Tether Holds a Significant Amount of Bitcoin

By AZC News | 4 hours ago

Tether continues to actively acquire Bitcoin, solidifying its position as one of the foremost global holders of this valuable asset.Tether Holds a Significant Amount of Bitcoin

Tether, the prominent stablecoin provider, discreetly acquired over $360 million worth of Bitcoin (BTC) at the beginning of this year, as revealed by on-chain data. This strategic move elevated the company's overall Bitcoin holdings to 66,400 BTC, amounting to a valuation of $2.7 billion.

The recent surge in the balance of a blockchain address associated with Tether was particularly noteworthy. On January 4, the balance escalated from 57,500 BTC to 66,400 BTC, marking the most substantial single-day increase since March 2023. In May, Tether openly disclosed that 2% of its reserves were invested in Bitcoin, concurrently unveiling plans to allocate 15% of its operational profits into BTC.

A CryptoQuant analyst emphasized the significance of Tether's expanded Bitcoin portfolio, stating, "Tether is now the 11th largest Bitcoin holder globally," based on the latest findings related to the firm's wallet balance in August.

Previously, a digital asset analyst at 21Shares had identified Tether's wallet by cross-referencing the suspected address's holdings with the company's quarterly attestation reports. Subsequently, The Block independently verified the address's association with Tether through a confidential source.

Remarkably, the address, which received its first Bitcoin transaction in September 2022 for 33,900 BTC (valued at $654 million at the time), has more than doubled its holdings, defying Bitcoin's escalating price over the past 15 months.

Tether stands out as one of the crypto industry's most lucrative enterprises, boasting a Tether (USDT) token with a current market cap of $94 billion, fully supported by reserves predominantly comprised of cash and short-term US Treasuries.