Bybit releases 40th proof-of-reserves report as covered assets reach $19.6 billion

Bybit has published its 40th proof-of-reserves report. The headline figure: the mainstream assets it covers now total $19.6 billion.

That is up from $18.1 billion in the previous report in late August. In an industry where exchange solvency is a recurring worry, a monthly receipt like this gets read closely.

What the September snapshot shows

The report is built on a snapshot taken at 03:00 UTC on September 23, 2026. It was released around September 30, 2026.

The jump in total value comes largely from expanded coverage. Bybit added 10 new tokens to the report, bringing the in-scope list to 50.

Every one of those 50 tokens holds a reserve ratio at or above 100%, according to the report. Third-party auditor Hacken verified the figures.

Bitcoin: User assets stood at approximately 56,131 BTC. Reserves came in at 58,722 BTC, for a reserve ratio of 104%, unchanged from the prior report.

Ethereum: Users held 551,869 ETH on the platform. Bybit reported reserves of 570,018 ETH against that figure. The ETH reserve ratio edged up to 103% from 102%.

Tether: USDT liabilities dropped to approximately $3.59 billion, backed by roughly $3.96 billion in reserves. That works out to a 110% reserve ratio, the thickest buffer among the three headline assets.

The 10 newly added tokens arrived with reserve ratios ranging from 101% to 125%.

How Bybit’s proof-of-reserves program works

Bybit launched its proof-of-reserves program in December 2022. It has published reports monthly since then.

The verification relies on Merkle trees. Each user’s balance sits at the bottom as a leaf. Those leaves get hashed together, layer by layer, until they collapse into a single fingerprint at the top. Change one balance anywhere, and the top fingerprint changes too. That lets individual users confirm their own balance was counted, without the exchange exposing anyone else’s account.

The exchange serves over 80 million users.

What this means for users and the exchange landscape

For Bybit customers, the main takeaway is straightforward. Every token in scope was fully backed at the time of the snapshot.

The expanded token list matters too. Coverage of 50 tokens gives users of those newly added assets the same verification tools previously limited to a narrower set.

The $19.6 billion figure should be read with context. Much of the increase from $18.1 billion reflects the 10 added tokens rather than pure deposit growth. Bitcoin and Ethereum holdings rose slightly, while USDT liabilities slipped.

There are natural limits to what any snapshot captures. The report reflects balances at one moment on September 23, for the 50 tokens in scope. Assets outside that list sit outside this particular verification.