Hundreds of millions worth of Bitcoins purchased from Tether

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Tether, the issuer of the popular crypto stablecoin USDT, bought a huge load of Bitcoin (BTC) late last quarter. This is not the first time Tether has acquired Bitcoins; it is even the eleventh largest holder in the world, having structurally invested part of its profits in Bitcoin since May last year.

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8,888 new Bitcoins

Tether purchased 8,888 Bitcoins for a total of $380 million. This brings the stablecoin issuer's total holdings to 66,465 BTC. At the current Bitcoin price, this gigantic stack is worth about $2.8 billion.

Tether has not officially disclosed its Bitcoin addresses. However, Tom Wan, research analyst at 21.co, discovered a Tether address in August last year.

As mentioned earlier, Tether announced in May last year that it would invest part of its profits in Bitcoin. To be precise, 15 percent of realized net operating profit would be used to purchase the world's largest cryptocurrency.

Up to 85 percent of USDT reserves are in the form of cash and other currencies Treasury bill. The rest consists of riskier bonds and secured loans. But also Bitcoin and gold.

USDT is the largest stablecoin in the industry. With a market cap of $95 billion, it has a big lead over number two USDC. USDC has a market cap of approximately $25.7 billion.

11th largest BTC holder

In September 2022, the Switzerland-based company made its first BTC purchase. At that time, 33,980 BTC were purchased.

Since then, regular quarterly purchases have been made. The recent purchase of 8,888 BTC is the third largest to date.

According to a ranking by Dune Analytics, Tether is the 11th largest BTC holder in the world. However, this does not include the holdings of Satoshi Nakamoto, the anonymous founder of Bitcoin. With an estimated net worth of 1.13 million BTC, he would take the top spot by far.

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