Tether Now Holds 66,450 BTC of Worth $2.8 Billion

Stablecoin issuer Tether expanded its Bitcoin holdings, acquiring an additional $380 million worth in the last quarter, bringing its total to 66,465 Bitcoins, valued at $2.8 billion.

Tether’s Strategic Moves

Tether has been steadily increasing its holdings each quarter since it began its Bitcoin acquisitions in September 2022. Notable purchases include 15,915 BTC in March 2023 and the recent acquisition of 8,888 BTC at the close of Q4 2023, marking Tether’s third-largest purchase to date. The Q4 2023 attestation report is expected in the upcoming weeks.

While Tether hasn’t officially disclosed its Bitcoin addresses, analysts previously identified an address believed to be linked to Tether. This positions Tether as the 11th-largest Bitcoin holder.

Tether CEO Paolo Ardoino reiterated the company’s commitment to investing up to 15% of profits quarterly in Bitcoin. Cantor Fitzgerald CEO Howard Lutnick affirmed Tether’s financial strength, stating, “They have the money they say they have.”

Tether’s involvement in the cryptocurrency space extends beyond direct Bitcoin investments. The stablecoin issuer has committed a significant amount of funds to Bitcoin mining facilities and has provided debt financing to a prominent Bitcoin mining company.

Tether’s recent acquisition including the latest $380 million investment, aligns with its b initiative to diversify its reserves from traditional assets to cryptocurrencies.

All in all

The expansion of Tether’s Bitcoin portfolio and its adherence to financial reporting standards with Cantor Fitzgerald as its custodian makes Tether a major player in the crypto market. Coupled with its strategic investments and commitment to transparency, Tether is setting standards in the ongoing evolution of the cryptocurrency ecosystem.