Tether adds $70M in bitcoin, increases reserve holdings

Tether acquired 951 bitcoin worth $70.5M, raising its holdings to 97,141 BTC. This follows its strategy of allocating 15% of quarterly profits to bitcoin, now making up 4% of USDT reserves.

Tether has acquired 951 bitcoin, valued at approximately $70.5 million, by transferring assets from a Bitfinex wallet to its reserve wallet. This latest purchase brings Tether’s total bitcoin holdings to around 97,141 BTC, making it one of the largest private holders of bitcoin globally. The acquisition aligns with Tether’s ongoing strategy, announced in May 2023, to allocate 15% of its quarterly net profits to bitcoin as part of its reserve diversification plan. Bitcoin now represents about 4% of the more than $190 billion backing Tether’s USDT stablecoin. Since beginning its bitcoin purchases in September 2022, Tether has steadily increased its reserves, underscoring its commitment to long-term digital asset management and financial stability. Each quarter, Tether typically withdraws bitcoin from Bitfinex, reflecting a systematic approach to reserve management.