150,000 $BTC at Tether—and the location question has my attention. 👀

CEO Paolo Ardoino says Tether holds bitcoin worth $11.5 billion. But he didn’t say where the extra coins sit.

Here’s the distinction: holdings outside $USDT reserves, such as Tether’s investments, wouldn’t appear in the report. That leaves a question—not proof that anything is wrong. 🔎

I’m more interested in that breakdown than the headline number. Would you want reserve holdings and investments shown side by side?

#Bitcoin #Tether #Transparency