Tether, the company behind the world’s biggest stablecoin, has quietly added a huge chunk of Bitcoin to its corporate holdings. On-chain data shows the firm’s Bitcoin reserves now top 86,335 BTC. That’s worth nearly $9.78 billion at current prices.
The recent boost saw 8,889 BTC flow into Tether’s Bitcoin reserve wallet. This transfer came directly from a Bitfinex address. Observers in the crypto community noted the move. Data from the Arkham Intelligence platform shows this “Tether: Bitcoin Reserves” address received the coins. The address now holds 86,335 BTC, valued at $9.78 billion today.
Tether has been buying Bitcoin for years. This is part of its plan to diversify its reserves, which also include gold. The company first bought Bitcoin in September 2022, picking up 33,980 BTC. They use their profits to gather Bitcoin, seeing it as a solid store of value beyond traditional assets.
There’s been a bit of a mix-up on the exact figures. CEO Paolo Ardoino said in May that Tether held over 100,000 BTC, worth more than $10 billion, plus 50 tons of gold. But the company’s latest financial report listed Bitcoin holdings at $8.928 billion. Regardless, the recent addition fits Tether’s pattern. Data shows they often add to their Bitcoin reserves at the end of financial quarters. Similar moves happened in late March, December, and last September, as CoinDesk reported, citing Arkham data.
Tether in Expansion Mode
This latest Bitcoin buy comes as Tether makes big moves. The company is reportedly trying to raise billions of dollars. They want to get into the regulated US market. Bloomberg reported that Tether is talking about raising between $15 billion and $20 billion by selling new company shares. This would value the company at an eye-popping $500 billion. Other reports suggest big players like SoftBank and Ark might be interested in these shares.
Tether also recently launched a new stablecoin called USAT. This coin is designed specifically for the US market. It follows new rules set by the GENIUS Act. To support these plans, Tether opened a local branch. It’s led by Bo Hines, a former White House crypto advisor.
Meanwhile, USDT, Tether’s main product linked to the US dollar, keeps growing. Its supply hit $174.6 billion, up 10.7% last quarter, according to CoinGecko data. This cements USDT’s top spot in the hot stablecoin market. Tether was also a key investor in Twenty One Capital (XXI), a new Bitcoin treasury company. Led by Strike CEO Jack Mallers, XXI helped gather over $1.4 billion in BTC earlier this year.
