Tether Acquires 66,450 BTC Valued at $2.8 Billion

Tether, the stablecoin issuer, has significantly increased its Bitcoin holdings in the previous quarter, purchasing an additional $380 million worth of the cryptocurrency. This brings Tether’s total Bitcoin holdings to 66,465, valued at $2.8 billion.

Tether has been steadily growing its Bitcoin portfolio since it started acquiring the cryptocurrency in September 2022. Notable purchases include 15,915 BTC in March 2023 and a recent acquisition of 8,888 BTC at the end of Q4 2023, which is Tether’s third-largest purchase to date. The attestation report for Q4 2023 is expected to be released in the coming weeks.

Although Tether has not officially disclosed its Bitcoin addresses, analysts have previously identified an address believed to be linked to the company. This places Tether as the 11th-largest holder of Bitcoin.

Tether CEO, Paolo Ardoino, has reiterated the company’s commitment to investing up to 15% of its profits quarterly in Bitcoin. Cantor Fitzgerald CEO, Howard Lutnick, has affirmed Tether’s financial strength, stating that they have the claimed amount of money.

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

The recent acquisition of $380 million worth of Bitcoin aligns with Tether’s initiative to diversify its reserves from traditional assets to cryptocurrencies.

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