Bitget has reported a 131% total reserve ratio in its 47th consecutive monthly Proof of Reserves snapshot, taken September 29, with all 19 tracked digital assets backed above 100% of user deposits. The disclosure came five days after a September 24 security incident in which roughly $387.5 million in unauthorized transfers drained from the exchange's hot and warm wallets.

The overall ratio means Bitget holds approximately $1.31 for every $1 in user deposits. CEO Gracy Chen confirmed that cold wallets and user balances were unaffected by the breach and that losses would be covered by the exchange's User Protection Fund.

Asset-by-asset coverage

The September report marks the first time Bitget's Proof of Reserves program has covered 19 digital assets, a significant expansion from the four core assets it originally tracked. Every asset maintained a reserve ratio above 100%.

NEAR led at 181%, meaning the exchange holds nearly twice the NEAR tokens users have deposited. XAUT, a gold-backed token, came in at 172%, and SOL posted 157%. USDC reserves stood at 154%, while BTC hit 142%. ETH came in at 110%, and BNB rounded out the roster at 104%.

Bitget's prior snapshots this year have ranged between 122% and 135%, with a mid-September report showing 135%. The dip to 131% likely reflects operational fallout from the security incident, though the ratio remains comfortably above the 100% threshold indicating full backing.

A 47-month disclosure streak

The report extends an unbroken monthly disclosure streak that began in December 2022 — one month after FTX collapsed with roughly $8 billion in customer funds missing, an event that pushed the entire exchange sector to demonstrate solvency. Bitget's system relies on a Merkle Tree cryptographic structure, which allows any user to independently verify that their specific assets are included in the exchange's total reserves without exposing other users' data.

The expansion from four to 19 tracked assets materially strengthens that transparency mechanism. Covering only BTC, ETH, USDT, and USDC — a limitation many exchanges still maintain — leaves a significant portion of user deposits unverified. Adding assets such as NEAR, SOL, XAUT, and BNB closes that gap.

The breach and the balance sheet

The September 24 incident did not compromise cold wallets, which store assets offline and typically hold the bulk of an exchange's reserves. That distinction matters for interpreting the PoR numbers: the snapshot primarily reflects cold wallet holdings and total asset backing, which explains how the overall ratio can stand at 131% even after a substantial hot wallet drain.

Bitget's User Protection Fund, currently valued between $382 million and $464 million, was designed for exactly this scenario. The fund launched with a minimum initial commitment of $300 million and has grown since. At its current valuation it is roughly sufficient to cover the full scope of the September 24 losses, though the exchange has not detailed the recovery and compensation timeline.

Whether Bitget sustains its disclosure cadence and publishes a concrete compensation schedule in the coming weeks will be the key test of its post-incident operational credibility.