USDT stablecoin issuer Tether has been actively buying Bitcoins while adding a substantial amount of BTC during the bull run of Q4 2023. Stablecoin issuer Tether has further solidified its position in the cryptocurrency market by acquiring an additional $380 million worth of bitcoin in the closing moments of the last quarter. This move elevates Tether’s total bitcoin holdings to an impressive 66,465 BTC, valued at approximately $2.8 billion.

Tether’s Bitcoin Accumulation

The journey of Tether’s Bitcoin accumulation began in September 2022, initiating with an initial purchase of 33,980 BTC. Demonstrating a consistent strategy, the company has continued to bolster its bitcoin reserves every quarter.

Notable among its acquisitions was a significant purchase of 15,915 BTC in March 2023. The most recent procurement, amounting to 8,888 BTC at the close of the fourth quarter in 2023, now ranks as Tether’s third-largest Bitcoin purchase to date, as per blockchain data.

While Tether has not officially disclosed its specific Bitcoin addresses, 21.co Research Analyst Tom Wan identified an address in August of the previous year, estimating it to be associated with Tether. The Block corroborated this identification with a source, affirming it as Tether’s address, solidifying the company’s standing as the 11th-largest Bitcoin holder. With the latest additions, Tether maintains this notable ranking in the Bitcoin holder landscape.

Tether had previously revealed its Bitcoin holdings in May 2023 through its first-quarter attestation report for that year. CEO Paolo Ardoino reiterated the company’s commitment to regularly invest a portion of its profits in bitcoin, aligning with its strategic shift from stablecoin reserves towards cryptocurrency and away from U.S. government debt.

Ardoino highlighted that Tether had publicly communicated its intention to allocate up to 15% of its profits to bitcoin investments on a quarterly basis, further reinforcing the company’s active participation in the evolving crypto landscape.

Investing in Bitcoin Mining

Apart from its direct Bitcoin investments, Tether is actively engaged in the realms of Bitcoin mining and energy production.

In a significant move in November, the stablecoin issuer announced a substantial investment commitment of $500 million over the next six months. This initiative encompasses the establishment of its bitcoin mining facilities and strategic investments in other companies within the industry. Concurrently, the company extended debt financing of up to $610 million to Northern Data AG, a publicly traded bitcoin mining company.

This financial support followed the company’s acquisition of shares in Northern Data AG in September, marking a multifaceted approach by Tether to deepen its involvement in the bitcoin mining and energy sectors

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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