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Significant Bitcoin Acquisition by Tether
Tether, the powerhouse behind the stablecoin USDT, has recently bolstered its cryptocurrency reserves by acquiring 8,888 Bitcoins, valued at approximately $735 million at the time of purchase. This strategic move by the well-known stablecoin issuer was reported by Arkham, a renowned analytics platform. According to Arkham’s official website, Tether withdrew these Bitcoins from Bitfinex, a prominent exchange and its affiliate company, earlier this week.
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This acquisition elevates Tether’s total Bitcoin holdings to 92,647, which equates to a market value of around $7.7 billion. Such a substantial addition further solidifies Tether’s position as one of the largest Bitcoin holders globally.
The Growth of Tether’s Bitcoin Reserves
Over recent weeks, Bitcoin has been a focal point in the financial strategies of various entities. Tether’s latest acquisition underscores its strategic emphasis on enhancing its already impressive Bitcoin reserves. As a major player in the cryptocurrency market, Tether utilizes its reserves to back its stablecoin, USDT. Currently, Tether commands over 60% of the stablecoin market, with a staggering market cap of $144 billion, out of the entire industry’s $234 billion valuation.
With this latest transaction, Tether ascends to the ranks of major Bitcoin holders, now recognized as the sixth-largest holder of Bitcoin. Ranked by Bitcoin Treasuries, Tether stands as the second-largest private holder, following Block.one. Among public entities and companies, MicroStrategy and leading Bitcoin ETFs maintain larger holdings than Tether.
Tether’s Dedication to Bitcoin Investment
This recent acquisition highlights Tether’s ongoing dedication to investing in Bitcoin. In May 2023, Tether committed to allocating 14% of its net profits toward purchasing additional Bitcoins, reflecting its long-term investment strategy. This commitment has been consistently reflected in its acquisition activities, with the most recent purchase of 8,404 Bitcoins in December, which increased its holdings to 83,759.
Expansion of USDT Reserves
Coinciding with its latest Bitcoin purchase, Tether has also expanded its USDT reserves. On-chain data indicates that the company minted an additional $1 billion in tokens on the Tron network. Tether’s CEO, Paolo Ardoino, confirmed the minting, emphasizing that the newly minted USDT is authorized but not yet in circulation. Instead, it will serve future issuance requests. Since the year’s start, Tether has minted $8 billion in tokens on Tron, contributing to its $22 billion USDT issuance recorded last year.
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