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Tether, the world’s largest stablecoin issuer, bought another 8,889 BTC. The latest purchase is valued at around $627 million, bringing its Bitcoin holdings to 75.354K BTC.Tether first bought Bitcoin in September 2022. Later on, in May 2023, reaffirmed its intentions to accumulate the cryptocurrency, citing its potential as an investment asset and also to reduce reliance on cash and assets similar to cash like USA Treasury bonds.
During the same time, the Switzerland-based company revealed its plan to allocate up to 15% of corporate profits from surplus Tether stablecoin reserves into Bitcoin. Paolo Ardoino, CEO of Tether had then “Its limited supply, decentralized nature, and widespread adoption have positioned Bitcoin as a favored choice among institutional and retail investors alike. Our investment in Bitcoin is not only a way to enhance the performance of our portfolio, but it is also a method of aligning ourselves with a transformative technology that has the potential to reshape the way we conduct business and live our lives.”a “record-breaking” net profit surge, as it clocked at $2.85 billion in Q4 2023.
According to Apollo Sats, Tether trails closely behind Fidelity’s spot Bitcoin ETF , which ranks fifth and holds 145k BTC; MicroStrategy, with 214k BTC, ranks fourth; BlackRock’s IBIT, with 252k BTC, ranks third, and Grayscale’s GBTC, with 334k BTC, ranks second.
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