Purified soluble H+-ATPase from Schizosaccharomyces pombe catalyzes a Pi in equilibrium ATP exchange in the absence of a H+ gradient. When the pH of the assay medium is raised from 5.5 to 8.0 there is a decrease of the ATPase activity and an increase of the rate of Pi in equilibrium ATP exchange. At pH 7.0 the addition of the organic solvent dimethyl sulfoxide (20%, v/v) promotes a decrease of ATPase activity and an increase of the Pi in equilibrium ATP exchange reaction. The effect of the organic solvent on the Pi in equilibrium ATP exchange is related to a decrease of the apparent Km for Pi.