In its 40th reserve certification report, Bybit stated that the platform's mainstream asset scale amounted to 19.6 billion US dollars, with user balances of Bitcoin and Ethereum increasing, whereas USDT's holdings decreased significantly compared to the previous snapshot.

• Bybit reports that there are 56,131 BTC in the user's assets, with the overall reserves covering 104% of the customers' positions.
• Ethereum user balances increased by 2.96%, reaching 551,869 ETH, with the overall reserve ratio reaching 103%.
• USDT User assets have decreased by 11.46%, to 3.59 billion coins, Bybit Overall reserve coverage remains at 110%.
• Bybit has expanded the coverage of its reserve reports to include 50 different tokens, adding 10 new assets, such as PUMP, SUI, and XPL.
• The mainstream assets included in the coverage reached $19.6 billion, which is higher than the $18.1 billion reported in the previous report.

Bybit indicates that the aforementioned data is based on a snapshot taken at 03:00 on September 23rd. The exchange lists 56,131 BTC as the user's assets, while the wallet holds 58,721 BTC, corresponding to a Bitcoin reserve ratio of 104%. This report has been independently reviewed by Hacken.

In the case of Ethereum, users hold a total of 551,868 ETH, with wallet assets amounting to 570,018 ETH. As a result, the reserve ratio has increased from 102% in previous reports to 103%. Bybit states that among the 50 tokens currently disclosed, the reserve for each token is equal to or exceeds the user's balance.

Bybit Users' holdings of Bitcoin and Ethereum have increased.

Compared to the snapshot from August 26th, the balance of Bitcoin held by Bybit for users has increased by 0.24%, to approximately 56,100 BTC. Despite the increase in customer holdings, the Bitcoin reserve ratio of Bybit remains at 104%.

Ethereum has seen even greater changes, with user holdings increasing by 2.96% to nearly 551,900 ETH. According to the Bybit report, they hold 570,018 ETH in their wallets, which corresponds to a customer balance that has risen by 1 percentage point to 103%.

The latest data continues the earlier trends in exchange balances for 2026. In June, users Bybit and OKX increased their Bitcoin holdings, while the balance of user USDT decreased; at that time, user BTC of Bybit held 49,309 Bitcoins in assets.

Comparing the data from June with the snapshot from September 23rd, Bybit currently reports that users have an increase of over 6,800 Bitcoin assets. The reserve proof data cannot determine whether individual users have bought Bitcoin, transferred it to exchanges, or changed their holdings for other reasons.

Bybit Why has the USDT position in the reserve report decreased?

USDT shows the opposite trend. Compared to the previous report, user holdings have decreased by 11.46% to approximately 3.59 billion USDT, which is the most significant decline among the main assets in the latest snapshot.

However, Bybit still reports holding approximately 3.96 billion USDT in their wallet. This number is about 364 million tokens higher than the user balance reported earlier, corresponding to a reserve ratio of 110%, which is higher than the 105% reported in July.

A decrease in the balance of user USDT does not indicate where these tokens have gone, nor does it show whether the customer has transferred funds to Bitcoin, Ethereum, or other assets. The reserve certification report records the balance at a certain point in time and does not track the reasons behind individual customers' transactions.

USDe exhibits a very different pattern in the month-over-month data. The latest snapshot shows that user balances have increased by 62.41%, to approximately 516 million tokens, while USDT holdings have seen a double-digit decline.

The reserve ratio of USDC is even higher than that of Bybit. The report shows that user assets amount to approximately 334.8 million USDC, while the wallet holding scale is 748.3 million US dollars, corresponding to a reserve ratio of 223% for this stablecoin.

A reserve ratio higher than 100% indicates that the assets reported to be held in wallets controlled by Bybit exceed the corresponding customer liabilities in that snapshot. This does not mean that customers can earn a profit on this percentage difference.

The reserve certificate of Bybit now tracks 50 types of tokens.

The September report covers the top 50 tokens with the highest Bybit asset management scale ( AUM ). SUI, PUMP, LIT, CAP, SPX, ZEREBRO, XPL, USDTB, PENGU, and ZRO are included in the current disclosure scope, with these 10 assets having a reserve ratio between 101% and 125%.

Among them, XPL has the highest reserve ratio, at 125%; followed by LIT, at 121%. Bybit indicates that the assets included in the report are selected based on the user's holding scale on the platform.

This change should not be described as Bybit simply increasing the coverage from 40 tokens to 50 tokens in September. Bybit had already announced coverage of 50 tokens in its report in July; at that time, the newly added tokens were GRAM, XAUT, HYPE, STABLE, ENA, ARB, ASTER, ONDO, AAVE, and USD1.

This release in September actually listed another set of 10 assets that join the current collection of 50 tokens. As a result, the scale of mainstream assets in the report has increased from $18.1 billion in August to $19.6 billion, and this should not be automatically attributed to the increase in the number of tokens covered from 40 to 50.

Users can check whether their balances have been included.

Bybit adopts the Merkel tree system, allowing customers to verify whether their own balances are part of the liability data in the reserve proof snapshot.

The exchange explained that users can view their own Merkel paths through their accounts, or use its open-source verification code. Each customer's balance is reflected in the Merkel structure, while the individual account data of other customers is not made public.

Bybit also publishes wallet addresses separately to allow users to verify the assets held in relation to the reported liabilities. The exchange provides tools for checking wallet ownership and balances on supported blockchains.

Hacken conducts independent reviews of the reports regularly published by Bybit. As crypto.news previously pointed out in its reports comparing the practices of various exchanges regarding reserve certification, Bybit combines regular reserve disclosures, liability certifications, wallet ownership verifications, and third-party validations.

The reserve certification is still merely a test at a certain point in time and does not equate to a comprehensive financial audit of the exchange. The report verifies the correspondence between the liabilities of the covered customers and specific reserve assets, but it does not provide a complete assessment of all company liabilities, obligations, or assets that are not within the scope of disclosure.

Bybit has been releasing reserve certification reports since December 2022. By the time of the latest snapshot, more than a year had passed since the security vulnerability incident in February 2025; at that time, approximately $1.46 billion of Ethereum-related assets were stolen from the exchange.

After that attack, Hacken confirmed that Bybit had restored at least a 1:1 support for the assets covered by its reserve report for February 2025 within 72 hours.

More recently, Bybit has received support from a U.S. court in its efforts to trace the flow of funds from hacker attacks in 2025. According to the court order, the exchange is allowed to seek information from platforms associated with the United States as part of its actions to recover assets.