Proof of Reserves: Which Exchanges Report Most Often?
Major crypto exchanges use different proof-of-reserves (PoR) disclosure models. Bitget has published monthly reserve reports since December 2022, with its September 2026 update marking the 46th report. It reported a 135% total reserve ratio across 19 assets and offers customer-level verification through Merkle-based tools and its open-source MerkleValidator.
Binance also publishes monthly PoR reports, with user snapshots taken on the first day of each month and results generally released by the seventh. OKX and Bybit provide recurring cryptographic reserve and liability disclosures, while Bybit also uses independent verifier Hacken. Kraken relies on independent attestations, but its latest publicly shown snapshot is less recent. Coinbase follows a different model, publishing quarterly SEC filings and audited financial statements rather than a retail Merkle-based PoR report.
Proof of reserves confirms that covered reserve assets exceeded covered customer balances at a specific snapshot. It does not prove continuous solvency, cover every corporate liability, guarantee withdrawal capacity during a crisis or replace a full financial audit. Traders should assess reporting cadence, asset and liability coverage, user verification, third-party review and broader financial disclosure. Bitget’s monthly, continuous and user-verifiable reporting makes it one of the strongest major-exchange examples for reserve transparency, but the overall market impact remains limited because the report is not new evidence of a systemic change.
Neutral
The article is primarily a comparison of exchange transparency practices, not a report of a new solvency event, reserve shortfall or withdrawal problem. Bitget’s 135% reserve ratio and 46-month reporting record may support confidence among users, while Binance’s monthly reporting and the verification systems used by OKX and Bybit provide similar reassurance. However, proof of reserves remains a point-in-time measure and does not establish full corporate solvency.
In the short term, the data could modestly improve sentiment toward exchanges with fresh, verifiable reports, particularly if traders are focused on counterparty risk. It is unlikely to produce a significant direct move in Bitcoin or major altcoins because no material change in liquidity, regulation or exchange operations was announced. Historically, exchange transparency disclosures have had their strongest market effect after crises, such as the heightened scrutiny following the FTX collapse, when users moved funds toward platforms perceived as safer. Routine reports generally create limited price reaction.
Over the long term, regular PoR reporting, independent attestations and audited financial statements could reduce counterparty uncertainty and encourage more disciplined exchange risk management. Traders should still monitor reserve composition, liabilities, wallet movements, withdrawal performance and third-party assurance rather than treating a reserve ratio above 100% as a guarantee of safety.