OKX has published its 47th Proof of Reserves report, disclosing $27.4 billion in primary assets backing customer funds as the exchange continues its recurring reserve-verification program. The latest report shows reserve ratios of at least 100% across 22 of OKX’s most frequently traded assets, according to the exchange’s official Proof of Reserves page. The underlying reserve and liability files for the latest snapshot are dated September 8, 2026.
Bitcoin remains one of the largest disclosed positions. OKX lists 139,865 BTC in account assets against 153,151 BTC in wallet assets, producing a 109% reserve ratio. Of those wallet holdings, 146,359 BTC are categorized under the exchange and another 6,792 BTC under third-party custody. The distinction matters because the headline BTC figure represents account balances being covered, while the larger wallet figure represents assets available against those balances.
Major Assets Remain Above or at Full Coverage
Ethereum showed a 101% reserve ratio, with 1.786 million ETH in account assets against 1.796 million ETH in wallet assets. USDT stood at 105%, while USDC was effectively at parity with a 100% ratio. OKX therefore reports full or excess backing across its four headline reserve assets, although the size of the buffer varies materially between tokens. XRP and SOL were both reported at more than 100% coverage as well.
The disclosure follows a pattern increasingly common among centralized exchanges. Binance, for example, recently reported reserve coverage at or above 100% across several major assets, while its separate $1 billion SAFU reserve was converted entirely into Bitcoin. These mechanisms address different risks: Proof of Reserves compares covered account balances with identifiable assets, while an emergency reserve is intended to absorb losses under specified circumstances.
OKX uses Merkle-tree structures and zk-STARK proofs so customers can verify that their balances were included without making individual account information public. The exchange says more than two million customers have used its verification tool. The recurring publication creates a comparable series of reserve snapshots rather than relying on a single disclosure made during a period of market stress. OKX also says wallet holdings across BTC, ETH, USDT and USDC increased 32% in its latest report, although that growth should not be interpreted as equivalent to customer inflows without additional balance-flow data.
Proof of Reserves Is Not a Full Financial Audit
The principal limitation is what PoR does not establish. The Public Company Accounting Oversight Board has warned that Proof of Reserves reports are point-in-time exercises and are not equivalent to financial-statement audits. A reserve snapshot does not independently provide a complete picture of off-chain liabilities, internal controls, lending arrangements, governance or the future availability of the reported assets.
That distinction is increasingly relevant as exchanges experiment with custody models that keep institutional assets away from trading venues, including off-exchange collateral arrangements using tokenized funds. OKX itself identifies some of its reserves as being held with third-party custodians, meaning those balances introduce a separate custody relationship alongside exchange-controlled wallets. Proof of Reserves can make those balances more visible, but it does not eliminate counterparty or operational risk.
The next milestone will be OKX’s subsequent reserve snapshot and whether the reported coverage ratios remain at or above parity as customer balances and wallet holdings change. The value of the 47-report sequence lies primarily in repeatability and user-verifiable data, while broader conclusions about solvency still require information beyond Proof of Reserves alone.