Tether Now Holds Over 75,000 Bitcoins

Tether, the stablecoin giant, continues to reinforce its bitcoin whale status by further increasing its holdings. The company acquired 8,889 bitcoins around ten days ago, bringing its total reserves to over 75,000 BTC.

Tether consolidates its whale position by purchasing over 8,800 BTC

Tether, the undisputed market leader in stablecoins, has considerably expanded its reserve portfolio with a major acquisition of 8,889 bitcoins on March 31, 2024.

This transaction, valued at $627 million, propelled its entire Bitcoin holdings to over 75,000 BTC, representing a value of $5.3 billion. This massive acquisition testifies to Tether’s commitment to the leading cryptocurrency and its confidence in its long-term potential.

This investment in Bitcoin fits perfectly with Tether’s long-term strategy.

During of the first quarter of 2023, the company had revealed that it was regularly allocating up to 15% of its corporate profits, generated by the excess reserves of its stablecoins, to the purchase of Bitcoins. This visionary approach has enabled Tether to consolidate its position as one of the world’s largest holders of Bitcoins.

Like Coinpri told you last year, Tether ranks as the 11th largest holder of BTC.

In addition, Tether’s Q4 2023 attestation report highlighted the positive impact of this investment strategy. Bitcoin has contributed $2.8 billion to reserves.

Paolo Ardoino, Tether CEO, reaffirmed the company’s confidence in Bitcoin’s potential as an investment asset:

The decision to invest in Bitcoin, the world’s first and largest cryptocurrency, is underpinned by its strength and potential as an investment asset.

Statement by Paolo Ardoino

Tether diversifies into mining and AI

Tether is not only strengthening its position in Bitcoin, last November the company unveiled its ambition to become a major player in mining. At that time, the company announced an ambitious $500 million investment plan over the next six months to develop the company’s mining activities.

And that’s not all, Tether has already shown its support for the mining industry by granting a loan of $609 million to Northern Data Group, a European pioneer in Bitcoin mining.

Alongside its investments in mining, Tether explores new opportunities in the technological fields of the future, such as artificial intelligence (AI). The company’s ambition is to create open-source multimodal AI models to define new industry standards, foster innovation and democratize access to this revolutionary technology.

The significant increase in Tether’s Bitcoin reserves, coupled with its diversification into mining and AI, testifies to the company’s strategic pivot towards innovation and consolidation of its position in the crypto ecosystem.