Tether Grows Its Bitcoin Holdings to 66.48K After Purchasing 8.8K BTC in Q4 2023

Tether continues to strengthen its stablecoin (USDT) reserve as it purchases 8,888 BTC in Q4 2023, bringing its total Bitcoin holdings to 66,485. 

Tether, the world’s largest stablecoin issuer, has increased its Bitcoin holdings following its acquisition of a significant amount of BTC. According to reports, Tether purchased a whopping 8,888 BTC, equivalent to $380 million, at the end of Q4 2023.  

Following the recent purchase, Tether’s Bitcoin stash has grown to a massive 66,465 BTC. CryptoQuant’s CEO and founder, Ki Young Ju, also confirmed the development in a tweet today. 

‘@Tether_to is accumulating #Bitcoin, holding at least 66.4K $BTC.https://t.co/EvXnnOZksm pic.twitter.com/FDj8gT7cNR

— Ki Young Ju (@ki_young_ju) January 18, 2024

At the current exchange rate of $42,353, the monetary value of Tether’s total Bitcoin holdings is worth $2.81 billion. 

Tether’s Bitcoin Accumulation Spree 

Notably, Tether has been using a portion of its profit to purchase Bitcoin every quarter since 2022 to strengthen its stablecoin reserve. The move comes as the company shifts its stablecoin reserves from U.S. government debt to crypto.  

Interestingly, the company began purchasing Bitcoin in September 2022 (Q3 2022), with an initial buy of 33,980 BTC. 

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At the end of Q1 2023, Tether made another hefty purchase of 15,915 Bitcoin. Despite consistently buying BTC at the end of every quarter, Tether’s recent purchase of 8,888 BTC marks the company’s third-largest buy to date. 

Tether Still Ranks as 11th Largest Bitcoin Holder 

Since Tether embarked on an accumulation spree for the world’s largest cryptocurrency by market cap, the company has not officially revealed the address holding the coins. 

In an August tweet, famous crypto analyst Tom Wan posted a Bitcoin address he claims belongs to Tether. At the time of the tweet, Wan claimed that the address held 55,022 BTC (worth $1.6 million), making it the 11th-largest Bitcoin holder. 

1/ .@Tether_to BTC balance increased by $176M compared to last q

– Using the price as of 30 Jun, it is estimated that they hold ~55,022 BTC

– Last Q, I mentioned the below address could belong to Tether:
bc1qjasf9z3h7w3jspkhtgatgpyvvzgpa2wwd2lr0eh5tx44reyn2k7sfc27a4 pic.twitter.com/90DGmqQvLS

— Tom Wan (@tomwanhh) August 4, 2023

As a result of its BTC purchase in Q3 and Q4 2023, the company’s Bitcoin stash has soared to 66,465 BTC. According to on-chain data, Tether is still ranked as the 11th-largest Bitcoin holder despite its recent purchase. 

The addresses in the top 10 ranking are owned majorly by crypto exchanges, including Binance and Bitfinex. At the press time, Tether’s Bitcoin address now holds 0.339% of the entire Bitcoin in circulation. 

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• Source: https://thecryptobasic.com/2024/01/18/tether-grows-its-bitcoin-holdings-to-66-48k-after-purchasing-8-8k-btc-in-q4-2023/?utm_source=rss&utm_medium=rss&utm_campaign=tether-grows-its-bitcoin-holdings-to-66-48k-after-purchasing-8-8k-btc-in-q4-2023