- Stablecoin issuer Tether purchased an additional $380 million worth of bitcoin in the last quarter, bringing their total assets to 66,465 BTC (approximately $2.8 billion).
- The latest purchase of 8,888 BTC at the end of the fourth quarter of 2023 stands as the third-largest acquisition made by Tether according to blockchain data.
- Tether’s primary business is operating the USDT stablecoin, allowing the company to accumulate excess reserves, reaching $3.2 billion as of September 30, 2023.
Tether, the issuer of the USDT stablecoin, reached a significant amount with the BTC it purchased in the last quarter of 2023: Current Tether assets!
Tether Accumulates Significant BTC with Late 2023 Purchase
Stablecoin issuer Tether purchased an additional $380 million worth of bitcoin in the last quarter, bringing their total assets to 66,465 BTC (approximately $2.8 billion). Tether initiated its bitcoin acquisitions with an initial purchase of 33,980 BTC in September 2022. Since then, the company has consistently bought bitcoin every quarter, with the second-largest purchase occurring in March 2023 when they acquired 15,915 BTC.
The latest purchase of 8,888 BTC at the end of the fourth quarter of 2023 stands as the third-largest acquisition made by Tether according to blockchain data. While Tether has not officially disclosed its bitcoin addresses, 21.co Research Analyst Tom Wan identified an address last August that he suspected belonged to Tether. COINOTAG verified the address’s ownership by consulting a source, positioning the company as the 11th-largest bitcoin holder. Tether maintains this ranking with its recent acquisitions.
Tether has previously stated its intention to regularly invest a portion of its profits into bitcoin, aiming to diversify stablecoin reserves away from both crypto and U.S. government debt. When asked for comment, Tether CEO Paolo Ardoino reiterated the company’s intention, stating that they had announced their plan to allocate 15% of their profits to bitcoin purchases every quarter last year.
Tether Active in Bitcoin Mining and Energy Production
In addition to direct bitcoin investments, Tether is involved in bitcoin mining and energy production. In November, Tether committed to building its own bitcoin mining facilities within the next six months and investing in other companies. Simultaneously, the company provided up to $610 million in debt financing to publicly traded bitcoin mining company Northern Data AG, following its acquisition of the company’s shares in September.
Tether’s primary business is operating the USDT stablecoin, allowing the company to accumulate excess reserves, reaching $3.2 billion as of September 30, 2023 — a figure disclosed in the company’s third-quarter attestation report published in October. Tether’s attestation report for the fourth quarter of 2023 is expected to be released in the coming weeks.
