Tether Expands Bitcoin Holdings, Now Fifth-Largest BTC Wallet
- Tether acquired 8,888 Bitcoin on New Year’s Eve, boosting its total to over 96,000 BTC.
- This purchase is valued at approximately $780 million and is part of Tether’s strategy to invest up to 15% of its earnings into Bitcoin quarterly.
- Tether now ranks as the fifth-largest holder of Bitcoin, following Binance and Robinhood.
- In addition to Bitcoin, Tether holds a total of 116 tons of gold, making it one of the world’s top gold holders.
- S&P recently downgraded Tether’s USDT score from “constrained” to “weak” due to transparency concerns regarding its asset mix.
Tether’s significant investment in Bitcoin reflects a broader trend among corporations increasing their cryptocurrency holdings amidst growing scrutiny from analysts and ratings agencies.
With this latest acquisition, Tether solidifies its position as a major player in the cryptocurrency market with over $780 million worth of Bitcoin added to its portfolio. (Source)
