Tether Makes $380,000,000 Bitcoin Purchase, Holds 66,465 BTC
Major stablecoin issuer Tether purchased $380 million worth of Bitcoin at the end of last quarter, its third-highest buy yet as the company continues shifting reserves into cryptocurrencies. The latest 8,888 BTC acquisition brings Tether’s total Bitcoin holdings to over 66,465, worth some $2.8 billion, according to The Block.
Tether began its Bitcoin buying spree in September 2022, starting with nearly 33,980 BTC initially acquired. It has steadily accumulated more each quarter, with the latest $380 million batch marking its third biggest purchase.
- The latest Bitcoin grab comes as Tether allocates up to 15% of quarterly profits to crypto asset investments.
- The company first disclosed its BTC holdings in May 2023, now ranking as the 11th largest holder globally.
- Beyond direct buys, Tether also invests in Bitcoin mining operations and energy production.
Read more: Donald Trump Vows To Oppose CBDC Creation In The U.S.
Tether committed $500 million to Bitcoin mining
The company publishes attestation reports, providing reserve breakdowns like its $3.2 billion in excess liquidity as of September 2022. Its Q4 report expected in the coming weeks will likely reflect the impact of the additional Bitcoin obtained during the quarter.
Earlier this year, Tether committed another $500 million towards constructing Bitcoin mining facilities over six months. It also extended $610 million in debt financing to publicly traded mining firm Northern Data AG amid other equity investments.
Read more: Judge Roasts SEC’s Lawsuit Against Coinbase, Seeks Clarity On Securities Laws
According to the data from Techopedia, the USDT stablecoin issuer is reportedly the tenth-largest holder of BTC globally. As per the latest price of BTC, 66,465 BTC is now worth $2.8 billion. The purchase news comes at a time when BTC has plunged in value following the approval of spot Bitcoin ETFs in the US. Over the course of the last seven days, the value of Bitcoin has nosedived from a high of $48,300 to its current price of $42,381.
