Bitget has widened the scope of its proof of reserves system, according to reports from CoinGape and BeInCrypto. CoinGape put the total number of covered assets at 19, while BeInCrypto described the figure as surpassing 20. Both reports agree that Bitcoin, Ethereum and XRP are now included among the verifiable holdings.
Proof of reserves programs allow users to check that an exchange holds sufficient assets to cover customer balances. Exchanges typically publish cryptographic attestations, often using Merkle tree structures, so individual users can confirm their funds are represented within the total reported reserves. The method does not disclose other users' balances but lets each account holder verify inclusion.
The expansion adds more of the largest tokens by market value to a system that previously covered a narrower set of assets. Bitcoin and Ethereum are the two largest cryptocurrencies by market capitalization, and XRP has remained among the most actively traded tokens on centralized exchanges. Including these assets under a proof of reserves framework extends transparency to the holdings that make up the bulk of most exchange balance sheets.
Proof of reserves systems gained prominence following the collapse of FTX in late 2022. That event exposed how customer funds could be commingled or misused without independent verification. In the aftermath, major exchanges introduced or expanded their own reserve attestation programs to reassure users and regulators. Bitget's latest update fits within that broader industry trend toward third-party or self-published reserve reporting.
Exchanges generally update proof of reserves data on a recurring schedule, often monthly, and sometimes work with external auditors to validate the underlying methodology. The addition of more assets to such a program signals an effort to keep pace with the composition of user portfolios, which increasingly span dozens of tokens beyond Bitcoin and Ethereum.
Neither report detailed the specific reserve ratios or dollar-denominated totals associated with the newly added assets. The reports also differ slightly on the exact count of covered assets, with one citing 19 and the other citing more than 20, though both confirm that coverage has grown from a smaller prior list.
Market Impact
Broader proof of reserves coverage can influence user confidence in an exchange's custody practices, particularly during periods of heightened scrutiny over centralized platforms. Adding major assets like Bitcoin, Ethereum and XRP to a verifiable reserves framework may be viewed by users as a signal of operational transparency, though it does not by itself guarantee solvency or eliminate counterparty risk.
For the wider industry, incremental expansions of this kind reflect continued competitive pressure among exchanges to match or exceed transparency standards set by peers. As more platforms publish detailed reserve data, it may become a differentiating factor for users choosing where to custody assets, especially in markets where regulatory clarity around exchange custody remains uneven.
Bitget's move adds to a pattern of exchanges expanding reserve transparency tools as user and regulatory expectations around custody accountability continue to rise.
Frequently Asked Questions
What is proof of reserves?
Proof of reserves is a system that lets users verify an exchange holds enough assets to cover customer balances, typically through cryptographic attestations.
How many assets does Bitget's proof of reserves now cover?
Reports differ slightly, with one citing 19 assets and another citing more than 20, but both confirm the list now includes Bitcoin, Ethereum and XRP.
Why did exchanges start adopting proof of reserves programs?
Many exchanges expanded or introduced these programs after the 2022 collapse of FTX exposed risks from unverified customer fund management.
Does proof of reserves guarantee an exchange's solvency?
No. It verifies that reported reserves exist at a given time but does not account for liabilities, off-chain obligations, or future insolvency risk.