The cryptocurrency exchange Bybit has released a new Proof of Reserves (PoR) report covering July and August 2025. As of August 14, 2025, the reserve coverage ratios for most major crypto assets significantly exceed 100%.
This is reported by Business • Media
Bybit’s Reserve Audit Results
According to the published data, Bybit’s PoR audit encompasses 40 different cryptocurrencies. The highest coverage ratio recorded is for USDC at 184%. For other popular assets, the figures are as follows: Bitcoin — 108%, Ethereum — 100%, Dogecoin — 104%, Litecoin — 100%, Polygon — 100%, Solana — 101%, USDT — 100%, and XRP — 138%.
Following the previous audit, the reserve coverage level for USDT decreased by 4.75%, while Bitcoin and Ethereum showed increases of 5.6% and 6.6%, respectively.
Features of the Proof of Reserves Concept
Proof of Reserves is an approach to auditing cryptocurrency reserves of exchanges that relies on the use of Merkle trees for transparent reporting of available assets. This model was first implemented by the exchange Binance after the collapse of the FTX platform, and Bybit was one of the first to follow suit. Following the high-profile hack of the exchange in February 2025, which resulted in a loss of $1.5 billion, interest in PoR reports has significantly increased.
Notably, Bybit’s PoR reports are verified by experts from the company Hacken. They can be accessed in the relevant section on the exchange’s official website.
However, the PoR concept has been repeatedly criticized for its selectivity and questionable expertise. Some institutional investors who do not engage in cryptocurrency trading refuse to adopt this practice. For example, the company Strategy (MicroStrategy), the largest corporate investor in Bitcoin, does not publish such reports. Former CEO Michael Saylor explains this by citing security risks for the company and its accounts.