Tether Boosts Bitcoin Reserves by $70 Million, Surpassing 97,000 BTC

The company behind the USDT stablecoin has further expanded its bitcoin holdings, adding $70 million worth of BTC to its reserves. This move is part of Tether's ongoing strategy to allocate a portion of its profits into bitcoin, as evidenced by blockchain data showing a transfer of 951 BTC from Bitfinex to Tether's reserve wallet. The wallet, confirmed by CEO Paolo Ardoino, now holds approximately 97,141 BTC, valued at around $7.16 billion. This places Tether among the top bitcoin holders globally. The purchase is in line with the company's 2023 policy to invest up to 15% of its operating profits into bitcoin, utilizing excess earnings from its core business rather than raising capital. With a market cap of around $185 billion, USDT remains the largest stablecoin, driven by growth and rising income from U.S. Treasury holdings. Tether's reserves primarily consist of cash-like assets, including up to $141 billion in U.S. government debt, and the company has also been diversifying its holdings with alternative assets such as gold, totaling $17.4 billion.