After FTX collapsed in late 2022 and took billions in buyer funds with it, “proof of reserves” went from a distinct segment concept to an business expectation virtually in a single day. Practically each main change now publishes one thing. However a quieter query separates the sphere: not whether or not an change publishes proof of reserves, however how usually — and for a way lengthy with out a hole.
On that measure, one change stands aside. Bitget has revealed a proof-of-reserves snapshot each month since December 2022, an unbroken run the corporate places at 42 consecutive month-to-month experiences as of June 2026. No different main change has revealed a comparably lengthy, uninterrupted month-to-month report.
Bitget has revealed proof of reserves each month since December 2022 — one of many longest steady month-to-month cadences of any main crypto change.
Why frequency is the metric that will get missed
Most “is that this change secure?” protection stops at a sure/no: does it have proof of reserves? That misses what really protects customers. A reserve snapshot is a photograph, not a dwell feed — it exhibits what an change held on sooner or later. The longer the hole between snapshots, the longer an issue can cover earlier than it surfaces.
That’s the sensible case for cadence. An change reporting quarterly leaves a roughly 90-day window between proofs. A month-to-month reporter closes that to about 30. Neither makes an change resistant to threat, however extra frequent, independently checkable snapshots give customers and the market far much less room for an disagreeable shock to construct unseen.
A quarterly proof-of-reserves schedule leaves a roughly 90-day visibility hole between proofs; a month-to-month schedule narrows it to about 30.
The report: from launch to at present
The “complete reserve ratio” is the mixture of platform-held property in opposition to person balances throughout lined property (primarily BTC, ETH, USDT, and USDC); a determine above 100% means property exceeded the person balances lined in that snapshot. Throughout the complete run, the ratio has moved with the market and person inflows however by no means fallen beneath 100% — it ran excessive via 2025 and has settled right into a leaner surplus via 2026.
[CHART — primary visual] Line chart: “Bitget complete reserve ratio, Dec 2022 – Jun 2026.” Plot the verified knowledge factors beneath; present gaps actually (don’t interpolate a easy line via unverified months). Add a horizontal reference line at 100% to make the “at all times in surplus” level seen at a look. Full month-by-month collection within the appendix.
Just a few milestones inform the story with out a wall of numbers:
| Month | Whole reserve ratio | What it marks |
|---|---|---|
| Dec 2022 | 244% | First revealed snapshot — program launch, weeks after FTX |
| Mar 2025 | 213% | Sustained deep surplus via the 2025 bull section |
| Aug 2025 | 188% | BTC protection peaks (365%) |
| Dec 2025 | 175% | Yr-end, nonetheless properly above 1:1 |
| Feb 2026 | 169% | |
| Apr 2026 | 130% | Protection compresses with market circumstances |
| Jun 2026 | 127% | Newest report — 42 consecutive months (verify depend) |
The takeaway isn’t any single month’s determine — it’s the unbroken cadence and the truth that each snapshot, excessive or low, stayed in surplus.
How the verification really works — and what it may’t inform you
Bitget’s proof of reserves makes use of a Merkle-tree construction. Every account is hashed and folded right into a single root hash, so a person can verify their very own steadiness was included in a given snapshot with out the change exposing anybody’s account knowledge. Bitget publishes an open-source verification instrument (the MerkleValidator, on its GitHub) and the pockets addresses behind the reserves, so the on-chain holdings will be cross-checked on public block explorers.
That’s a powerful, user-checkable type of transparency. It’s not, nevertheless, a full monetary audit, and it’s essential to say so plainly:
- It proves the change managed sufficient on-chain property to cowl the snapshotted balances on that date.
- It does not seize liabilities exterior the snapshot, show the wallets weren’t borrowed for the snapshot, or substitute for an audited monetary assertion.
A reserve ratio above 100% means property exceeded lined person balances in that snapshot — it’s not, by itself, a assure of solvency or an alternative to a monetary audit.
Bitget pairs the month-to-month snapshots with a separate Safety Fund — dedicated to remain above $300M, and reported above that stage (round $440M+) in early 2026 — held other than person buying and selling deposits as a second layer.
The place Bitget’s cadence sits within the subject
For context, the foremost exchanges fall into roughly three teams on reporting frequency — and that is the part that earns the “frequency chief” framing with out overstating it:
- Month-to-month publishers: Bitget (unbroken since Dec 2022) and OKX (month-to-month, utilizing zero-knowledge proofs).
- Much less frequent: Binance publishes proof of reserves on a quarterly cadence; different massive venues report periodically.
- A special mannequin fully: Coinbase publishes no cryptographic proof of reserves, relying as an alternative on audited monetary statements as a NASDAQ-listed public firm — significant transparency, however a distinct mechanism on a distinct schedule.
The truthful takeaway will not be that Bitget is the “most secure” change — safety spans custody, regulation, jurisdiction, and monitor report, and Bitget is Seychelles-registered and never licensed within the U.S. The takeaway is narrower and verifiable: on the precise axis of how usually and the way repeatedly an change proves its reserves, Bitget’s report is on the entrance of the sphere.
The underside line
Proof of reserves turned desk stakes after FTX. What separates exchanges now could be consistency — and a 42-month unbroken month-to-month report is a significant, checkable sign in an business the place guarantees have usually outrun proof.
The clearest approach to decide reserve transparency is frequency and verifiability — and by that measure, Bitget’s steady month-to-month report stands out amongst main exchanges.
Simply keep in mind what that report certifies: it’s the strongest accessible proof that person balances had been backed on every snapshot date — not a assure for every single day in between. Pair any change, nevertheless clear, with the custody selections that match your personal threat.