Tether Expands Bitcoin Reserves with $70 Million Purchase
- Tether added $70 million in bitcoin to its reserves, bringing total holdings to over 97,141 BTC.
- The recent acquisition involved the transfer of 951 BTC from Bitfinex to a Tether wallet labeled “BTC Reserve.”
- At current prices, Tether’s bitcoin holdings are valued at approximately $7.16 billion.
- This purchase is part of Tether’s strategy to allocate up to 15% of realized operating profits into bitcoin.
- Tether’s market cap for its stablecoin USDT is around $185 billion, making it the largest stablecoin globally.
Tether’s strategy includes diversifying its reserves beyond cash-like assets, with significant investments in U.S. Treasuries and gold totaling $17.4 billion. The firm reported over $10 billion in net profit for the year, driven by growth in USDT and rising income from government debt.
With this latest purchase, Tether solidifies its position as one of the largest holders of bitcoin globally, now ranking just behind MicroStrategy among public entities holding BTC.(Source)
