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Stablecoin issuer Tether has expanded its Bitcoin portfolio significantly in the first quarter of 2024, acquiring an additional 8,888 bitcoins. This brings Tether’s total Bitcoin holdings to approximately 75,354 BTC, valued at over $5.2 billion. This milestone coincides with Bitcoin’s recent surge to an all-time high, currently trading around $69,500.
While Tether has not publicly disclosed its Bitcoin addresses, it was confirmed by The Block last year that Tether holds one Bitcoin address, which has been consistently accumulating bitcoins since September 2022. With the latest purchase in Q1, Tether has ascended to the rank of the seventh-largest Bitcoin holder, up from its previous position of 11 earlier this year.
When reached for comment, Tether CEO Paolo Ardoino confirmed the acquisition of 8,888 bitcoins throughout the first quarter. Ardoino explained that the purchase was spread out over the quarter and settled by the end, with one significant purchase observed on March 31.
Tether’s Bitcoin Strategy
Tether first disclosed its Bitcoin holdings in May 2023, announcing plans to allocate up to 15% of its profits quarterly towards Bitcoin purchases, shifting away from U.S. government debt and towards cryptocurrencies.
In addition to direct investments in Bitcoin, Tether has ventured into Bitcoin mining and energy production. The company has also expanded into the AI sector, aiming to lead in the development of open-source, multimodal AI models to drive innovation and accessibility within AI technology.
Tether’s core business remains the operation of the USDT stablecoin, which has enabled the accumulation of $5.4 billion in excess reserves as of December 31, 2023, according to its fourth-quarter attestation report. With a total USDT supply exceeding 109 billion, Tether remains the largest stablecoin issuer in the market, as reported by The Block’s Data Dashboard.
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