Tether’s September reserve surplus nearly doubles to $7.95B

Tether reported a $7.95 billion reserve surplus at the end of September, nearly double the $4.1 billion it reported for June, alongside $1.5 billion in third-quarter net operating profit. The company’s September 30 attestation, prepared by accounting firm BDO, listed $191.5 billion in assets and $183.5 billion in liabilities. The surplus is the difference between those totals. Tether also reported $132.4 billion in direct and indirect U.S. Treasury bill holdings. Assets rose about $3.7 billion between the June and September reports, while liabilities fell by about $145 million, according to figures in the reports. Together, those changes increased the surplus by roughly $3.8 billion. That increase exceeded the $1.5 billion of third-quarter operating profit, but the disclosures do not provide a common quarterly breakdown showing how much came from earnings, market revaluations or other movements. Bitcoin accounted for a substantial part of the change in reported asset values. Tether’s Bitcoin position was valued at about $8.4 billion in September, up from $5.8 billion in June. The price of Bitcoin rose 42.6% between the reports, according to one analysis of the figures, which...