A New Bitcoin Purchase by Tether
- Tether recently acquired an additional $380 million in bitcoins, bringing its total holdings to approximately $2.8 billion.
- The company began buying bitcoins in September 2022 and has consistently increased its investments each quarter.
- Tether positions itself as a major crypto player, with a growing interest in bitcoin mining and energy production.
$2.8 Billion of Bitcoin (BTC) Held by Tether
Tether, the issuer of the USDT stablecoin, recently acquired over $380 million worth of Bitcoin (BTC). This investment brings the total amount of bitcoins held by Tether to approximately 66,465 BTC, or $2.8 billion. With these acquisitions, Tether continues to maintain its position as the eleventh largest holder of bitcoins in the world.
Since its initial purchase of 33,980 BTC in September 2022, Tether has consistently ramped up its investments in Bitcoin, with the latest purchase being its third-largest investment to date. These purchases align with the company’s strategy of quarterly investments, allocating up to 15% of their profits to Bitcoin.
Tether first revealed its bitcoin holdings in May 2023 as part of its first-quarter attestation report. Tether has not publicly disclosed the addresses of its bitcoin wallets. However, an analyst from 21.co managed to identify an address that he believes likely belongs to Tether.
Tether, a Key Player in Bitcoin Mining
Tether is also a significant player in Bitcoin mining and energy production. In November, Tether committed to investing $500 million in the construction of its own bitcoin mining farms.
However, Tether’s primary business remains the operation of the USDT stablecoin, which has allowed it to generate $3.2 billion in reserves as of September 30, 2023, according to an attestation report published in October.
The fourth-quarter 2023 attestation report from Tether is expected to be released in the coming weeks.
