Home | Crypto News | Tether Adds 8,889 BTC To Its Reserves, Total Holding Are Now Over 75,000 BTC

Tether Adds 8,889 BTC To Its Reserves, Total Holding Are Now Over 75,000 BTC

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tether

Key Takeaways

  • USDT stablecoin issuer Tether has increased its Bitcoin holdings in the first quarter of the year, acquiring nearly 8,889 BTC.
  • Tether’s wallet now holds over 75,000 Bitcoins, valued at approximately $5.2 billion based on Bitcoin’s current price of $69,000. 
  • While Tether did not officially announce the acquisition, it has been transparent about its intention to use profits to acquire Bitcoin, aligning with the company’s strategic investment goals.

In the first quarter of this year, USDT stablecoin issuer Tether increased its holdings by nearly 8,889 Bitcoin (BTC), according to data from on-chain tracker Arkham Intelligence. The blockchain analytics firm revealed that a wallet linked to the world’s largest stablecoin issuer received 8,888.88 BTC, valued at roughly $627 million, from a Bitfinex hot wallet.

Tether’s Bitcoin holdings are estimated to be around 75,000 BTC, valued at over $5.25 billion at current prices. The exact amount Tether holds and the price at which they acquired it are unknown.

Tether’s Bitcoin Investment Strategy

Tether shows no signs of slowing down its accumulation of Bitcoin. Following through on their 2023 commitment, they have allocated 15% of their excess profits to Bitcoin, and a recent attestation report indicates this strategy is paying off. Their latest report shows that $2.8 billion of their consolidated reserves are attributed to their Bitcoin holdings.

With the upcoming halving cutting off Bitcoin’s daily rewards from an average of 900 BTC to 450 BTC per day amid the growing appetite of the largest financial institutions for the largest digital asset by market capitalization, Tether is optimistic that its investment will continue to pay off.
In addition, the stablecoin issuer has also been expanding into Bitcoin mining and artificial intelligence (AI) as of late.

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