Tether, the world’s largest stablecoin issuer, has significantly expanded its Bitcoin holdings with a strategic purchase of 8,888 BTC valued at approximately $735 million. This latest acquisition, which brings Tether’s total Bitcoin reserves to $7.7 billion, reinforces the company’s position as one of the largest institutional Bitcoin holders globally.
Strategic Bitcoin Accumulation Continues
The transaction, reported by blockchain intelligence platform Arkham, involved withdrawing 8,888 BTC from Bitfinex, Tether’s sister company. This move pushes Tether’s total Bitcoin holdings to 92,647 BTC, cementing its position as the sixth-largest Bitcoin holder worldwide and the second-largest private holder after Block.one.
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Institutional Commitment to Bitcoin
This purchase aligns with Tether’s May 2023 commitment to allocate 14% of its net profits to Bitcoin acquisitions. The strategy has proven successful, with the company’s Bitcoin holdings growing substantially since their December 2023 purchase of 8,404 BTC.
Stablecoin Market Dominance
Tether continues to dominate the stablecoin market, controlling over 60% of the total market share with a capitalization of $144 billion. The total stablecoin market currently stands at $234 billion, highlighting USDT’s significant influence in the crypto ecosystem.
New USDT Minting Activity
Concurrent with the Bitcoin purchase, Tether minted $1 billion in new USDT tokens on the Tron network. CEO Paolo Ardoino confirmed this authorized minting, clarifying that these tokens are currently held in inventory for future issuance requests. The company has already minted $8 billion in tokens on Tron since 2024 began, following $22 billion in total mints during 2023.
FAQ Section
How much Bitcoin does Tether now own?
Tether currently holds 92,647 Bitcoin, valued at approximately $7.7 billion at current market prices.
What percentage of profits does Tether invest in Bitcoin?
Tether has committed to investing 14% of its net profits into Bitcoin purchases since May 2023.
How does Tether’s Bitcoin holdings compare to other institutions?
Tether is currently the sixth-largest Bitcoin holder globally and the second-largest private holder, following Block.one but trailing behind major ETF issuers and MicroStrategy.