Bitget reports 131% total reserve ratio in latest update

Bitget just posted a 131% overall reserve ratio in its latest Proof of Reserves snapshot, taken September 29. That means the exchange holds roughly $1.31 for every $1 in user deposits.

The timing matters. The snapshot came just five days after Bitget suffered a significant security breach on September 24, when approximately $387.5 million in unauthorized transfers drained from the exchange’s hot and warm wallets. CEO Gracy Chen confirmed that cold wallets and user balances were unaffected, and that losses would be covered by Bitget’s User Protection Fund.

The numbers across 19 assets

This report marks the first time Bitget’s Proof of Reserves program covered 19 digital assets, a major expansion from the four core assets it originally tracked. Every single one of them maintained a reserve ratio above 100%.

NEAR led the pack at 181%, meaning Bitget holds nearly twice the NEAR tokens that 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 things out at 104%.

Bitget’s prior snapshots this year have hovered in the 122% to 135% range, with a mid-September report showing 135%. The slight dip to 131% likely reflects the operational fallout from the security incident, though the ratio remains well above the 100% threshold that indicates full backing.

47 months of unbroken reporting

This is Bitget’s 47th consecutive monthly Proof of Reserves disclosure, a streak that stretches back to December 2022. That start date is not a coincidence. FTX had just imploded the month before, vaporizing roughly $8 billion in customer funds and sending the entire exchange sector scrambling to prove they weren’t running a similar operation.

The system works through a Merkle Tree cryptographic structure, which essentially lets any user independently verify that their specific assets are included in the exchange’s total reserves without revealing other users’ data.

The expansion from four to 19 tracked assets in September represents a meaningful upgrade to that transparency. Covering only BTC, ETH, USDT, and USDC, as many exchanges still do, leaves a significant portion of user deposits unverified. By including assets like NEAR, SOL, XAUT, and BNB, Bitget is closing that gap.

The September 24 breach and its aftermath

Cold wallets, which store assets offline and typically hold the bulk of an exchange’s reserves, were not compromised. This distinction is critical: the PoR snapshot primarily reflects cold wallet holdings and total asset backing, which explains how the overall ratio can remain at 131% even after a substantial hot wallet drain.

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