Bitget has reported an overall reserve ratio of 131% in its latest Proof of Reserves snapshot, taken September 29. The figure means the exchange holds roughly $1.31 in assets for every $1 of user deposits.

The timing of the disclosure is notable. The snapshot came just five days after Bitget suffered a significant security breach on September 24, when approximately $387.5 million in unauthorized transfers were drained from the exchange's hot and warm wallets—the online tiers of its custody setup, as distinct from the offline cold storage where exchanges keep the bulk of reserves. Chief Executive Gracy Chen confirmed that cold wallets and user balances were unaffected, and that losses would be covered by Bitget's User Protection Fund.

19 Assets, All Above 100%

The September report marks the first time Bitget's Proof of Reserves program has covered 19 digital assets, a major expansion from the four core assets it originally tracked. Every one of the 19 assets maintained a reserve ratio above 100%.

NEAR led the list at 181%, meaning Bitget holds nearly twice as many NEAR tokens as users have deposited. XAUT, a gold-backed token, followed at 172%, with SOL posting 157%. USDC reserves stood at 154%, BTC hit 142%, ETH came in at 110%, and BNB rounded out the list at 104%.

Bitget's prior snapshots this year have hovered in the 122% to 135% range, with a mid-September report showing 135%. The slight dip to 131% likely reflects the operational fallout from the security incident, though the ratio remains well above the 100% threshold that indicates full backing of user deposits—in effect, a 31% cushion over the assets needed to match what customers hold on the platform.

47 Months of Unbroken Reporting

This is Bitget's 47th consecutive monthly Proof of Reserves disclosure, a streak that stretches back to December 2022. The start date is not coincidental: FTX had imploded the month before, vaporizing roughly $8 billion in customer funds and sending the entire exchange sector scrambling to prove it was not running a similar operation.

The verification system works through a Merkle Tree cryptographic structure, which allows any user to independently confirm that their specific assets are included in the exchange's total reserves without revealing other users' data.

The expansion from four to 19 tracked assets represents a meaningful upgrade to that transparency. Coverage limited to BTC, ETH, USDT, and USDC—as many exchanges still maintain—leaves a significant portion of user deposits unverified. By including assets such as NEAR, SOL, XAUT, and BNB, Bitget is closing that gap.

The September 24 Breach and Its Aftermath

Cold wallets, which store assets offline and typically hold the bulk of an exchange's reserves, were not compromised in the attack. This distinction is critical: the Proof of Reserves snapshot primarily reflects cold wallet holdings and total asset backing, which explains how the overall ratio could remain at 131% even after a substantial hot wallet drain.

Bitget's User Protection Fund, valued between $382 million and $464 million, is earmarked for exactly this kind of scenario. The fund launched with a minimum initial commitment of $300 million and has grown since. At its current valuation, the fund is roughly sufficient to cover the full scope of the September 24 losses, though the exact recovery and compensation timeline has not been detailed. With disclosures now on a fixed monthly schedule, each upcoming snapshot will refresh the public picture of reserve levels and fund coverage as that process moves forward.