Bybit Releases Updated Reserves Report
Date: 2025-08-21 Author: Henry Casey Categories: BUSINESS
Bybit has released a fresh Proof of Reserves (PoR) report, reflecting the state of its reserves as of August 14, 2025. According to the data provided, the coverage ratio of most assets is significantly higher than 100%, indicating a high degree of reliability of the exchange. USDC stands out with a record 184% and XRP with 138%, while Bitcoin, Ethereum, Litecoin, Polygon, Solana, Dogecoin, and USDT show figures in the 100-108% range.
The PoR mechanism is based on Merkle tree technology and serves as a way to verify the cryptocurrency reserves of trading platforms. Binance was the first to implement such a regular reporting format shortly after the FTX collapse, which has become an industry standard. Bybit was also one of the first to support this practice. Moreover, after a major hack in February 2025, when the exchange lost about $1.5 billion, users' interest in transparency has increased significantly.
Bybit's reports are verified by an independent company Hacken. The results can be found in a special section on the exchange's website. The current audit covers 40 different cryptocurrencies, all of which have a coverage ratio equal to or greater than 100%.
Compared to the previous report, the dynamics turned out to be uneven. Thus, coverage for USDT decreased by 4.75%, while for Bitcoin and Ethereum it increased by 5.6% and 6.6%, respectively.
Despite the spread of PoR, the methodology continues to cause controversy. Critics note its limitations and selectivity. Some institutional investors refuse to use this approach, explaining this by the risks of disclosing sensitive information. Among them is MicroStrategy. Its co-founder and former CEO Michael Saylor stated that the publication of such data could jeopardize the security of the organization's accounts.
Thus, Bybit's updated report confirms the exchange's commitment to transparency and increases user trust, although debates around the effectiveness and necessity of PoR continue.
