Proof-of-reserves (PoR) has rapidly evolved from a niche audit practice into a core transparency standard for centralized cryptocurrency exchanges. The latest independent disclosures from Bybit and Bitunix underscore this trend, with both platforms reporting over-collateralized reserve ratios across major assets.
Background and Industry Context
The push for verifiable reserves gained momentum after a series of high-profile exchange failures and liquidity crises. Merkle Tree-based verification now allows users to independently confirm that their balances are included in an exchange’s liabilities without exposing sensitive data. Over-collateralization — maintaining reserves above 100% — has become a competitive differentiator, offering an extra safety buffer during volatile markets.
Bybit’s 36th PoR Report
On June 9, 2026, Bybit released its latest proof-of-reserves, independently verified by Hacken, showing over $16.5 billion in mainstream assets. Key reserve ratios as of May 27, 2026, were:
- USDT: 106% (user assets ~5.55 billion USDT vs. wallet holdings ~5.89 billion USDT)
- USDC: 164% (~563.7 million vs. ~925.5 million)
- BTC: 108% (44,736 BTC vs. 48,582 BTC)
- ETH: 104% (552,540 ETH vs. 579,288 ETH)
Bybit serves over 80 million users and is the world’s second-largest exchange by trading volume.
Bitunix’s Verifiable Reserves
Bitunix, positioning transparency as a cornerstone, disclosed a total reserve value of approximately $198 million, with the following ratios:
- BTC: 110%
- ETH: 102%
- USDT: 104%
The exchange uses a Merkle Tree-based system, allowing users to verify asset backing independently. Both platforms’ consistent publication of PoR data reflects a broader industry movement toward higher accountability and user protection.
