Bybit has published its 40th proof-of-reserves report, with covered assets totaling $19.6 billion as of a snapshot taken at 03:00 UTC on September 23, 2026, and released around September 30. The exchange says every one of the 50 tokens in scope holds a reserve ratio at or above 100%, with figures verified by third-party auditor Hacken.

The total marks an increase from $18.1 billion in the previous report, published in late August. Most of that growth reflects expanded coverage rather than deposit inflows. Bybit added 10 new tokens to the report, bringing the in-scope list from 40 to 50. The newly added tokens carried reserve ratios between 101% and 125% at the snapshot.

The headline asset positions

Bitcoin reserves stood at 58,722 BTC against user assets of approximately 56,131 BTC, a reserve ratio of 104% — unchanged from the prior report. Ethereum reserves came in at 570,018 ETH versus user holdings of 551,869 ETH, edging the ETH reserve ratio up to 103% from 102%.

Tether showed the widest buffer among the three headline assets. USDT liabilities dropped to approximately $3.59 billion, backed by roughly $3.96 billion in reserves, a 110% reserve ratio. In other words, the exchange's largest-stablecoin obligation contracted slightly while its cushion stayed in double digits.

How the verification works

Bybit launched its proof-of-reserves program in December 2022 and has published reports monthly since. The mechanism relies on Merkle trees: each user's balance sits at the bottom of the structure as a leaf, and the leaves are hashed together layer by layer until they collapse into a single root fingerprint. Any change to a single balance anywhere in the tree changes that root. This construction lets individual users — the exchange serves over 80 million of them — confirm their own balance was included in the attestation without Bybit exposing any other customer's account data.

What the report does and does not show

For Bybit customers, the operational takeaway is direct: at the moment of the snapshot, every token in scope was fully backed. The expanded list also extends the same verification tooling to holders of the 10 newly added assets, which previously sat outside the program.

The $19.6 billion headline deserves context. The rise from $18.1 billion owes much to the added tokens rather than organic growth. Bitcoin and Ethereum user holdings rose only slightly, and USDT liabilities declined.

Snapshot-based attestation has structural limits. The report captures balances at a single moment on September 23 for the 50 tokens in scope; assets outside that list sit outside this particular verification. Users holding non-covered tokens must rely on other assurances.

For an exchange operating in a market where solvency questions recur, monthly third-party-verified attestations have become a baseline expectation rather than a differentiator. Bybit's next report, due in roughly a month, will show whether the expanded 50-token coverage holds its ratios or whether the broader list introduces new pressure on reserve management.