Tether finished off the year 2025 with significant purchases. The issuer of the stablecoin USDT added almost 8,900 bitcoins to its reserves in the fourth quarter of 2025, amounting to approximately $780 million. With this new acquisition, Tether’s total reserves now exceed 96,000 BTC, solidifying its status as one of the largest institutional holders of bitcoin in the world.
Tether continues its methodical accumulation of Bitcoin
This operation is part of a clearly defined strategy since 2023. Tether has committed to allocating up to 15% of its quarterly operating profits towards buying bitcoin. Unlike other players who raise capital specifically to enter the BTC space, Tether acts as an internal cash manager, using its surpluses to diversify its reserves.
The acquisition of 8,888.88 BTC in the fourth quarter illustrates this almost systematic logic. The figure is not insignificant. It reflects a discipline of accumulation independent of market noise, in a context where bitcoin struggled to maintain an upward momentum at the end of the year.
Profits directly linked to rates and stablecoin demand
The mechanism is simple yet powerful. Tether’s profits mainly come from liquid assets backing USDT, mostly short-term American Treasury bonds and repo operations. When rates are high and stablecoin demand remains strong (a clear constant in recent years), these assets generate significant income.
Once realized, these profits become a direct source of funding for bitcoin purchases. The higher the rates and the more USDT is used, the mechanical accumulation capacity of Tether increases. A dynamic that turns U.S. monetary policy into an indirect catalyst for the group’s bitcoin exposure. And in this game, Tether maintains a phenomenal lead, making it one of the most profitable companies in the world.
Tether maintains a strategy distinct from other institutional buyers
Tether’s approach sharply contrasts with that of other companies known for their BTC purchases. While some players dilute their shareholders or incur debt to strengthen their positions, Tether simply allocates surplus profits, without touching assets serving directly as collateral for its liabilities.
This distinction is crucial. It allows Tether to increase its exposure to bitcoin without weakening the stability of USDT, whose credibility lies in the liquidity and quality of its reserves. The core backing remains made up of low-risk instruments, with bitcoin emerging as a secondary strategic reserve.
A revealing timing in a hesitant market
The chosen moment is not neutral. Bitcoin ended 2025 in an environment marked by reduced liquidity, uneven risk appetite, and swiftly aborted attempts at a rebound. Around $89,000 in early January, the market struggles to find a clear direction.
In this context, Tether’s silent accumulation acts as a counterpoint. It does not guarantee a market floor, but it underscores a strong conviction: for systemic players in crypto, bitcoin remains a long-term strategic asset, regardless of short-term fluctuations.
