Tether adds $700m Bitcoin to reserve address
Tether, the issuer of $140 billion stablecoin leader USDT, increased its Bitcoin holdings by $700 million.
Tether added 7,629 Bitcoin (BTC) alued at approximately $700 million to its corporate crypto reserve address on Dec. 30, according to transaction data from on-chain insight provider Arkham.
The (USDT) stablecoin operator now holds 82,983 BTC, worth $7.7 billion at current Bitcoin prices of $92,300. It also holds $6 billion of its U.S. dollar stable token and less than $300 million in its other stablecoins and Crypto.com’s CRO token.
In May 2023, Tether announced it would begin buying Bitcoin to diversify its portfolio and revenue streams. The company has also been accumulating BTC through its mining operations. As of press time, CEO Paolo Ardoino had not confirmed whether the latest BTC addition was purchased outright or generated from its mining business.
Paolo Ardoino, the firm’s CEO, has expressed ambitions to venture into other technological sectors, including artificial intelligence and energy. According to a previous report, Tether could bring some of its artificial intelligence plans to fruition by early 2025. The British Virgin Island-incorporated firm also backs AI startup Northern Data Group and other technology-focused entities.
Other crypto-savvy companies are also bolstering their Bitcoin reserves. MicroStrategy recently acquired $209 million worth of BTC for its corporate treasury.
