. The exchange said these records allow users to independently check whether their assets are included in platform reserves.

That verification process is based on a Merkle tree system, which the company uses in its proof-of-reserves framework. The publication of wallet addresses and attestations is intended to let outside users review the data supporting the reported balances.

Company position on transparency

Gracy Chen, Bitget’s chief executive, said transparency standards need to keep pace as financial markets become more connected. She said the exchange has published monthly proof-of-reserves reports for more than three years and argued that users should be able to confirm that customer assets are fully backed.

Chen also said that as the line between crypto markets and traditional finance narrows, this degree of disclosure is likely to become a baseline expectation rather than a differentiator.

Proof-of-reserves reports are used by crypto exchanges to show that on-platform assets are backed by reserves, typically through a combination of balance snapshots and cryptographic verification tools. In this latest update, Bitget said it continues to hold reserves above a 1:1 standard across BTC, ETH, USDT and USDC while disclosing the underlying data for independent checks.