Bybit discloses over $17 billion in reserves with full on-chain backing
Key points
- Bybit reported holding more than $17 billion in mainstream digital assets as of April 22, 2026.
- An audited proof-of-reserves report shows all major tracked assets are backed by over 100% of user liabilities.
- Stablecoins hold the largest surpluses, with USDC reserves at 159% of user balances.
- The disclosure comes amid a rising crypto market and increasing on-chain transparency demands.
Full collateralization across major assets
Digital asset platform Bybit released its latest reserve disclosure on April 30, 2026, stating that all major tracked holdings are fully collateralized and exceed user liabilities on the blockchain.
The figures come from the firm’s 35th proof-of-reserves report, which was audited by cybersecurity company Hacken. The review found that reserves for assets including Bitcoin, Ether, USDT, USDC and other stablecoins all stand above 100% of customer balances.
Stablecoins show largest reserve buffers
The report highlighted notably high reserve ratios for stablecoins:
- USDT reserves were at 107%, with about 6.47 billion tokens held against 6.01 billion in user balances.
- USDC showed an even larger cushion, with a 159% reserve ratio. Bybit held nearly 1.15 billion USDC versus 716.88 million in user balances.
The pronounced surplus in USDC is described as reflecting a cautious approach to liquidity for assets designed to maintain a stable value, providing a deep pool for redemptions and trading activity.
Bitcoin and ether near one-to-one coverage
Bybit’s primary crypto holdings were also reported as fully backed, though with slimmer buffers than stablecoins:
- Bitcoin reserves were at 109%, with 48,986 BTC held versus 44,566 BTC owed to users.
- Ether reserves stood at 102%, with 445,886 ETH against 433,877 ETH in liabilities.
These narrower surpluses suggest a management strategy that balances full backing with the higher cost of maintaining large excess positions in volatile assets, keeping a small buffer while targeting operational efficiency.
Public dashboard and external verification
Bybit said the audited reserve data is available via a public dashboard, allowing any market participant to independently verify wallet balances against reported liabilities.
The dashboard is periodically updated, and figures are reviewed by external parties to check consistency between on-chain holdings and declared numbers. This setup is intended to make it possible to confirm that the platform could meet withdrawal requests in full at any given time.
Verification by Hacken provides third-party confirmation that the on-chain data used in the report aligns with the publicly stated balances.
Role of reserves in risk assessment
Holding reserves in excess of user deposits is presented as a direct indicator of a platform’s ability to honor all withdrawals simultaneously. Regular, audited proof-of-reserves reports give market participants a recurring data point to evaluate counterparty risk and operational integrity.
Surpluses in stablecoins and near one-to-one coverage for major cryptocurrencies suggest that custody and treasury practices are structured to maintain solvency while managing capital use across different asset types.
Market backdrop: rising prices and shifting flows
The disclosure comes during a broad upswing in digital asset markets. In April 2026, total crypto market capitalization rose by roughly 10% to around $2.7 trillion.
Over the same period:
- Bitcoin climbed about 16%, moving above $78,000.
- Ethereum advanced roughly 14%.
Institutional participation has also been rising, with spot Bitcoin ETFs recording net inflows of about $1.7 billion in April. At the same time, Bitcoin reserves on centralized exchanges have fallen to a seven-year low, pointing to increased movement of assets into long-term storage or alternative venues.
In this environment, independently verifiable solvency metrics have become a more prominent factor for those choosing where to transact and hold assets.
Bybit’s position and ongoing reporting
Founded in 2018, Bybit operates globally and offers services tied to blockchain-based financial products and tools. The platform reports serving more than 80 million registered users.
The company has framed its recurring proof-of-reserves releases as part of a broader push for verifiable transparency, maintaining that public access to audited reserve data and real-time wallet dashboards gives market participants a mechanism for ongoing due diligence on the platform’s financial health.
Want deeper insight into platform protection? Learn how Toobit safeguards funds with its Shield Fund security framework today.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
