Hardcoin issuer Tether (USDT) currently holds at least $2.82 billion worth of BTC as it continues to rapidly rally the king of the crypto market, Bitcoin (BTC).
According to Ki Young Ju, founder and CEO of on-chain market intelligence platform CryptoQuant, Tether currently holds at least 66,400 BTC.
“Tether announced in its recently published quarterly report that it holds approximately $1.6 billion worth of BTC. The amount of BTC Tether holds puts it roughly 11th in terms of holdings.
If you look at the 'Tether BTC holding wallet', it does not match the description in Tether's quarterly report. While there was no Bitcoin presence in the 4th quarter report of 2022, the wallet started to accumulate BTC. So Tether has plenty of Bitcoin. But this is probably not Tether's only Bitcoin wallet.”
Tether Continues to Increase Its Investment in Bitcoin
In an accompanying post from CryptoQuant, it was revealed that Tether held just $1.6 billion worth of BTC, the largest crypto asset in the market, in August. At the time, this made Tether the 11th largest asset holding BTC in the world.
In early January, a wallet believed to belong to Tether was revealed to be sitting with $1.33 worth of BTC profits, making it the 10th largest asset in terms of holding BTC.
Bloomberg reported Tether's intention to acquire flagship digital assets in November, noting at the time that the fixedcoin issuer was aiming to invest $500 million in the crypto king over the next six months.
Tether executive Paolo Ardoino said at the time that Tether was committed to building BTC mining facilities in South America.
BTC is trading at $42,474 at the time of writing and has fallen marginally over the last 24 hours.
