Tether Increases Bitcoin Holdings to $2.8 Billion

The stablecoin issuer's recent purchase of 8,888 bitcoins solidifies its position as one of the largest private holders of the cryptocurrency.

Tether, the issuer of the world's largest stablecoin, USDT, has purchased an additional 8,888 bitcoins, bringing its total holdings to 66,465 BTC, worth around $2.8 billion.
The recent purchase, made at the end of the fourth quarter of 2023, is Tether's third largest to date, following its initial buy of 33,980 BTC in September 2022 and a subsequent purchase of 15,915 BTC in March 2023.
Tether began investing in bitcoin in 2022 as part of a shift from backing its stablecoin with cash and cash-like assets, such as U.S. Treasury bonds, to allocating up to 15% of its profits into bitcoin.
Cantor Fitzgerald CEO Howard Lutnick, whose firm acts as a custodian for Tether, recently reassured skeptics that Tether's holdings are legitimate.
Tether is also active in the bitcoin mining and energy production space, having committed to investing $500 million over the next six months in the construction of its bitcoin mining facilities and taking stakes in other companies.