Bybit Proof of Reserves Covers $19.6B
Bybit has released its 40th proof-of-reserves report, covering $19.6 billion in assets as of September 23, 2026. The Bybit proof-of-reserves report includes 50 tokens, up from 40 previously, after the exchange added 10 assets. Hacken verified that every tracked token had reserves of at least 100%. Bitcoin user balances stood at about 56,131 BTC, backed by 58,722 BTC, for a 104% reserve ratio. Ethereum holdings totaled 551,869 ETH against 570,018 ETH in reserves, raising its ratio to 103%. USDT liabilities fell to about $3.59 billion, while reserves reached $3.96 billion, equal to a 110% ratio. The total covered assets increased from $18.1 billion, although much of the rise reflects expanded token coverage rather than clear deposit growth. Bybit’s proof-of-reserves programme uses Merkle trees to let users verify that their balances were included. The report is a positive transparency signal, but it remains a point-in-time assessment covering only the 50 listed tokens.
Neutral
The market impact is likely neutral, with a mildly positive confidence effect. Bybit’s proof-of-reserves report shows 100% or higher backing for all 50 tracked tokens, including reserve ratios of 104% for BTC, 103% for ETH and 110% for USDT. This may reduce short-term concerns about exchange solvency and support user confidence in Bybit. However, the report is not a direct catalyst for crypto prices. The increase from $18.1 billion to $19.6 billion is largely explained by the addition of 10 tokens, so it should not be interpreted as clear evidence of significant capital inflows. Proof-of-reserves reports have historically helped calm markets after exchange failures or solvency concerns, but they are snapshots and generally do not provide a full audit of liabilities, liquidity, or assets outside the reported list. Short-term trading reactions are therefore likely to be limited unless broader market sentiment is already fragile. In the longer term, regular disclosures and independent verification could strengthen Bybit’s reputation and reduce counterparty-risk concerns. Traders should still monitor withdrawals, exchange inflows and outflows, BTC and ETH balances, stablecoin liabilities, and any changes in coverage. Overall, the report is supportive for exchange confidence but insufficient to establish a bullish trend for the wider crypto market.