Bybit, a cryptocurrency exchange based in Singapore, recently published its 12th proof of reserves (PoR) report, revealing significant changes in user asset holdings compared to the previous month.
The report disclosed that Bybit’s wallets held 48,298 BTC, 438,107 ETH, and 2,955,970,160 USDT against user balances of 44,872 BTC, 416,219 ETH, and 2,867,177,050 USDT as of July 10th. The current PoR displayed a Bitcoin reserve ratio of 107%, Ether’s at 105%, and Tether’s at 103%.
User Bitcoin assets saw a 5.62% increase since the last audit, adding 2,386 BTC. Ether assets also grew by 0.46%, while USDT deposits surged by 17.81%, with an increase of 433 million USDT.
In a previous audit conducted by Hacken in June, it was confirmed that Bybit maintained a reserve ratio of over 100%, ensuring sufficient reserves to cover its liabilities, building trust among users and stakeholders.
Bybit’s market share surpassed that of Coinbase in March, making it the second-largest digital asset trading platform after Binance. Factors contributing to Bybit’s rise include the introduction of spot Bitcoin ETFs in the US and Binance’s regulatory challenges, which led to a decline in its dominance.
Despite increased trading volumes across most crypto exchanges, Bybit recorded significant gains while Coinbase experienced only a modest increase in market share. Bybit also faced insolvency rumors in May, which were refuted by CEO Ben Zhou, who shared evidence of the platform’s financial holdings and crypto assets.
Overall, Bybit’s latest PoR report showcases the exchange’s continued growth and solid financial standing, further strengthening its position in the competitive cryptocurrency market.