Tether Advances to Become the Seventh Largest Bitcoin Holder After Recent $618 Million Acquisition

By: Eva Baxter

Following its latest acquisition of $618 million worth of Bitcoin, Tether (USDT) is now the seventh-largest Bitcoin holder globally. The stablecoin issuer has purchased upwards of 8,000 BTC from a Bitfinex hot wallet, thereby increasing its total Bitcoin holdings to approximately 75,354 BTC, estimated a value of $5.23 billion, as per on-chain data.

This recent acquisition has positioned Tether directly above a wallet considered as Binance's cold wallet, having 75,117 BTC worth $5.22 billion. Tether now holds 0.3% of Bitcoin’s entire circulating supply. This purchase is in line with the company's efforts to diversify its reserves, which already boasts a significant share of gold, cash equivalents, and other short-term deposits.

USDT, Tether's stablecoin, remains to dominate the industry holding the lion's share of 69% with its circulating supply recording $104 billion. Despite its powerful position, Tether continues to navigate persistent regulatory roadblocks, with investigations carried out by US and UK authorities regarding questionable crypto transactions involving $20 billion USDT processed through a Russian exchange.

In the face of regulatory pressures, Tether persists in emphasizing its adherence to compliance norms and steadfast efforts to ensure the growth of the wide-ranging crypto industry. This commitment has been echoed by Tether's CEO Paolo Ardoino, inspite of the persistent concerns raised about Tether's stablecoin industry dominance possibly concealing the broader growth of the crypto industry.