Bybit published its 29th Proof of Reserves (PoR) report detailing on-chain reserves as of December 17, 2025. The audit was conducted by Hacken. According to the report, Bybit maintains reserve ratios above 100% across all major assets, meaning user liabilities are fully backed with additional liquidity held by the exchange. The report shows that Bybit’s USDT reserve ratio stands at 102%.
User assets total 5.9 billion USDT, while the exchange’s wallets hold approximately 6.1 billion USDT. For USDC, the reserve ratio is 112%, with liabilities of 583.5 million USDC and a wallet balance of 658.4 million USDC. Bitcoin reserves also exceed the 1:1 threshold. With user holdings of 59,711 BTC, Bybit holds 63,206 BTC, translating to a reserve ratio of 105%.
Ethereum shows a similar pattern. User liabilities amount to 528,519 ETH, while Bybit wallets contain 536,845 ETH, resulting in a reserve ratio of 101%. Holding assets beyond full collateral reflects the presence of liquidity buffers designed to improve fund availability under varying market conditions. The exchange emphasized that its approach prioritizes verifiability rather than simple declarations of solvency.
Regular Proof of Reserves disclosures allow users to independently confirm the existence of assets and compare them directly with the platform’s obligations. Bybit added that as PoR practices continue to spread across the industry, centralized exchanges play a key role in establishing transparency standards.
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